According to the latest report By IMARC Group, the global vegan food industry has been categorized into Breakup by Product: Dairy alternatives (cheese, desserts, snacks, and others); meat substitutes (tofu, textured vegetable protein, seitan, Quorn), Breakup by Source: almond, soy, oats, wheat), Breakup by Distribution Channel: (supermarkets and hypermarkets, convenience stores, specialty stores, online stores), Breakup By Region: North America (the United States and Canada) exhibits a clear dominance in the market. Other major regions include Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The global vegan food market is expected to exhibit a CAGR of 10.14% during 2022-2027. 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.
Global Vegan Food Market Trends:
The global vegan food industry size 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 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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Key Players Included in Global Vegan Food Market Research Report:
- 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
Read Full Blog: List of Top 10 Vegan Food Manufacturers Worldwide
TOC for the Vegan Food Market Research Report:
- Scope and Methodology
- Executive Summary
- Global Vegan Food Market
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
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