According to a report, “Vegan Food Market Size, Share & Trends Analysis Report By Product (Dairy Alternative, Meat Substitute), By Distribution Channel (Online Offline), By Region (APAC, CSA, MEA, Europe, North America), And Segment Forecasts, 2019 – 2025” published by Grand View Research, Inc., the global vegan food market size is expected to reach USD 24.06 billion by 2025 registering a CAGR of 9.6%. The rapidly growing vegan population across the globe is driving the market. Increasing awareness about the health benefits of plant-based products is also fueling the market growth. Furthermore, the rising popularity of the vegan diet among celebrities and athletes is expected to boost the growth further. Meat substitute products accounted for a significant market share. Seitan is expected to be the fastest-growing meat substitute product due to its high sodium and protein content than other substitutes, such as tempeh and tofu. Over the past few years, manufacturers in developed regions like North America and Europe have launched a variety of products, which is also likely to contribute to the market growth.
In April 2019, Linda McCartney Foods, a British food brand, launched meat-free sausages made from pea protein. In the same month, Veggie Grill, a U.S.-based restaurant chain, which serves only plant-based foods, planned to open 50 more outlets across the nation. In 2019, Grill’d an Australian food chain specializing in burgers, introduced a plant-based burger called Beyond Burger on account of increasing demand for plant-based burgers. From 2014 to 2017, the share of plant-based meat-free new products has doubled in the U.K. In 2018, U.K. became the leading economy in plant-based product launches. The number of product launches in this category increased by 200%.
Vegan Food Market Report Highlights
On the basis of product, dairy alternatives accounted for more than 50% of the global share and emerged as the largest product segment in 2018.
On the basis of distribution channels, the offline distribution segment dominated the market and is expected to maintain its dominance during the forecast period. The offline segment includes convenience stores, specialty stores, hypermarkets, and supermarkets. The increasing number of supermarkets has increased the sales of the product.
The online segment is expected to witness lucrative growth over the forecast period. The growth can be attributed to the rising trend of online shopping coupled with the ease of access to the internet.
North America emerged as the largest regional market in 2018 and accounted for more than 31% of the overall share.
Asia Pacific is projected to lead the global market expanding at the fastest CAGR of 12.1% over the forecast period.
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Vegan Foods Market Segmentation
Grand View Research 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)
Vegan Food Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
Vegan Food Region Outlook (Revenue, USD Million, 2015 – 2025)
Central & South America
Middle East & Africa
Key Players in the Vegan Food Market
The Archer Daniels Midland Company
Daiya Foods Inc.
Tofutti Brands Inc.
Plamil Foods Ltd
VBites Foods Limited
Eden Foods Inc.
VITASOY International Holdings Limited
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Plant-based Beverages Market – https://www.grandviewresearch.com/industry-analysis/plant-based-beverages-market
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