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Vegan Food Market reached USD 13,520 million in 2019 and growing at a 9.6% CAGR during 2020-2027 | Size, Share, Growth & Forecast

09-14-2022 11:54 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: GMI Research

Vegan Food Market

Vegan Food Market

Vegan Food Market

The Vegan Food Market was estimated around USD 13,520 million in 2019 and is predicted to grow at a CAGR of 9.6% over the forecast period (2020-2027).

For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/vegan-food-market/

The factors driving the growth of Vegan Food Market includes growing demand for plant-based food products around the world, rising consumers inclination towards adopting healthy lifestyles and increase in the cases of obesity and heart related diseases. According to the report published by Statista, the Global Plant Based Food Market was calculated around USD 11.4 billion in 2020 and is expected to reach USD 20 billion by the end of 2026, which will accelerate the Global Vegan Food Market in the approaching years. Moreover, easy availability vegan food items at supermarkets and online stores, rise in the launch of innovative food products, growing concerns related to animal cruelty and increase in the lactose intolerant population across the globe, are some of the additional factors supplementing the Vegan Food Market Growth. In addition, the increasing investments by major fast joints such as McDonald's and Burger King, to introduce vegan products, rise in the lactose intolerant population and rapid urbanization, are further propelling the Vegan Food Market size.

However, the growth of Vegan Food Market is hindered due to high cost of purchasing vegan-based products.

The prominent players operating in the market are Make My Day Food Inc., Miyoko's Creamery, Tofurky, Annie's Homegrown, Plamil Foods Ltd., Cedar Lake Foods, Earth's Own Food Company, The WhiteWave Foods Company, Atlantic Natural Foods, Inc., Amy's Kitchen, Beyond Meat, Kite Hill, Earth Balance, and Eden Foods, among others.

Based on Product Type, the Dairy Substitutes segment is predicted to expand at a significant CAGR during the forecast period

As per the Vegan Food Market Analysis, rise in the number of lactose intolerance population worldwide and growing demand for yogurt, ice cream and cheese products, are some of the factors responsible for the segment's growth.

Based on Distribution Channel, the Supermarkets/Hypermarkets segment is projected to grow at a remarkable CAGR over the forecast

Online stores are open 24*7, offers wide range of vegan products to their customers, with attractive discounts along with rising trend of e-shopping and increasing internet penetration rates, are propelling the segment's growth.

Based on Region, the North American region is anticipated to capture the largest market share during the forecast period

Rise in the lactose intolerant population, growing consumers inclination towards adopting healthy lifestyles, easy availability of meat alternative products at e-commerce platforms, improved living standards and high per capita incomes, are some of the important factors augmenting the Vegan Food Market share

Key Developments

In 2020, Kite Hill, introduced Kite Hill Blissful and Kite Hill Sour Cream Alternative, to expand its presence in the dairy alternatives market.
In November 2019, Vegetarian Butcher, collaborated with Burger King to launch plant-based sandwich "Rebel Whopper" in the European Market.
In 2019, Plamil Foods Ltd., introduced wide range of snack bars products such as finest dark chocolate, espresso dark chocolate, and cool mint dark chocolate, through which it plans to expand its product offerings.
Market Segmentation

Segmentation by Product Type

Dairy Substitutes
Cheese
Ice Cream
Milk
Yogurt
Others

Meat Substitutes
Tofu
Tempeh
Seiten
TVF
Quorn
Others
Others

Segmentation by Distribution Channel

Grocery Stores
Convenience Stores
Specialty Stores
Supermarkets/Hypermarkets
Online Platforms

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe - +353 1 442 8820; US - +1 860 881 2270
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Website: https://www.gmiresearch.com/

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