The global vegan food market is expected to grow with a CAGR of 9.6% over the forecast period to reach USD 24.06 billion by 2025, according to a new report by Million Insights. The rise in a number of vegan populations coupled with growing awareness about the health benefits of vegan food is the key factor driving the market.
In the recent past, the consumption of plant-based food has increased significantly, primarily driven by health benefits. Increasing consumption of vegan foods among celebrities has created a mass appeal and consumers are increasingly adopting it. Countries such as the United States, Canada, China, Ireland and U.K have a considerable number of vegan populations that in turn aiding in the growth of the market.
To download the sample PDF Vegan Food Market Report “please” click here: https://www.millioninsights.com/industry-reports/global-vegan-food-market/request-sample
Meat substitutes accounted for a considerable market share, in 2018. Among different meat substitutes, Seitan is projected to grow with the highest CAGR owing to the presence of high protein content. Other meat substitutes such as tofu and tempeh have comparatively low protein content. Further, the introduction of various new products in developed regions such as Europe and North America over the past few years is also fueling the growth of meat substitutes. A British food brand, Linda McCartney Foods introduced meat-free sausages, in April 2019, it was made from pea protein. Various other companies such as Grill’d, Danone and others also followed a similar suit.
Among different distribution channel, offline segment held the largest vegan food market share largely because of rise in sales of vegan foods through supermarkets/hypermarkets, convenience stores and specialty stores. However, growing number of millennials opting for plant-based products coupled with rise in e-commerce platforms is fueling the sales through online channels.
To browse report summary & detailed TOC, please click the link below:
Further key findings from the report suggest:
• North America was the largest market in 2018 with a market share of over 30%.
• Asia Pacific is expected to witness the highest CAGR of 12.1% over the forecast period.
• Among different products, dairy alternatives held the largest market in 2018, and this segment is expected to continue its dominance.
• Meat substitutes are expected to grow with a significant growth rate over the forecast years.
• The offline distribution channel held the largest market share in 2018. However, the rise in multi-channel retailing has resulted in sales of products through the online sales channels.
• Key players operating in the market are Tofutti Brands, Inc., VBites Foods Ltd, Danone S.A, Plamil Foods Ltd and Daiya Foods, Inc. among others.
Million Insights has segmented the global vegan food market on the basis of product, distribution channel, and region:
Vegan Food Product Outlook (Revenue, USD Million, 2015 – 2025)
• Dairy Alternatives
• Meat Substitutes
Vegan Food Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
Vegan Food Region Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
Browse the Latest Press Releases Available with Million Insights:
• Smart TV Market – The global smart tv market is estimated to arrive at 1.18 billion units by 2028. It is projected to develop by 20.8% CAGR from 2021 to 2028.
• Loyalty Management Market – The global loyalty management market size is estimated to arrive at USD 17.65 billion by 2028. It is projected to develop by 12.3% CAGR from 2021 to 2028.
About Million Insights
Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive market place that will enable you to compare data points, before you make a purchase. Enabling informed buying is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store, includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.
Company Name: Million Insights
Contact Person: Ryan Manuel
Email: Send Email
Address:Office No. 302, 3rd Floor, Manikchand Galleria, Model Colony, Shivaji Nagar