Vegan Food Market Overview:
Over the projection period of 2022 to 2030, the global Vegan Food Market is expected to develop at a compound annual growth rate (CAGR) of 10.5%.
Food products categorized as vegan generally include no dairy or meat ingredients; instead, they are made from plant sources. Meat alternatives are healthier options that mimic the appearance, texture, and flavour of real meat. These meat alternatives, which are mostly made of soy and wheat among other ingredients, are becoming more and more popular as alternatives to conventional meat products. One of the most well-known meat alternatives is tofu, which is frequently used in place of beef, hog, chicken, and other meats. Similarly, products that are dairy-free are made with substitutes including almond, soy, rice, coconut, and more. Dairy-free products that are frequently consumed include milk, ice cream, cheese, butter, and comparable goods.
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Market Growth Factors:
Global obesity rates are on the rise, and consumers are becoming more conscious of health issues in general due to the growth in heart disease, high blood pressure, diabetes, asthma, and other conditions. As a result, there is a greater need for a range of nutritious dietary items, including vegan substitutes.
A significant number of consumers in today's society live sedentary lives, which has contributed to an increase in health-related issues including obesity and cardiovascular disease worldwide. Nonetheless, people are becoming more conscious of the welfare and mistreatment of animals in the food business. This knowledge is causing a shift in consumer preferences toward plant-based food items.
The customer base within the vegan food sector is growing as a result of growing awareness of the health advantages of plant-based goods. Reduced risk of heart disease, stroke, and early mortality are further advantages of plant-based goods. A rise in the market for plant-based dairy products and meat alternatives would facilitate the adoption of vegan diets. Additionally, consumers are looking for healthier substitutes.
Market Trends:
People who eat sedentary lifestyles are more likely to experience health issues including obesity and cardiovascular disease. A vegan diet lowers the risk of cardiovascular disease, increases blood flow, and aids in weight loss. According to a study that was published in the JAMA Internal Medicine Journal, vegans live longer than persons who eat a diet high in meat. Adopting a vegan diet can enhance the body's metabolism because it is high in fiber. As a result, consumers who are concerned about their health are gradually demanding a vegan diet.
Considering the increasing market demand, food manufacturers like Amy's Kitchen, Inc., fine dining establishments, and food chains are introducing new goods and vegan cuisine recipes.
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Product Insights:
The market for non-dairy dairy products is expanding at a faster rate than that of meat alternatives. Products like soy, almond, oat, and others fall within this category. They are safe for people who are lactose intolerant and provide advantages for managing weight. Growing consumer demand in this market is being driven by growing knowledge of the health benefits linked to vegan products. Dairy substitutes used to make up the most portion. The need for dairy substitute products is further increased by the fact that about 65% of people worldwide are lactose intolerant.
Market Segmentations:
Based on product type:
- Dairy Alternatives
- Meat Substitutes
- Egg Alternative
- Vegan Bakery
- Confectionery
- Plant-Based Snacks
- Others
Based on the distribution channel:
- Supermarkets/Hypermarkets
- Convenience Stores
- Specialty Stores
- Online
- Others
Geographically Analysis by this Report:
The US is projected to be a key driver of market growth during the forecast period, propelled by advancements in food sector technology. Europe is anticipated to experience steady growth during this period. Additionally, the Asia Pacific region is expected to witness significant growth in the market.
Leading Companies Involved in this Report are:
- Danone S.A
- The Archer Daniels Midland Company
- Diya Foods Inc.
- Ripple Foods Inc.
- Impossible Foods Inc.
- Eat Just, Inc.
- Beyond Meat, Inc.
- Amy's Kitchen
- Tofutti Brands Inc.
- Earth’s Own Food Company Inc.
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