New York, Jan. 17, 2023 (GLOBE NEWSWIRE) -- According to our new research study on “Vegan Food Market Size, Share, Growth and Global Forecasts to 2028 - COVID-19 Impact and Global Analysis by Product Type (Dairy Alternative, Meat Substitutes, Baked Goods & Confectioneries, Sauces & Spreads, and Others), Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others), and Geography”; the global vegan food market growth is impelled by rising demand for plant-based meat products, increased health concerns and increasing awareness regarding animal welfare. North America dominated the vegan food market in 2021.
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Global Vegan Food Market – Report Scope:
| Market Size Value in | USD 17 billion in 2022 |
| Market Size Value by | USD 31 billion by 2028 |
| Growth rate | CAGR of 10.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Segments covered | Product Type, Distribution Channel, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Vegan Food Market: Competitive Landscape
Beyond Meat.; Earth's Own; Gooddot; Mona Naturprodukte GmbH; Danone S.A; PANOS brands; Tofutti Brands, Inc.; Unilever; Plamil Foods Ltd; and VBites Foods Ltd are among the key players operating in the vegan food market. These companies are adopting various strategies such as product innovation, expansion, collaboration, and merger & acquisition to expand their customer base and cater to emerging market trends
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Vegan Food Market: Segmental Overview
Based on product type, the vegan food market is segmented into dairy alternative, meat substitutes, baked goods & confectioneries, sauces & spreads, and others. The meat substitute segment held the significant share of the vegan food market in 2021. Consumers across the globe have become well aware with the help of different government initiatives in the form of awareness campaigns and publicity regarding the ill effects of over consumption of meat. Various health ailments such as high cholesterol, blood sugar, obesity, high blood pressure are all caused due to excessive meat consumption. This cautiousness is compelling consumers to switch to vegan products, which are significantly healthy and palatable. These factors are expected to drive the segment’s growth during the forecast period.
Based on distribution channel, the vegan food market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. Online retail is one of the fastest-growing distribution channels due to its convenience in shopping and product delivery. Online retail stores offer a wide variety of products with heavy discounts; also, consumers can buy desirable products remotely. Home delivery service attracts a large group of customers to shop through an e-commerce platform. E-commerce websites offer detailed product information and user reviews, which help buyers compare products and make informed decisions. During the COVID-19 pandemic, online retail channels gained popularity as they offered home delivery services.
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Increasing Awareness Regarding Animal Cruelty
Consumers have been increasingly aware regarding animal cruelty in the recent past. Every year in the US, hens across many industrial farms are compelled to lay up to 30 times more eggs than they would naturally. On the other hand, numerous new-born calves are forcefully separated from their mothers within 12 hours so that they start lactating. This kind of practice is torturing both the mother and her calf. Therefore, animal activists across the world are trying hard to inflict knowledge among consumers, so that they are convinced enough to switch to vegan diet. These factors are expected to boost the demand for vegan food and is further anticipated to drive the vegan food market growth.
Impact of COVID-19 Pandemic on Global Vegan Food Market Growth:
The COVID-19 pandemic significantly disrupted the supply chain of raw materials used to manufacture vegan food. During the pandemic, the food system experienced significant shifts, including interruptions to supplies of key inputs, limited access to production spaces, and disruption in the distribution of products. It was attributed to the lack of resources and transportation, which led to lower access, delayed stock, and supplies of raw materials products. However, a surge in the demand for vegan food was observed post pandemic. The vegan food demand is increasing with growing awareness among consumers about the health benefits of plant-based and dairy-free products, thereby gaining the attention of consumers.
In 2021, the marketplace witnessed growth as governments of various countries announced relaxation in several restrictions, including lockdowns and manufacturing unit shutdowns. The manufacturers resumed their operations at full capacity, which helped them overcome the demand and supply gap. Many manufacturers expanded their production capacities to meet the rising demand for vegan food, which is expected to drive the market growth over the forecast period.
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North America is one of the most significant regions for the vegan food market due to the increasing number of individuals opting for healthier alternatives and growing veganism trend. The COVID-19 pandemic favored the market growth in this region as consumers started focusing on having healthier alternatives and began avoiding animal-derived food. According to the “Plant-Based Food Association,” retail sales of plant-based foods in the US increased by 11% in 2019, compared to that in 2018, hitting the market value of US$ 4.5 billion. The high nutritional value of dairy free and plant-based food products, such as sausages, meatballs, and nuggets, has triggered their demand—especially among young adults—in North America in the last few years. Moreover, the vegan food market is centered in this region due to manufacturers in the region developing their vegan product portfolio.
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