The new report by Expert Market Research titled, ‘Global Vegan Food Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global vegan food market, assessing the market based on its segments like product types, distribution channels, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 24.59 Billion
• Forecast CAGR (2023-2028): 10.1%
• Forecast Market Size (2028): USD 43.8 Billion
Rising awareness of the numerous health benefits of plant-based food products has expanded the customer base of this sector. Plant-based products help maintain blood pressure levels and reduce the risk of heart disease, stroke, prostate cancer, colorectal cancer, cholesterol, and premature death. Manufacturers in the market have launched a range of high-quality food items in various flavors with appealing packaging solutions, which is further aiding the market growth.
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Vegan Food Industry Definition and Major Segments
Vegan food is devoid of eggs, meat, dairy products, and all other animal-derived ingredients. Vegan food and diet advocates are known as vegans. Vegans often refrain from consuming food items that are manufactured using animal products such as refined white sugar and other products.
The market can be divided into the following segments by product types:
• Dairy Alternatives
• Meat Substitutes
• Egg Alternative
• Vegan Bakery
• Plant-Based Snacks
On the basis of distribution channel, the market is divided into:
• Convenience Stores
• Specialty Stores
The major region in the market are:
• North America
• Latin America
• Middle East and Africa
• Asia Pacific
Vegan Food Market Trends
The global demand for vegan food is strengthened by an increasing perception of animal health and exploitation in the food industry, which has contributed to a significant change towards plant-based food products and away from animal-based products. The rising success of the vegan diet and the increasing trend of adopting veganism has resulted in an increased demand for vegan food.
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Key Market Players
The major players in the market are Amy’s Kitchen, Danone S.A (EPA: BN), The Archer Daniels Midland Company (NYSE: ADM), Daiya Foods Inc., Tofutti Brands Inc. (OTCMKTS: TOFB), Ripple Foods Inc., and Earth’s Own Food Company Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players