The Vegan Food market size is expected to reach $31.4 billion by 2026 from $14.2 billion in 2018. The market is expected to witness growth at a CAGR of 10.5% during the forecast period 2019-2026. Regionally, the vegan food market is studied by individually analyzing the different parts of the global market i.e. North America, Asia-Pacific, Europe and Rest of Asia-Pacific. Rise in demand for plant-based foods such as ice creams, butter, cheese and others is boosting the market of dairy alternatives in terms of sales value. Moreover, rising awareness related to benefits of vegan diet and increase in number of lactose intolerant population are major factors supporting the market growth and increasing the number of customers in the market for the forecast period.
The food industry is witnessing a dramatic change owing to rise in demand of gluten-free and vegetarian products, increasing awareness about animal cruelty and animal health and people shifting to plant-based food products from animal-based. As per the Vegan Society, the meat-free food demand increased by 987% during 2012-2017.
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The global Vegan Food market is segmented on the basis of product type and distribution channel.
The product type segment is further segmented into:
- Meat Substitute
- Dairy Alternatives
The meat substitute segment holds the largest market share among the mentioned sub-segments.
Dairy alternatives include desserts and dairy free cheese—the products which are low on fat and calories content. These products are usually manufactured from rice, almond, soy and other milk products, which are higher in price if compared to milk-based products.
The distribution channel segment id further segmented into:
- Offline Distribution Channel
- Online Distribution Channel
Offline segment holds the highest market share among the mentioned sub-segments. Key retailers such as small retailers, large and specialty stores are considered in the offline distribution channel segment.
Online distribution channel includes the online shopping websites or e-websites for shopping.
The global vegan food market study include a chapter of company profiles, in which some of the market key players included are Whitewave Foods Company Inc., Sun Opta Inc., Bhlue Diamond Growers, Hain Celestial Group Inc., Archer Daniel Midland Company, Panos Brand LLC, Organic Valley Corporative, Earth’s Own Food Company Inc., Pascual Group, Living Harvest Food Inc., Earth’s Own Food Company Inc. and others. Market players present in the global market are adopting various market strategies to withhold major market share and involve in intensive market competition.
North America analyzed as leading geography of the global vegan food market in 2018. The regional dominance is due to high number of vegan populations in the region. Additionally, the U.S. has large population size of lactose intolerant people that increase the demand of alternative dairy products. Whereas, Asia Pacific is expected to register fastest growth owing to rising number of health consciousness consumers. Additionally, presence of key manufacturers in region to expand their businesses in region and increasing per capita income in developing countries including India, China, Thailand, Bangladesh and Taiwan are some supportive driving factors of the regional growth during the forecast period.
Key topics covered in the report include:
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Vegan Food Market, By Product Type
Chapter 5: Vegan Food Market, By Distribution Channel
Chapter 6: Vegan Food Market, By Region
Chapter 7: Market Overview
Chapter 8: Company Profiles
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