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.
The food industry was among the several sectors that suffered from the COVID-19 epidemic. Due to shutdowns worldwide, the food industry saw several notable changes, including the disruption of product distribution routes and food supply chains.
Due to the higher cost of the plant-based materials needed in its manufacture, vegan food is produced at a relatively higher cost than food derived from animals. It is anticipated that this element will limit the uptake of vegan edibles in low- and middle-income nations. Nonetheless, a number of important companies are utilizing cutting-edge technology to significantly improve the tastes and textures of plant-based foods, which is anticipated to bring about important growth prospects. For example, plant-based beef and plant-based cheese are being developed by food technology business Motif FoodWorks, Inc. using prolamin and extrudable fat technologies.
Additionally, the industry's customer base has grown as a result of growing awareness of the numerous health advantages provided by plant-based food products. Products made from plants assist in controlling blood pressure and reduce the risk of heart disease, stroke, colon cancer, prostate cancer, cholesterol, and early mortality.
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RESTRAINING FACTORS
Certain vitamin deficits are also linked to vegan dietary products. There are cases where a vegan diet lacking in protein leads to health problems like anemia, hormone imbalances, vitamin B12 deficiency, and more. Therefore, in order to ensure that they receive a balanced and healthful diet, consumers should seek assistance from healthcare specialists who can offer a plan based on the vegan food pyramid.
Plant-based substitutes are being developed and introduced into the market by a number of manufacturers, although their costs are generally greater than those of food items derived from animals. Plant-based food products are less appealing than animal-based food products because of the major differences in flavor and texture. Therefore, the market for vegan cuisine predicts a sluggish uptake by customers.
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
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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., Earth’s Own Food Company Inc., and others are the major players that are boosting the growth of the market during the forecast period.
Key Objectives of the Vegan Food Market Research Report
- To provide insights into the current market size, growth trends, and future prospects of the vegan food market, including revenue forecasts, market share analysis, and growth drivers.
- To evaluate the competitive landscape of the market, including key players, market share analysis, SWOT analysis, and strategic initiatives such as partnerships, acquisitions, and product launches.
- To segment the market based on technology, application, offering, end user, and geography, providing in-depth insights into each segment's growth potential, challenges, and opportunities.
- To assess the regional outlook for the vegan food market, including market dynamics, regulatory landscape, investment trends, and growth opportunities across different geographic regions.
- To highlight emerging technology trends, innovations, and best practices in vegan food market, along with strategic recommendations for organizations to capitalize on market opportunities, address challenges, and drive healthcare transformation.
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