Vegan Food Market: Rising Demand for Meat and Dairy Alternatives, Adoption of Ethical Lifestyle Propels Vegan Food Market to Robust Expansion

Decreasing physical activity, coupled with growing fast food consumption, has been one of the major contributors towards increasing health complications such as diabetes, obesity, and cardiovascular diseases. This has led consumers across the globe to change their lifestyle, particularly their choices about food consumption. Vegan food products have emerged as a viable option pertaining to this changed consumer mindset. Consequently, consumer perception that vegan food products support weight management, regulate body metabolism, and boost immunity has aided the growth of the vegan food market. Moreover, consumer activism about ethical food production is also on a steady rise. Environmental concerns and animal cruelty have motivated many individuals to adopt a vegan diet. In the coming years, these developments are projected to create profitable outcomes in the global vegan food market.

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Concerns Around Sustainable in Food Production to Create Novel Business Outcomes

Today's consumers, especially in the urban setting, are increasingly becoming aware of the moral and ethical aspects pertaining to their food choices. Topics such as food wastage, carbon footprint, animal cruelty, environmental damage, and greenhouse emissions are being discussed with utmost concern. This change in consumer mindset has stimulated a shift towards vegan food consumption, creating sound business opportunities in the vegan food market. Consumers are also taking a keen interest in the nature of their food packaging. This has created a substantial demand for vegan and eco-friendly packaging. During the study period, growing concerns around sustainability in food production, manufacturing, and packaging are expected to launch fresh opportunities for open innovation in the global vegan food market.

Vegan Alternatives of Dairy Products to Open New Avenues for Market Expansion

Vegan options for various types of meat-based products are widely available. However, in recent times, the dairy industry has also attracted the attention of manufacturers in the vegan food market. Now, as consumers actively seek superior quality non-dairy milk products, the demand for vegan dairy products is expected to witness a consistent rise. Notably, the prevalence of lactose intolerance is on the rise which has emerged as another incentive among consumers to switch to vegan dairy products. As a result, the demand for soy milk, almond milk, coconut milk, and other alternatives is expected to exhibit paced growth over the forecast period. These alternatives are generally low in fats, propelling calorie-cautious consumers to adopt these vegan dairy items.

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Positive Outlook Towards Veganism Positions North America as Key Regional Player

Consumers in North America carry an extremely promising outlook towards a vegan lifestyle. This, coupled with high availability of vegan alternatives and awareness about environmental and ethical aspects of food production, has enabled North America to emerge as the dominant region in the global vegan food market. Market players in the region are also invested in product differentiation to manufacturer vegan products that are identical to meat or dairy counterparts. On the other hand, the Asia Pacific is set to become an emerging player owing to the surge in demand for vegan products across its population base.

Some of the major market players in the global vegan food market are Archer Daniels Midland Company, DANONE S.A., Conagra Inc., Beyond Meat, Axiom Foods Inc., Kellogg Company, Alpro, and Tofutti Brands Inc.

Global Vegan Food Market is Segmented as Below:
By Product Type
• Vegan Milk
• Vegan Meat
• Others

By Distribution Channel
• Hypermarkets/Supermarkets
• Convenience Stores
• Online Channel

By Region
• North America
• Europe
• Asia Pacific
• LAMEA

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