The latest report by IMARC Group, titled “Vegan Food Market: Global Industry Trends, Share, Size, Opportunity, and Forecast 2022-2027,”  offers a comprehensive analysis of the industry, which comprises insights on the global Vegan Food Industry Growth. The report also includes competitor and regional analysis, and contemporary advancements in the market. the global vegan food market is expected to exhibit a CAGR of 10.14% during 2022-2027.

Vegan food products refer to the dairy free or meat free food products that are derived or processed from plant-based sources. These products do not contain any animal-derived ingredients, such as milk, eggs, honey, or gelatin, and are composed mostly of soy, wheat, and other plant-based ingredients. In addition to being low in cholesterol and saturated fats, vegan products are also high in vitamins B1, C, and E, folic acid, magnesium, and iron. Several vegan foods, including tofu and soybeans, have the taste, flavor, and appearance of actual meat, but are much healthier. They are thus commonly used as meat substitutes for pork, chicken, beef, and other meat-based products. Likewise, a wide range of dairy-free food and beverage products are made from sources such as almond, soy, pea, rice, and coconut.

The market is majorly driven by the escalating demand for meat substitutes and alternative dairy products among the masses. This can be attributed to the rising veganism trend across the globe. Also, the increasing consumer awareness regarding animal cruelty resulting in an increased adoption of lifestyles and diets with an enhanced focus on reducing animal cruelty practices is fueling the market. In addition to this, the growing prevalence of lactose-intolerance is fostering the popularity of non-dairy milk products composed of soy, coconut, and almond among the consumers.

Global Vegan Food Market Trends:

Another significant growth-inducing factor for the market is the considerable rise in health problems such as heart diseases, high blood pressure, diabetes, asthma, and obesity, resulting in increased health consciousness among individuals, which in turn, is resulting in a higher product uptake. The launch of innovative products with diverse flavor, texture along with attractive food packaging is also creating a positive outlook for the market. Apart from this, rising concerns regarding the association of the climate change with meat consumption is further providing an impetus to the market growth. Some of the other factors contributing to the market growth include easy product availability across offline and online organized retail channels, inflating disposable income levels, rising acceptance of vegan products among the younger population, rapid urbanization and extensive research and development (R&D) activities conducted by key players.

Global Vegan Food Market 2022-2027 Analysis and Segmentation:

Competitive Landscape with 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

Also, Read Full Blog: Top Vegan Food Brands Worldwide

COVID-19 Impact Overview:

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.

Global Vegan Food Market 2022-2027 Analysis and Segmentation:

Breakup by Product:

• Dairy Alternatives
  • Cheese
  • Desserts
  • Snacks
  • Others
• Meat Substitutes
  • Tofu
  • Texturized Vegetable Protein (TVP)
  • Seiten
  • Quorn
  • Others
• Other

By Source:

• Almond
• Soy
• Oats
• Wheat
• Others

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Stores
• Others

By Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• The Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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