SAN FRANCISCO, Oct. 5, 2022 /PRNewswire/ -- The global vegan
food market size was estimated to reach USD
37.45 billion in 2030 and is anticipated to expand at a CAGR
of 10.6% from 2022 to 2030, according to a new report by Grand View
Research, Inc. Rising consumer preference for plant-based food
owing to the growing animal cruelty and awareness regarding the
health benefits of a vegan diet are the major factors expected to
drive the industry's growth.
Key Industry Insights & Findings from the report:
- Asia Pacific is expected to
register the fastest CAGR over the forecast period owing to the
growing demand for plant-based food and rising health consciousness
among consumers.
- The yogurt segment is estimated to grow at the second highest
CAGR over the forecast period. The rising preference for dairy-free
products among millennials is expected to drive the segment's
growth.
- The vegan cheese segment is expected to expand at a significant
CAGR over the forecast period. The increasing consumption of vegan
cheese by lactose intolerant consumers is anticipated to contribute
to the growth of the segment.
Read 100-page full market research report, "Vegan Food
Market Size, Share & Trends Analysis Report By Product (Meat
& Seafood, Creamer, Yogurt, Meals, Cheese, Butter), By
Distribution Channel (Offline, Online), By Region, And Segment
Forecasts, 2022 - 2030", published by Grand View
Research.
Vegan Food Market Growth & Trends
The growth of the global vegan food industry is supported by
growing veganism across the globe. Vegan food helps improve
metabolism as it is rich in fiber. This has resulted in its
increasing adoption which is anticipated to fuel the growth of the
industry. Moreover, increasing initiatives by key players to launch
plant-based food in both developed and developing countries are
fueling market growth during the forecast period.
The meat & seafood segment is expected to register the
fastest CAGR during the forecast period. The significant
presence and high demand for plant-based meat in developing
countries are expected to drive the growth of the segment. The
availability of a variety of meat categories coupled with the
availability of a wide range of plant-based meat products including
deli slices, meatballs, tenders, chicken nuggets, and others is
driving the growth.
The offline distribution channel led the market and is estimated
to continue dominating during the forecast period. The high
share is attributed to the easy accessibility of offline stores.
Products from different brands are easily available in one place in
offline stores resulting in their higher purchase. Moreover,
offline distribution channels such as convenience stores,
supermarkets, hypermarkets, and others provide the facility of
physical verification of the product, which is further expected to
drive segment growth.
North America accounted for the
largest revenue share in 2021. The growing number of campaigns on
social media regarding vegan food adoption by celebrities such as
Jake Gyllenhaal and Serena Williams is driving the market growth.
Moreover, the increasing demand and adoption of dairy alternatives
among consumers owing to the high presence of lactose intolerant
population in the region is a key factor contributing to the
growth.
Major industry players include Amy's Kitchen; Danone S.A; Daiya
Foods Inc.; Beyond Meat; Tofutti Brands Inc.; Plamil Foods Ltd;
VBites Foods Limited; Eden Foods Inc.; VITASOY International
Holdings Limited; and SunOpta. Various steps are adopted by these
companies including global expansion, partnerships, acquisitions
& mergers, development & launch of new products, and others
to gain a larger market share.
Vegan Food Market Segmentation
Grand View Research has segmented the global vegan food market
based on product, distribution channel, and region:
Vegan Food Market - Product Outlook (Revenue, USD
Million, 2017 - 2030)
- Meat & Seafood
- Creamer
- Ice Cream and Frozen Novelties
- Yogurt
- Cheese
- Butter
- Meals
- Protein Bars
- Others
Vegan Food Market - Distribution
Channel Outlook (Revenue, USD Million, 2017 -
2030)
Vegan Food Market - Regional Outlook (Revenue, USD
Million, 2017 - 2030)
- North America
-
- Europe
-
- U.K.
- Germany
- France
- Spain
- Italy
- Asia Pacific
-
- China
- Japan
- India
- South Korea
- Australia
- Central & South
America
-
- Middle East & Africa
-
List of Key Players in Vegan Food Market
- Amy's Kitchen
- Danone S.A
- Daiya Foods Inc.
- Beyond Meat
- Tofutti Brands Inc.
- Plamil Foods Ltd
- VBites Foods Limited
- Eden Foods Inc.
- VITASOY International Holdings Limited
- SunOpta.
Check out more related studies published by Grand View
Research:
- Vegan Dessert Market - The global vegan
dessert market size is expected to reach USD
5.97 billion by 2027, according to a new report by Grand
View Research, Inc., expanding at a CAGR of 10.1% from 2020 to
2027. Increasing demand for low fat, lactose-free, and all-natural
products is expected to fuel the growth of the market in the
upcoming years.
- Vegan Eggs Market - The global vegan eggs market size is
expected to reach USD 567.5 million
by 2030, registering a CAGR of 16.7% from 2022 to 2030, according
to a new report by Grand View Research, Inc. The market is expected
to witness promising growth owing to the growing trend of veganism
and the rising population of vegan consumers.
- Vegan Sauces, Dressings & Spreads Market - The
global vegan sauces, dressings & spreads market size is
expected to reach USD 365.8 million
by 2027, expanding at a CAGR of 8.2% over the forecast period,
according to a new report by Grand View Research, Inc. Rising
adoption of vegan lifestyle owing to increasing awareness
pertaining to adverse environmental effects of eating habits is
expected to drive the market. New products launches have also been
acting as a catalyst for the market growth.
Browse through Grand View Research's Consumer
F&B Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting
company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425
analysts and consultants, adding more than 1200 market research
reports to its vast database each year. These reports offer
in-depth analysis on 46 industries across 25 major countries
worldwide. With the help of an interactive market intelligence
platform, Grand View Research Helps Fortune 500 companies and
renowned academic institutes understand the global and regional
business environment and gauge the opportunities that lie
ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
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