Vegan Food Market Report

Industry Overview:

Vegan food products are dairy- and meat-free item that is derived from a processed plant-based source. It is produced using vegetarian ingredients, such as almonds, soy, oats, wheat, tofu, rice, and coconuts, and lacks animal-derived products, including milk, eggs, honey, and gelatin. It includes grains, nuts, seeds, fruits, beans, pulses, and vegetables that are rich sources of fiber, antioxidants, potassium, magnesium, folate, protein, minerals, complex carbohydrates, and vitamins A, C, and E. It provide numerous health benefits, including lowering cholesterol levels, managing type 2 diabetes, and reducing the risk of cancer, and heart diseases. Additionally, it also aid in minimizing the pain of arthritis, controlling A1C levels, enhancing mood, promoting weight loss, and improving skin health.

The latest report published by IMARC Group, titled,“Vegan Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”offers a comprehensive analysis of the industry, which comprises insights on the Vegan Food Industry Growth. The report also includes competitor and regional analysis, and contemporary advancements in the market.  The global vegan food market is expected to exhibit a CAGR of 9.7% during 2023-2028.

Industry Demand:

 The growing prevalence of chronic disorders among the masses is driving the global market. Moreover, the increasing awareness among consumers regarding the numerous health benefits offered by vegan foods, such as maintaining blood pressure levels and lowering the risk of heart disease, stroke, and prostate, and colorectal cancer is contributing to the market. Along with thisthe growing population of lactose-intolerant consumers is propelling the demand for vegan foods. In response to the escalating demand, numerous leading players are adopting several technologies to make significant changes in the flavors and textures of plant-based meals, which is gaining widespread prominence among the masses. Apart from this, the escalating number of restaurants catering to the vegan population is further catalyzing the demand.

Competitive Landscape with Key Players:

  • 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

Furthermore, the increasing consciousness among individuals about cruelty against animals is strengthening the vegan food market. Besides this, increasing preference towards the adoption of a sustainable diet featuring plant-based foods to help fight numerous chronic is providing an impetus to the overall demand. Moreover, continual developments in organized distribution channels and the emerging e-commerce sector are positively influencing the market. Other factors, such as inflating disposable income levels of the masses, the changing dietary patterns of individuals, continuous developments in attractive packaging solutions, and the advent of home delivery models, are also impacting the market.

Key Market Segmentation:

Product:

  • Dairy Alternatives
    • Cheese
    • Desserts
    • Snacks
    • Others
  • Meat Substitutes
    • Tofu
    • Texturized Vegetable Protein (TVP)
    • Seiten
    • Quorn
    • Others
  • Other

Source:

  • Almond
  • Soy
  • Oats
  • Wheat
  • Others

Distribution Channel:

  • Supermarkets and Hypermarkets
  • Convenience Stores
  • Specialty Stores
  • Online Stores
  • Others

Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

  • Market Performance
  • Market Outlook 
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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