London, May 24, 2023 (GLOBE NEWSWIRE) -- Rising health complications in form of lifestyle conditions like cardiovascular diseases, obesity, and diabetes continue to refrain a larger consumer mass from meat-based diet. The trend of veganism has been growing denser, majorly accounted by growing significance of better body metabolism, and superior immunity. The global vegan food market is thus on the rise and will continue to heighten in terms of revenue generation, says Fairfield Market Research in a new study. Besides, the proportion of lactose intolerant population has been on the rise constantly. Increasing consumer affluence, rising per capita spend on health products, and increasing knowledge about the potential health benefits of going vegan are collectively driving demand for vegan foods among those who seek weight management, and overall wellbeing through it.
“Despite a proliferating massive boom, veganism is also associated with certain challenges that will remain the major roadblocks facing the vegan food market in long term. The commercial lifespan of this industry looks relatively short given the premium price range of products in the vegan category, the notable texture and taste differences, and the potential nutritional deficiencies,” remarks an analyst at the company.
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Insights into Segmentation Analysis
Based on product type, the global vegan food market can be segmented as meat substitutes, and dairy alternatives. The former continues to be the leading segment, whereas the latter mainly comprises dairy-free desserts, and cheese that are manufactured using rice, soy, almond, cashew nut, hazelnut, coconut, and oats. Growing availability of both the categories are likely to benefit the growth of vegan food market to a large extent. An expanding vegan population mostly because of the growing diagnosis rates of lactose intolerance is expected to drive the progress of the dairy alternatives segment of the vegan food market. Soaring popularity of plant-based on the other hand is projected to contribute toward the dominance of the meat alternatives segment.
Insights into Regional Analysis
North America currently contributes the largest revenue share to the global vegan food market space as the region has been an early participant in the trend wave of veganism. The market here will continue to enjoy the benefits of the rapidly expanding vegan lifestyle, especially among the Americans, higher accessibility of vegan food and beverage products, and greater consumer awareness regarding the potential health benefits of turning vegan. The US alone has nearly 2% of its total population living a vegan lifestyle, which indicates a massive opportunity emerging on the horizon, in the years to come. On the other side, the market for vegan food in Asia Pacific has been reflecting high growth potential on the back of the notably falling rate of meat consumption across some of the fastest growing, major economies of the region. Gradual yet consistent penetration of vegan products in retail further points to a promising outlook for the market here.
Vegan Food Market: Competitive Landscape
The report would throw light on the strategic competitive profiles of some of the leading players in the global vegan food space. A few of the profiled companies in the vegan food market report include Archer Daniels Midland Company, Danone S.A., Conagra Inc., Beyond Meat, Alpro, Axiom Foods Inc., Kellogg Company, and Tofutti Brands Inc.
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Global Vegan Food Market is Segmented as Below:
Food Coverage
- Meat Alternatives
- Dairy Alternatives
- Ice-cream & Desserts
- Misc.
Distribution Channel Coverage
- Supermarkets & Hypermarkets
- Convenience Stores
- Online Stores
- Misc. (Pharmacies, etc.)
Geographical Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
Leading Companies
- Danone S.A.
- Conagra Inc.
- Beyond Meat
- Archer Daniel Midland Company
- Daiya Foods Inc.
- Hain Celestial Group
- Impossible Foods Inc.
- Tofutti Brands Inc.
- Eden Foods Inc.
- Amy's Kitchen
- VITASOY International Holdings Ltd.
- Plamil Foods Ltd.
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