Vegan Food Market Research, Key Players, Analysis And Forecast 2025Posted by Mrudula Karmarkar on December 22nd, 2021 The global vegan food marketsize is expected to reach USD 24.06 billion by 2025 registering a CAGR of 9.6%, according to a new report by Grand View Research, Inc. Rapidly growing vegan population across the globe is driving the market. Increasing awareness about the health benefits of plant-based products is also fueling the market growth. Furthermore, rising popularity of vegan diet among celebrities and athletes is expected to boost the growth further. Meat substitute products accounted for a significant market share. Seitan is expected to be the fastest-growing meat substitute product due to its high sodium and protein content than other substitutes, such as tempeh and tofu. Over the past few years, manufacturers in developed regions like North America and Europe have launched a variety of products, which is also likely to contribute to the market growth. Amidst the global pandemic crisis and the indefinite lockdown across nations, the consumer food & beverage industry first witnessed high demand for household staples, healthy food items, and consumables with longer shelf lives. The demand for frozen food products, fruits & vegetables, eggs, flour, and whole grains, among others, witnessed a considerable increase during the early stages of the crisis. Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. The companies are focusing more on altering their supply chains in order to reinforce their online presence and delivery measures, in an attempt to adapt to the present business environment. The changes in consumer buying behavior and the dynamic shifts towards online and D2C distribution channels may have serious implications on the near future growth of the industry. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections. In April 2019, Linda McCartney Foods, a British food brand, launched meat-free sausages made from pea protein. In the same month, Veggie Grill, a U.S.-based restaurant chain, which serves only plant-based foods, planned to open 50 more outlets across the nation. In 2019, Grill\'d, an Australian food chain specializing in burgers, introduced plant-based burger called Beyond Burger on account of increasing demand for plant-based burgers. In 2017, Danone, one of the leading dairy company, invested USD 60 million in the plant-based product segment to enhance its product portfolio. From 2014 to 2017, the share of plant-based meat-free new products has doubled in U.K. In 2018, U.K. became the leading economy in plant-based product launches. The number of product launches in this category increased by 200%. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/vegan-food-market/request/rs1 Growing awareness about animal health and animal cruelty in the food industry has been encouraging people to shift from animal-based to plant-based food products. According to The Vegan Society, from 2012 to 2017, the meat-free food demand grew by 987%. The product is Googled three times more than gluten-free and vegetarian products. Further key findings from the study suggest:
This implies the rapidly growing popularity of the product across the globe. U.S., Australia, U.K., New Zealand, Sweden, Canada, Israel, Ireland, Austria, and Germany have the highest percentage of vegan population in the world. Over the past few years, one in three American consumers has either stopped or reduced meat consumption. In Sweden, meat consumption reduced significantly in 2017. Rising awareness about various health benefits offered by plant-based food products has increased the consumer base of this industry. Plant-based products help maintain blood pressure levels and lower the risk of heart disease, stroke, prostate cancer, colorectal cancer, cholesterol, and premature death. Dairy alternatives were the largest product segment in 2018 and accounted for more than 50% of the global revenue. Around 65% of the global population is lactose intolerance, which is a key factor boosting the demand for dairy alternative food items. Availability of a number of products, such as cheese, yogurt, ice cream, and snacks, has also attracted non-vegetarians and widened the consumer base of this segment. Major companies in the market include The Archer Daniels Midland Company; Amy\'s Kitchen; Beyond Meat; Daiya Foods, Inc.; Plamil Foods Ltd.; Tofutti Brands, Inc.; Danone S.A.; VBites Foods Ltd; VITASOY International Holdings Ltd.; and Eden Foods, Inc. High demand for flavored foods has widened the scope of growth for manufacturers across the world. Thus, product innovation has been a major competitive strategy in this market. For instance, in January 2019, Danone introduced Two Good Greek low-fat yogurt. This product range has different flavors, such as Strawberry, Vanilla, Mixed Berry, Blueberry, and Peach. Grand View Research has segmented the global vegan food market on the basis of product, distribution channel: Vegan Food Product Outlook (Revenue, USD Million, 2015 - 2025)
Vegan Food Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |