Vegan Food Market size is estimated to garner $31.4 billion by 2026

Vegan Food Market

Vegan Food Market

The global vegan food market size is segmented on the basis of product type, distribution channel, and region.

PORTLAND, OR, UNITED STATES, August 26, 2021 / — Vegan food products are generally dairy free or meat free food products that are derived or processed from plant-based sources. Meat substitutes are products that resemble actual meat in terms of taste, flavor, and appearance but are healthier than meat. Such products are increasingly being used as substitutes for regular meat and meat products. They are primarily composed of ingredients such as soy, wheat, and others. Tofu is probably the most popular meat substitute and is widely used as an alternative for pork, chicken, beef, and other meats. Similarly, dairy free food & beverage products are prepared from sources such as almond, soy, rice, coconut, and others. Popularly consumed dairy alternative based products are milk, ice cream, cheese, butter, and others.

The Vegan Food market size was valued at $14.2 billion in 2018 and is expected to reach $31.4 billion by 2026, registering a CAGR of 10.5% from 2019 to 2026.

The Vegan Food companies continuous efforts on product development and innovation, is expected to drive the growth of the market.

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The incidence of obesity-related disorders, such as diabetes, cardiovascular diseases, and others, has considerably increased in the last few years. According to OECD, obesity levels are expected to be particularly high in the U.S., Mexico, and England, where 47%, 39%, and 35% of the population respectively are projected to be obese in 2030. Individuals in high-income geographical regions, such as North America and Western Europe, are more prone to diabetes, cancer, and other critical health issues, owing to their unhealthy food and lifestyle habits. Increase in incidence of such health disorders boosts health and fitness consciousness among consumers. The adoption of vegetarian foods is on a consistent increase across the world. According to recent studies, 30% of Americans are not only leaving meat off their plates but are also seeking out plant-based meat alternatives. Consumers are projected to become selective in their food habits to avoid severe health issues. Thus rise in concerns over obesity drive the growth of global vegan food market.

With the surge in demand for different types of vegan food, some of the key manufacturers in the global vegan food market have been initiating several key strategies in the view of generating revenue in the segment. For instance, in 2017, French-based dairy giant, Danone announced the acquisition of American non-dairy giant Whitewave Foods Company for US$12.5 Million. Whitewave specializes in the production of Silk soymilk, Horizon organic milk, International Delight coffee creamers and others.

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Key players operating in Vegan Food industry include Sun Opta Inc., Whitewave Foods Company Inc., Hain Celestial Group Inc., Bhlue Diamond Growers, Archer Daniel Midland Company, Organic Valley Corporative, Panos Brand LLC., Pascual Group, Earth’s Own Food Company Inc., Living Harvest Food Inc., and others.

Key Benefits for Vegan Food Market:
The report provides an extensive Vegan Food market analysis of the current and emerging market trends and opportunities.
The report provides detailed qualitative and quantitative analysis of the current Vegan Food market trends and future estimations that help evaluate the prevailing Vegan Food market opportunity.
A comprehensive analysis of the factors that drive and restrict the Vegan Food market growth.
An extensive vegan food market analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
The report provides extensive qualitative insights on the potential segments or regions exhibiting favorable growth.

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Source: EIN Presswire