Fort Collins, Colorado, Sept. 20, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Vegan Food Market Size, Growth, Share, Statistics Report, By Product (Dairy Alternative, Meat Substitute, Others), By Distribution Channel (Online and Offline), By Region and Segment Forecasts, 2023-2032.”
According to DataHorizzon Research shows that the vegan food market size was estimated to be valued at USD 27.2 Billion in 2022 to arrive at USD 63.5 Billion by 2032 and is anticipated at a CAGR of 8.6% during the forecast period 2023-2032. The global vegan food market report comprehensively analyzes the latest trends and market conditions. It also covers the latest insights from the industry and delves into market opportunities.
Growing awareness regarding the adverse effect of meat consumption on climate is a major factor contributing to the market growth. According to statistics by FAO, out of total human-caused GHG emissions, a share of 14.5% can be attributed to livestock farming. Feed production and emission from animal digestive processes are the major emission sources in livestock farming. Also, emissions from plant-based foods are lower than those from animal-based foods. For instance, a study by Nature Foods estimated that plant-based foods accounted for only 29% of total GHG emissions from the food industry as opposed to 57% from animal-based foods.
Vegan diets are richer in nutrients such as fiber, antioxidants, and plant compounds. Also, a vegan diet promotes weight loss, help reduce the risks of heart attacks by lowering cholesterol level, and assist in managing diabetes. According to research by Oxford University, vegan diet consumers had a 22% lower risk of heart disease than meat-eaters. However, a vegan diet must contain nutrients and other health benefits. According to scientific studies, appropriately planned vegan diets are healthy, high in nutrients, and assist in preventing and treating non-communicable diseases.
Different fast-food chains accommodate vegan menus due to the rising demand for vegan foods. From plant-based meat patties to vegan salads and vegan milk drinks, various restaurants offer vegan products catering to the vegan consumer base. For instance, in August 2022, Burger King launched a plant meat-based substitute to its Original chicken sandwich in Ohio. Similarly, Starbucks has also initiated the launch of vegan sweet menu items.
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Report Snapshot:
| Report Title | Vegan Food Market |
| Market Size in 2022 | USD 27.2 Billion |
| Market Size by 2032 | USD 63.5 Billion |
| CAGR from 2023 to 2032 | 8.6% |
| Largest Market | Asia Pacific |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors |
| By Product | Dairy Alternative, Meat Substitute, and Others |
| By Distribution Channel | Online and Offline |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, South Africa, among others. |
| Major Market Players | Amy's Kitchen, Danone S.A, Daiya Foods Inc., Beyond Meat, Tofutti Brands Inc., Plamil Foods Ltd, Panos Brands LLC, Sunopta Inc., Conagra, Inc., The Hain Celestial Group, Inc., Axiom Foods, Inc., Alpro, Kellogg Company, Impossible Foods Inc. and Archer Daniels Midland Company |
Segmentation Overview:
The global vegan food market has been segmented as product, distribution channel, and region. Meat substitutes account for a significant market share in the vegan food market owing to their popularity. Besides, rising health problems in the young and adult population aged between 30 and 60 is projected to create more demand for meat substitute products. On the other hand, offline channels are likely to dominate the distribution channel segment owing to their convenience to consumers and credibility.
Asia Pacific is the leading region for the vegan food market owing to the popularity of veganism and the growing demand for vegan foods. In the past few years, the population in Asian countries has completely shifted to organic foods for protein intake and muscle building. Moreover, celebrity endorsement to veganism is another trend in the regional markets.
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Vegan Food Market Report Highlights:
- The global vegan food market is poised to reach USD 63.5 billion at a CAGR of 8.6% by 2032.
- The vegan food market drivers include the rising awareness of environmental stability and the rise in demand for organic foods.
- Meat substitutes accounted for a significant market share in the global market attributed to the rise in health problems in the young population. Dairy substitute is the fastest-growing segment, as there have been cases of lactose intolerance in young children and adults.
- Asia Pacific is the leading region for the vegan food market owing to the shift in preference of consumers and the growing awareness towards animal cruelty. Religious norms are also one of the major factors for the changed perception.
- Some of the prominent players in the vegan food market report include Amy's Kitchen, Danone S.A, Daiya Foods Inc., Beyond Meat, Tofutti Brands Inc., Plamil Foods Ltd, Panos Brands LLC, Sunopta Inc., Conagra, Inc., The Hain Celestial Group, Inc., Axiom Foods, Inc., Alpro, Kellogg Company, Impossible Foods Inc. and Archer Daniels Midland Company.
Key Developments in the Industry:
- UK-based, Cookbook offers a plant-based diet with meat-free versions for its guests. It has expanded its food portfolio from chicken wings to lamb. It owns over 100+ meals that are purely plant-based owing to the trend of veganism in the UK.
- Orlando is hosting the Vegan Food Festival on September 23rd, 2023 which showcases various types of vegan foods prepared by international chefs, and vendors.
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Vegan Food Market Report Segmentation:
Vegan Food Market, By Product (2023-2032)
- Dairy Alternative
- Meat Substitute
- Others
Vegan Food Market, By Distribution Channel (2023-2032)
- Offline
- Online
Vegan Food Market, By Region (2023-2032)
- North America
-
- U.S.
- Canada
- Europe
-
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
-
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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