According to the latest report from the IMARC group, entitled “Vegan Food Market Report: Global Industry Trends, Share, Size, Opportunity and Forecast 2021-2026,“The global vegan food market reached US$17 billion in 2020. Looking ahead, IMARC Group expects the market grow at a CAGR of 11.4% over the period 2021-2026. Vegan food refers to a variety of foods without dairy or meat. These food products are usually processed and derived from plant sources which largely replace regular dairy and meat products. They are generally similar in flavor, taste, and texture, but are much healthier than their conventional counterparts. They are rich in iron, magnesium, folic acid and vitamins B1, C and E. They are also characterized by a low concentration of cholesterol and saturated fats. Accordingly, they are widely used in the preparation of many dishes.
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Global Vegan Food Market Trends:
The global market is mainly driven by the growing health consciousness among the masses. With the increasing incidence of lifestyle-related diseases globally, many people are actively looking for healthier alternatives to regular food items to incorporate into their regular meals. This, coupled with the widespread awareness of the multiple health benefits associated with plant-based diets, is providing impetus for the growth of the market. The market is further boosted by the numerous initiatives undertaken by Non-Governmental Organizations (NGOs) to promote awareness of animal cruelty prevention and encourage the adoption of vegan food products.
Additionally, several key players are now introducing premium vegan food substitutes to the market, available in various flavors and innovative packaging solutions. This, in conjunction with aggressive promotional activities by vendors and the growing number of celebrities and athletes, is creating a positive outlook for the market. Some of the other factors contributing to the growth of the market include rapid urbanization, inflation in per capita income levels, advent of ready-to-eat (RTE) vegan foods in the market, and easy availability of products through the channels online and offline retail.
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Key Market Segmentation:
Competitive landscape with key players:
- Amy’s Kitchen, Inc.
- Beyond Meat, Inc.
- Daiya Foods, Inc.
- Danone S.A.
- Eden Foods, Inc.
- Plamil Foods Ltd.
- Archer Daniels Midland Company
- Brands Tofutti, Inc.
- VBites Foods Limited
- Vitasoy Australia Products Pty Ltd
Breakdown by product:
- Dairy alternatives
- Meat substitutes
- Textured Vegetable Protein (TVP)
Breakdown by source:
Breakdown by distribution channel:
- Supermarkets and Hypermarkets
- convenience stores
- Specialty stores
- Online stores
Breakdown by region:
- North America (USA, Canada)
- Asia-Pacific (Germany, France, UK, Italy, Spain, Others)
- Europe (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
Main highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- Value chain
- Complete mapping of the competitive landscape
Note: If you need specific information that is not currently covered by the report, we can provide it to you as part of the customization.
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