At present, the Vegan food market is witnessing healthy growth as numerous non-government organizations (NGOs) are focusing on the promotion of farm animal welfare and spreading awareness about the nutritional benefits of an animal-free diet. Moreover, due to the increasing prevalence of chronic diseases, there is a rise in the consumption of low-fat vegan products as they help maintain the blood glucose levels and reduce the risks of obesity, stroke, cholesterol and cancer. Furthermore, a significant increase in the sales of vegan food has been witnessed in several countries on account of the coronavirus diseases (COVID-19) pandemic. This can be attributed to the changing consumer perceptions toward the safety of animal-based meat products, along with the temporary closure of various meat processing plants.
Vegan food products are generally made using soy, rice, tofu, oats, wheat, almonds and coconuts. They assist in meeting the everyday nutritional requirements of the vegan population. Nowadays, several athletes and celebrities are promoting these food products, as they are rich in nutrition and lower the risk of heart diseases. Besides this, the increasing vegan population and the growing consciousness among individuals about animal health and cruelty against animals are also influencing the vegan food market statistics products positively. According to IMARC Group, the global market size reached US$ 15.6 Billion in 2019.
Some of the leading players are launching premium-quality vegan food items in different flavors and attractive packaging solutions to expand their existing market share. Other factors anticipated to fuel the industry growth include the availability of ready-to-eat (RTE) and packaged products, inflating income levels and extensive promotional campaigns by celebrities. On account of these factors, the market value is projected to reach US$ 25.3 Billion by 2025, expanding at a CAGR of 8% during the forecast period (2020-2025).
The Industry has been analyzed on the basis of the product type into dairy alternatives, meat substitutes and others. At present, meat substitutes represent the most widely consumed product type. The market source has been segregated into wheat, soy, almond oats, and others. Soy foods currently account for the majority of the total market share as they contain omega-3 fatty acids and essential polyunsaturated fats. Move over, the food industry top player study report the market stablished into convenience stores, specialty stores, supermarkets and hypermarkets, online stores, and others.
The most demandable vegan food region into North America (the United States and Canada); Latin America (Brazil, Mexico and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); and Middle East and Africa.
Source: articles.abilogic
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the global vegan food industry, which has enabled the clients to expand their businesses successfully. Some of the company’s offerings include:
- Market Research
- Plant setup
- Plant Expansion
- Marketing and sales
- Procurement and Distribution
- Innovation and Product Development
