According to the latest report by IMARC Group, titled “Vegan Food Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global vegan food market to reached strong growth in 2019. Vegan food refers to products that are derived exclusively from plant-based sources and serve as an alternative to animal-origin products. They form a primary source of nutrition and calories for populations that consume a vegan diet. Some of the common vegan foods include plant-based substitutes for dairy and meat products, which are made from a variety of ingredients, including oats, coconuts, and almonds, among others. They also include vegan variants of foods produced using animal-based ingredients, such as mayonnaise, salad dressings, and bakery products.
Some of the key players being Beyond Meat NASDAQ: (BYND), Daiya (7462.T), Danone Sponsored ADR common stock OTCMKTS: (DANOY), Amy's Kitchen, Eden Foods Inc. , Plamil Foods Ltd. , The Archer Daniels Midland Company , Tofutti Brands Inc. , VBites Foods Limited , Vitasoy etc.
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One of the primary factors driving the demand for vegan foods is the rapidly rising number of individuals who are shifting toward vegan and vegetarian diets. This trend can be attributed to several factors, including associated health benefits of these diets, environmental consciousness, and animal welfare. As a result, the leading food and beverage companies are expanding their portfolio of plant-based products. They are also introducing fortified and functional products to attract new consumers. The improving retail channels, particularly in the developing regions, and the easy availability of these products are some of the factors that are expected to augment the market growth. Looking forward, IMARC Group expects the market to register a CAGR of around 8% during 2020-2025.
Market Breakup by Source:
Market Breakup by Product:
- Dairy Alternatives
- Meat Substitutes
Market Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
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