The global vegan food market reached a value of US$ 17 Billion in 2020. Looking forward, the market is expected to grow at a CAGR of 11.4% during (2021-2026).
SHERIDAN, WYOMING, USA, May 17, 2021 /EINPresswire.com/ -- According to the latest report by IMARC Group, titled ?Vegan Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,? the global vegan food market size reached US$ 17 Billion in 2020. Looking forward, the market is expected to grow at a CAGR of 11.4% during the forecast period (2021-2026).Industry Definition and Application
Vegan food consists of a variety of whole grains, as well as fruits and vegetables. They are derived or processed from plant-based sources and are also used as substitutes for regular meat and meat products. Vegan food products are rich sources of vitamins B1, C and E, folic acid, magnesium and iron while being low in cholesterol and saturated fats. On account of their high nutritional value, various celebrities and athletes are promoting the consumption of vegan products to maintain a healthy lifestyle.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Market Trends:
The recent coronavirus pandemic (COVID-19) has significantly boosted the demand for vegan and plant-based foods. This trend can be attributed to concerns among consumers regarding the link between meat consumption and the spread of the disease, as well as the growing awareness regarding the numerous health benefits of a plant-based diet. Vegan food helps lower body weight and body mass index (BMI), lose weight, and reduce the risk of type 2 diabetes, cancer, Alzheimer?s and heart diseases. Additionally, many non-government organizations (NGOs) are working toward promoting farm animal welfare and spreading awareness regarding the nutritional benefits of an animal-free diet. This has resulted in the growing awareness among consumers regarding animal health and prevention of cruelty against animals and encouraged them to shift toward plant-based food products, providing a positive impact on the market. As a result, leading companies are manufacturing a wide variety of vegan food products to attract a broader consumer base. For instance, Danone S.A. has launched ice cream that is 100% plant-based and made of different ingredients such as soy, hazelnut, coconut and almond. Looking forward, the market value is projected to reach US$ 25.3 Billion by 2025, expanding at a CAGR of around 8% during 2020-2025.
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Market Segmentation:
The report is segmented on the basis of product, source, distribution channel, and region.
Breakup by Product
Dairy Alternatives
Meat Substitutes
Other
Breakup by Source
Almond
Soy
Oats
Wheat
Others
Breakup by Distribution Channel
Supermarkets and Hypermarkets
Convenience Stores
Specialty Stores
Online Stores
Others
Breakup by Region
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Who are the Major Vegan Food Key players?
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.
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