According to the latest report by IMARC Group, titled “Vegan Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global vegan food market size reached US$ 15.6 Billion in 2019. Vegan food consists of a variety of whole grains, as well as fruits and vegetables. They are derived or processed from plant-based sources and are also used as substitutes for regular meat and meat products. Vegan food products are rich sources of vitamins B1, C and E, folic acid, magnesium and iron while being low in cholesterol and saturated fats. On account of their high nutritional value, various celebrities and athletes are promoting the consumption of vegan products to maintain a healthy lifestyle.
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Global Vegan Food Market Trends:
The recent coronavirus pandemic (COVID-19) has significantly boosted the demand for vegan and plant-based foods. This trend can be attributed to concerns among consumers regarding the link between meat consumption and the spread of the disease, as well as the growing awareness regarding the numerous health benefits of a plant-based diet. Vegan food helps lower body weight and body mass index (BMI), lose weight, and reduce the risk of type 2 diabetes, cancer, Alzheimer’s and heart diseases. Additionally, many non-government organizations (NGOs) are working toward promoting farm animal welfare and spreading awareness regarding the nutritional benefits of an animal-free diet. This has resulted in the growing awareness among consumers regarding animal health and prevention of cruelty against animals and encouraged them to shift toward plant-based food products, providing a positive impact on the market. As a result, leading companies are manufacturing a wide variety of vegan food products to attract a broader consumer base. For instance, Danone S.A. has launched ice cream that is 100% plant-based and made of different ingredients such as soy, hazelnut, coconut and almond. Looking forward, the vegan food market value is projected to reach US$ 25.3 Billion by 2025, expanding at a CAGR of around 8% during 2020-2025.
Market Breakup by Product Type:
- Dairy Alternatives
- Meat Substitutes
- Textured Vegetable Protein
The meat substitutes currently represent the most popular type of vegan food available in the market.
Market Breakup by Source:
At present, soy accounts for the majority of total market share.
Market Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty stores
- Online Stores
Amongst these, supermarkets and hypermarkets account for the largest share in the industry.
Market Breakup by Region-Wise:
- United Kingdom
- North America
- United States
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
Competitive Landscape Key Player:
The competitive landscape of the market has also been examined, with some of the key players being:
- Amy’s Kitchen Inc.
- Beyond Meat Inc
- Daiya Foods Inc.
- Danone S.A, Eden Foods Inc.
- Plamil Foods Ltd.
- Archer Daniels Midland Company
- Tofutti Brands Inc.
- VBites Foods Limited
- Vitasoy Australia Products Pty Ltd
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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