Vegan Food Market to Surpass USD 34.24 Billion by 2028 owing to Rising Consumer Awareness Regarding Animal Abuse
The vegan food market was worth USD 15.6 billion in 2021 and is projected to surpass USD 34.24 billion by 2028, growing at a CAGR of 9.3% during the forecast period (2022-2028).
Westford, USA, Jan. 18, 2023 (GLOBE NEWSWIRE) — The rising occurrences of chronic diseases are one of the fundamental drivers driving vegan food sales, as it helps to manage blood glucose levels while lowering the risks of obesity, stroke, cholesterol, and cancer. The availability of ready-to-eat (RTE) and packaged vegan products, as well as substantial promotional activities by celebrities and athletes, is further fueling the rise of the vegan food business. Many people consume vegan meals, including flexitarians, lactose-intolerant people, and people looking for clean-label food and beverage options. All these key factors are likely to drive significant growth for the vegan food market.
According to SkyQuest research insight, vegan meal delivery orders climbed by 27% in 2022 compared to the trend in 2020-21. In addition, plant-based burger orders grew by 31%, while vegetarian orders increased by 58%. SkyQuest also predicts that the meat substitute category will continue to grow from 2022 to 2028, appearing in popular menu items such as burgers, sandwiches, and burritos.
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Dairy Alternative Segment Witnesses Higher Traction as Health Conscious Population Find it Ideal Food Choice
As per SkyQuest’s estimates, the dairy alternative segment is predicted to exhibit a CAGR of 10.4% from 2022 to 2028, and it will dominate the product category by year on year bases. Lactose intolerance affects more than 60% of the world’s population, driving demand for dairy alternative goods. The availability of numerous food choices, including cheese, ice cream, yogurt, and snacks, has also attracted non-vegetarians, expanding the market for this niche. Plant-based cheese is the most common dairy substitute among these items. Its demand is expected to be boosted by a rising product portfolio and a rise in cases of lactose intolerance. Furthermore, manufacturers have developed a wide range of high-quality foods in various flavors, all with eye-catching packaging.
Asia Pacific has the most prominent vegan food market, owing to increased consumer awareness related to vegan food and a rise in disposable income. The market in the region is predicted to expand rapidly to gain a 23% market share due to rising demand for functional foods and a desire among the people for a healthy and active lifestyle.
The most recent vegan food market research report thoroughly examines potential and market demand patterns. Furthermore, the market report offers a detailed regional analysis of numerous main market variables, technologies used in producing sanitary meals, and product adoption across several end-use sectors. In addition, it also covers insightful strategies well represented with statistics, graphs, tables, and all other crucial data, which makes it a comprehensive research guide.
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Online Segment to Account for Rapid Growth Rate Thanks to Major Shift in Consumer Buying Pattern
As per SyQuest, approximately 47% of customers from North America and Europe buy at least some of their groceries online, which is likely to climb to 58% by 2025. As a result, many well-known retail companies have significantly invested in online distribution networks. For instance, a renowned international company, Walmart, has started offering online food delivery to meet the rising demand from a vast consumer base. As a result, the segment’s growth is likely supported by a rise in online grocery platforms and an increasing user base in major developed economies.
The vegan food market research report includes a comprehensive review of the market’s limits, challenges, opportunities, key drivers, and current market trends. The market research also analyses supply chain analysis and strategies that affect the global market, as well as revenue and share estimates and predictions. In addition, it also discusses the segments and sub-segments that will likely dominate the market in the coming years.
Key Developments in Vegan Food Market
- Tesco has introduced a new line of frozen vegan food to meet customers’ rising demand for freezer-safe meals. The launch aims to encourage consumers to eat plant-based foods by introducing new goods in supermarkets and restaurants. The retail behemoth claims that data reveals that nearly one in five (19%) of UK consumers who had never before purchased frozen food had done so to save money.
- McDonald’s has announced that the Double McPlant vegan burger, which has two patties from the plant-based company Beyond Meat, will be added to the already expansive McDonald’s vegan menu. The new supersized sandwich, intended for both flexitarians, meat-eaters, and vegetarians, will be sold in all restaurants in the UK and Ireland.
- Starbucks has partnered with Imagine Meats, a plant-based food firm, to enter into the vegan food industry in India. The homegrown company is one of a rising number of restaurant chains experimenting with plant-based Meat to appeal to the tastes of India’s vegan population. Starbucks will sell vegan sausage croissant rolls, vegan hummus kebab wraps, and vegan croissant buns as a result of the collaboration.
- Food Safety & Standards Authority of India has officially issued standards for vegan food for the first time, outlining the parameters that plant-based goods must follow and how they can be labeled. The new standards define vegan food as containing no animal products and having no animal ingredients used during production or processing. Unless the FSSAI grants approval, animal testing cannot be used to manufacture vegan products.
The market report assists in identifying areas where the market is predicted to witness swift growth in the near future. Furthermore, the research report focuses light on the top players operating in those regions and the tactics that helped them strengthen their market position. The vegan food market research covers the most recent industry news and trends in food innovations, acquisitions, product launches, joint ventures and collaborations, growth strategies, and market expansions.
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Prominent Players in Vegan Food Market
- Sun Opta Inc.
- Hain Celestial Group Inc.
- Whitewave Foods Company Inc.
- Archer Daniel Midland Company
- Bhlue Diamond Growers
- Organic Valley Corporative
- Pascual Group
- Panos Brand LLC.
- Living Harvest Food Inc.
- Earth’s Own Food Company Inc.
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