Vegan Foods Market: Current Analysis and Forecast (2021-2027)

Vegan Foods Market: Current Analysis and Forecast (2021-2027)

The Vegan Foods Market is expected to grow at a CAGR of ~10% from 2021-to 2027. A rise in the incidents of chronic diseases such as Cancer, Cardiovascular Disease, and type 2 Diabetes is driving the growth of the plant-based protein market. In a survey by the American Journal of Lifestyle Medicine, the majority (83%) agreed that a plant-based diet is a safe and health-promoting diet. The plant-Based dietary pattern can reduce an individual’s risk of developing cardiovascular disease (83%), type 2 diabetes (79%), and some cancers (63%) as well as prevent and treat many chronic diseases (58%). Moreover, the growing several industries including defense & military, healthcare, manufacturing, automotive, and aerospace for numerous operational uses is leading to the growth of the market. Also, the rising investments by many companies in biodegradable electrostatic discharge packages in the country are projected to open doors to profitable opportunities for the growth of the market throughout the forecast period.

A rising shift toward plant-based foods and emerging economics provide significant growth opportunities for vegan foods manufacturers. As per Veganbits, 7.53 billion vegan people are living worldwide, out of which, 1.2 billion people are living in Africa. People are drawn to vegetarianism for a multitude of reasons, some of which include religion, ethical motivation, health, environmental conservation, economic factors, dislike of meat, and culture. Consuming plant-based foods is just a trend for Millennials and younger generations. Millennials and Gen Z make up 30-32% of the population, respectively, creating the enormous market potential for plant-based foods. As per Nielsen, 85% of Canadians and 83% of United States people are preferring plant-based food over animal-based food.

Amy's Kitchen, Inc, Beyond Meat, Inc., Daiya Foods, Inc., Danone SA, Eden Foods, Inc., Plamil Foods Ltd., Archer Daniels Midland Company, Tofutti Brands, Inc., VBites Foods Limited, Vitasoy Australia Products Pty Ltd, etc., are some of the prominent players operating in the Vegan Foods market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with innovative products.

Insights Presented in the Report

“Amongst type, dairy alternative segment grabbed major market share”

Based on the type, the market is fragmented into Dairy Alternative, Meat Substitute, and Others. The dairy alternative segment grabbed XX% market share and dominated the market. The market of this segment would reach USD XX Mn by 2027. In the dairy alternatives market, there has been a significant increase in the variety of ingredients used to produce milk alternatives, including, soy, oat, coconut, almond, rice, hemp, etc. The wider variety of ingredients allows a consumer more choice and more exciting flavors, as well as ensuring their dietary requirements are met.

“Amongst source, soy segment to grab considerable market share”

Based on the source, the market is fragmented into Almond, Soy, Oats, Wheat, and Others. The soy segment grabbed XX% market share and captured USD XX Mn market in 2020. The market of this segment is uplifting. The growing application of soy is leading to the growing share of the segment. Soy proteins are used in various food products such as meat analogs, frozen desserts, soups, salads, non-dairy creamers, breakfast cereals, infant formula, cheese, whipped cream, pasta, bread, and pet foods.

“Amongst distribution channel, online segment to grab considerable market share”

Based on the distribution channel, the market is fragmented into online and offline. The offline segment grabbed the major market share and dominated the market. However, the online segment would witness a robust CAGR in the forthcoming years.

“North America represents one of the largest markets of Vegan Foods market”

For a better understanding of the market adoption of the Vegan Foods Market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America region grabbed XX% market for the Vegan Foods Market industry and generated revenue of USD XX Million in 2020. However, the Europe region would witness the highest CAGR during the forthcoming years.

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