Global Vegan Food Market- Overview
It is estimated for the global vegan food market to witness growth at a CAGR of 10.5% during the forecast period of 2022 to 2030. The market witnessed growth at a CAGR of 8.4% during the previous forecast period of 2018 to 2021. A vegan diet is based on plants (such as vegetables, grains, nuts and fruits) and foods made from plants. Vegans do not eat foods that come from animals, including dairy products and eggs. The various benefits associated with the vegan foods is estimated to boost the growth of the market during the forecast period.
Global Vegan Food Market- Growth Factors
The growing awareness about the consumption of the vegan food and the health benefits associated with these foods is estimated to boost the growth of the market during the forecast period. Apart from this, the spreading awareness about the non-consumption of the non-vegetarian food in order to save the lives of the animals is also making people to switch to the vegan form of food consumption. Also, the spreading of the awareness regarding the consumption of vegan foods by various celebrities all over the world is also estimated to boost the growth of the market during the forecast period. However, the higher cost of these vegan foods makes it difficult for the people of all segments to consume it and this factor is estimated to hamper the growth of the market during the forecast period.
Global Vegan Food Market- Market Trends
The growing awareness about the consumption of the vegan food and the health benefits associated with these foods is estimated to boost the growth of the market during the forecast period.
Apart from this, the spreading awareness about the non-consumption of the non-vegetarian food in order to save the lives of the animals is also making people to switch to the vegan form of food consumption.
However, the higher cost of these vegan foods makes it difficult for the people of all segments to consume it and this factor is estimated to hamper the growth of the market during the forecast period.
Global Vegan Food Market- Segmentation
The global vegan food market is segmented based on product type and distribution channel.
Based on product type, the market is segmented into,
Dairy Alternatives
Meat Substitutes
Egg Alternative
Vegan Bakery
Confectionery
Plant-Based Snacks
Others
Based on the distribution channel, the market is being segmented into,
Supermarkets/Hypermarkets
Convenience Stores
Specialty Stores
Online
Others
Global Vegan Food Market Regional Analysis
It is estimated for the region of US to drive the growth of the market during the forecast period. The growing in the technological advancements in the food sector in the region is estimated to foster the growth of the market during the forecast period. The region of Europe is estimated to witness growth at a healthy rate during the forecast period. The Asia Pacific region is also estimated to witness a notable growth rate in the market.
Global Vegan Food Market Key Market players
Danone S.A, The Archer Daniels Midland Company, Daiya Foods Inc., Ripple Foods Inc., Impossible Foods Inc., Eat Just, Inc., Beyond Meat, Inc., Amy's Kitchen, Tofutti Brands Inc., Earths Own Food Company Inc., and others are the major players that are boosting the growth of the market during the forecast period.
