The Vegan Food Market size is predicted to be worth around US$ 36 billion by 2030 from US$ 16 billion in 2020, registering a CAGR of 11.4% from 2021 to 2030.
Vegan food products are generally dairy free or meat free food products that are derived or processed from plant-based sources. Meat substitutes are products that resemble actual meat in terms of taste, flavor, and appearance but are healthier than meat. Such products are increasingly being used as substitutes for regular meat and meat products. They are primarily composed of ingredients such as soy, wheat, and others. Tofu is probably the most popular meat substitute and is widely used as an alternative for pork, chicken, beef, and other meats. Similarly, dairy free food & beverage products are prepared from sources such as almond, soy, rice, coconut, and others. Popularly consumed dairy alternative based products are milk, ice cream, cheese, butter, and others.
Increase in obesity rates all over the world, growth in health problems such as heart diseases, high blood pressure, diabetes, asthma, and others, have uplifted the overall health consciousness among consumers. This has resulted in increase in demand for different types of healthy food products including vegan food products. Moreover, over the past couple of years, there has been a surge in number of vegan population around the globe specifically in developed regions such as North America and Europe. This set of population is either lactose intolerant or highly conscious about the food intake. Thus, surge in number of vegan population coupled with rise in number of health conscious consumers drives the demand for vegan food products.
Based on product type, the meat substitute segments accounts to higher value vegan food market share. Dairy free cheese and desserts are being considered in the dairy alternative segment. These products generally have low fat and calories, with no cholesterol content. Dairy alternative food products are generally prepared from soy, almond, rice, and other ingredients such as oat, coconut, hazelnut, cashew, and others. Relatively, food products prepared from almond milk are high priced, in comparison to other products such as soy or rice. The increase in demand for naturally prepared plant-based food products such as cheese, ice creams, butter, and others, in countries such as India and China, is driving the market for dairy alternative food in terms of value sales. Moreover, the rise in number of lactose intolerant population specifically in North America, has been another key factor in triggering the demand for dairy alternative food products among the target customers. During the vegan food market forecast period, rise in health awareness among consumers is anticipated to increase new growth opportunities for the segment.
Based on distribution channel, the offline segment accounts to higher value vegan food market share. Some of the key retailers such as the large, small retailer including the specialty stores have been considered in the offline stores of vegan food products. The growth of supermarket/hypermarket segment in the dairy alternative market can be attributed to the increase in adoption of supermarket and hypermarket in both the mature and emerging markets. Moreover, the one stop solution provided by these retail formats makes it a very popular option for shopping for consumers. Furthermore, these retail formats offer a wide range of products at a competitive price to customers and are usually located at easily accessible areas, which adds to overall attractiveness of this segment. Moreover, the specialty stores also fulfill immediate gratification for consumers as products bought can be taken home without waiting time.
Based on region, the Europe has emerged to be the largest market of meat substitutes in the world. UK, Germany, France, and other countries, primarily in Western Europe, have witnessed a decline in per-capita consumption of meats since past few years. Majorly marketed food and snack products in the region include canned mock meats, ready meals, burgers, pizza, fillets, patties, sausages, meat free meatballs, and others. Competition in European meat substitute market is intense. The market comprises some of the most renowned brands of meat substitutes such as Quorn Foods, Cauldron Foods, and others. Moreover, the market has witnessed the entry of some of the renowned players from the meat food industry such as Rugenwalder Muhle in recent years. Quorn Foods, a leading player in the European meat substitute market, has focused on market extension while strengthening its production capacity to consolidate its foothold in the market. According to the World Health Organization, around 30% to 70% of the individuals in the European Union countries are overweight. UK has emerged to be the largest market of meat substitutes in the region, owing to the prevalence of highest level of obesity. Moreover, other countries in Western Europe such as Germany and France, have emerged to be major markets of meat substitute food owing to increase in health awareness and growth in adoption of vegetarianism. Thus, the surge in demand for meat substitute products, is expected to drive the vegan food market growth in Europe.
Key players operating in Vegan Food industry include Sun Opta Inc., Whitewave Foods Company Inc., Hain Celestial Group Inc., Bhlue Diamond Growers, Archer Daniel Midland Company, Organic Valley Corporative, Panos Brand LLC., Pascual Group, Earth’s Own Food Company Inc., Living Harvest Food Inc., and others.
By Distribution Channel:
This report focuses on vegan food market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall vegan food market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global vegan food market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global vegan food market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the vegan food market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
In this study, the years considered to estimate the market size of vegan food are as follows:
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global vegan food market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
The research methodology adopted by analysts for compiling the global vegan food market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global vegan food market.
The study objectives of this report are:
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