Vegan Food Market is Likely to Exhibit Growth at 9.5% CAGR in the Forecast Period of 2022-27

The market of vegan food products is witnessing tremendous growth owing to the increasing number of people switching to healthy & cruelty-free diets. Vegan food refers to food products derived from plants and is a suitable alternative to animal-based food products, such as meat & dairy. Coconut milk, soy milk, almond milk, soybeans, tofu, etc., are some of the popular vegan food products. MarkNtel Advisors recently issued a research report regarding this topic stating that the Global Vegan Food Market is probable to grow at a CAGR of 9.5% during the forecast period, i.e., 2022-27.

The market growth is mainly driven by significant factors, such as rising consumer awareness regarding the advantages of vegan diets, increasing demand to address animal cruelty, and the need to tackle health complications like obesity, heart disease, high blood pressure, and diabetes. Moreover, the increasing prevalence of cases of lactose intolerance and other dairy related issues are also propelling consumers worldwide to opt for a vegan diet further boosting its market growth.

Examining the Global Vegan Food Market Segmentation

  • By Product Type (Dairy Products and Meat Substitutes)
  • By Distribution Channel (Online, Offline (Convenience Stores, Specialty Stores, and Supermarkets/Hypermarkets)
  • By Region (North America, South America, Europe, the Middle East & Africa, and Asia-Pacific)

The Global Vegan Food Market is likely to be led by the Meat substitutes segment in the coming years 2022-27. The increasing efforts to reduce animal cruelty such as livestock raising & selective breeding owing to its grave impact on both the environment & animal welfare and the growing preference for food without animal derivatives is propelling the segment’s growth significantly. Moreover, more and more people across the globe are inclined towards plant-based food owing to its numerous health benefits and its capability to moderate several health complications.

North America is likely to contribute significantly to the development of the Vegan Food Market during 2022-27. The major factors propelling the region to lead in the Vegan Food Market include the evolving lifestyles of the population, rising health awareness, and increasing sensitivity to decrease animal cruelty. Moreover, the active promotion to adopt veganism by prominent organizations such as People for the Ethical Treatment of Animals (PETA) & North American Vegetarian Society (NAVS) by making people aware of the suitable alternatives to meat & dairy products is also boosting Vegan Food Market in the region. Another prominent aspect fueling the market growth in the region is the rising prevalence of lactose intolerance & other health-related complications caused due to the toxic additives used in dairy products.

Market Players Holding a Substantial Share & Having a Robust Stance in the Global Vegan Food Market

The major competitors in the Global Vegan Food Market include Amy’s Kitchen, Archer Daniels Midland Company, Beyond Meat, Conagra, Inc., Danone S.A., Daiya Foods Inc., Eden Foods, Inc., Impossible Foods Inc., Kellogg Company, Tofutti Brands, The Hain Celestial Group, Inc., VBites Foods Ltd, and Others. With ongoing research activities and marketing strategies, these companies are constantly upgrading their market position and aiding in the overall market growth.

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