Global Vegan Food Market is expected to grow at a CAGR of 11.4% over the Forecast Period, Owing to Surging Demand for Plant-based Alternatives across Wide Range of Food Categories, says Absolute Markets Insights. The consumer’s preferences across the globe toward vegetarian and flexitarian food are driving the demand for vegan food products. The consumers are more inclined towards a healthy lifestyle and largely prefer plant-based food products to provide for the nutritional content. The government bodies across the globe are also taking initiative towards introducing vegan food items to reduce animal meat consumption, especially owing to the health concerns and environmental issues associated with it. Industrialized animal agriculture is impacting the environment and animal welfare which is enforcing the government across the globe to take measures for issues related to meat consumption and its adverse effects. China government has taken initiative to reduce its citizens’ meat consumption by 50%, in a move towards combating global warming. The on-going prevalence of corona virus has further led to implementation of stringent norms in the same regard. Thus, the burgeoning government initiatives and concerns related to health issues among the consumers are the major factors influencing the growth of global vegan food market.
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In terms of revenue, global Vegan Food Market was valued at US$ 10.66 Bn in 2018 and is anticipated to reach 27.98 Bn by 2029, growing at a CAGR of 11.4% over the forecast period. The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries.
The detailed research study provides qualitative and quantitative analysis of vegan food market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- The global Vegan Food Market registered a compound annual growth rate of 11.4% over the forecast period.
- On the basis of product type, the meat substitutes witnessed the highest share in 2018. The dairy alternatives segment is expected to witness a tremendous growth over the forecast period.
- On the basis of distribution channel, the online distribution channel registered highest market share in 2018 and is expected to further proliferate over the forecast period.
- North America accounted for the maximum share in the global Vegan Food Market in 2018. This can be attributed to the high prevalence of lactose intolerance among the people and rising concern related to health issues. Additionally, considering the current global scenario, Asia Pacific market is anticipated to witness highest growth over the forecast period.
- Some of the players operating in the Vegan Food Market are ADM, Amy's Kitchen, Inc., Beyond Meat, Blue Diamond Growers, Conagra, Inc. (gardien), Hain Celestial, Hormel Foods Corporation (HAPPY LITTLE PLANTS), Kellogg NA Co., Kraft Foods,Inc. (BOCA), LIGHTLIFE® FOODS, INC., Marlow Foods Limited (Quorn Foods), NESTLÉ (Sweet Earth Foods),Smithfield Foods, Inc. (Pure Farmland), THE WHITEWAVE FOODS COMPANY, Tyson Foods, Inc. (Raised & Rooted) amongst others.
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Global Vegan Food Market:
By Product Type
- Dairy Alternatives
- Frozen Desserts
- Meat Substitutes
- Snacks & Meals
- Nutrition & Protein Bars
- Fruit Snacks
By Vegan Sources Type
By Business Model
By Distribution Channel
- Manufacturer’s Website
- E-Commerce Websites
- Supermarkets and Hypermarkets
- Specialty Stores
- Convenience Stores
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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