According to the latest report by IMARC Group, titled “Vegan Food Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global vegan food market size reached US$ 17 Billion in 2020. On account of the aforementioned factors, the market is expected to grow at a CAGR of 11.4% during 2021-2026. Vegan food refers to a variety of foods that are free from dairy or meat. These food products are commonly processed and derived from plant-based sources that are widely replacing regular dairy and meat products. They are generally similar in flavor, taste and texture but are much healthier than their conventional counterparts. They are rich in iron, magnesium, folic acid and vitamins B1, C and E. They are also characterized by a low concentration of cholesterol and saturated fats. As a result, they are extensively utilized in the preparation of numerous dishes.
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Global Vegan Food Market Trends:
The global market is primarily driven by the growing health
consciousness among the masses. With the increasing incidences of lifestyle
diseases on the global level, numerous individuals are actively seeking
healthier substitutes of regular food products to incorporate into their
regular meals. This, coupled with the widespread awareness regarding the
multiple health benefits associated with plant-based diets, is providing an
impetus to the market growth. The market is further driven by the numerous
initiatives undertaken by non-government organizations (NGOs) to promote
awareness regarding the prevention of cruelty against animals and encourage the
uptake of vegan food products. Moreover, several key players are now introducing
premium-quality vegan food substitutes in the market that are available in
diverse flavors and innovative packaging solutions. This, in confluence with
the aggressive promotional activities conducted by vendors and the increasing
number of celebrity and athlete endorsements, is creating a positive outlook
for the market. Some of the other factors contributing to the market growth
include rapid urbanization, inflating per capita income levels, the advent of
ready-to-eat (RTE) vegan foods in the market and easy product availability
through online and offline retail channels.
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& List of Figure: https://www.imarcgroup.com/vegan-food-market
Key
Market Segmentation:
Competitive Landscape:
Some of these key players include:
- Amy’s Kitchen, Inc.
- Beyond Meat, Inc.
- Daiya Foods, Inc.
- Danone SA
- Eden Foods, Inc.
- Plamil Foods Ltd.
- Archer Daniels Midland Company
- Tofutti Brands, Inc.
- VBites Foods Limited
- Vitasoy Australia Products Pty Ltd
Breakup by Product:
- Dairy Alternatives (Cheese, Desserts, Snacks, Others)
- Meat Substitutes (Tofu, Texturized Vegetable Protein
(TVP), Seiten, Quorn, Others)
- Other
Breakup by Source:
- Almond
- Soy
- Oats
- Wheat
- Others
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
- Others
- North
America (United States, Canada)
- Asia
Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe
(Germany, France, United Kingdom, Italy, Spain, Others)
- Latin
America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi
Arabia, Qatar, Iraq, Other)
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
Note: If
you need specific information that is not currently within the scope of the
report, we can provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management
strategy and market research worldwide. We partner with clients in all sectors
and regions to identify their highest-value opportunities, address their most
critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific,
economic and technological developments for business leaders in pharmaceutical,
industrial, and high technology organizations. Market forecasts and industry
analysis for biotechnology, advanced materials, pharmaceuticals, food and
beverage, travel and tourism, nanotechnology and novel processing methods are
at the top of the company’s expertise.
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