Vegan Food Market Revenue to Cross USD 31 Billion by 2028: The Insight Partners

The vegan food market is expected to grow from US$ 17 billion in 2022 to US$ 31 billion by 2028; it is expected to grow at a CAGR of 10.2% from 2022 to 2028.

Vegan food is food products derived from plant-based sources. Vegan food includes dairy alternatives, meat substitutes, baked goods & confectioneries, sauces & spreads, etc. Meat substitutes and dairy alternatives are major vegan food products that are derived from soy, wheat, almond, coconut, and other plant-based sources. The rising awareness regarding health and overall wellness is driving the demand for vegan food products.

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Beyond Meat.; Earth's Own; Gooddot; Mona Naturprodukte GmbH; Danone S.A; PANOS brands; Tofutti Brands, Inc.; Unilever; Plamil Foods Ltd; and VBites Foods Ltd are a few of the key players profiled in the study of the vegan food market. Several other major companies were analyzed in this research study to get a holistic view of the market and its ecosystem.

The report aims to provide an overview of the vegan food market with detailed market segmentation. It provides key statistics on the status of leading market players and offers major trends and opportunities in the market.

E-commerce played a significant role during the COVID-19 pandemic as the shutdown of brick-and-mortar stores compelled consumers to purchase various products via online platforms. The sales of vegan packaged food increased through online stores as these platforms provided home delivery services even during lockdowns. For instance, Grubhub, one of the online food delivery apps, accounted for the upsurge of 17% in overall vegan food deliveries in 2021. Thus, consumers are expected to continue purchasing packaged vegan food products through online portals, which is further anticipated to favor the growth of the vegan food market during the forecast period.

Further, manufacturers are making significant investments in product innovation to attract a large number of consumers. For instance, NotCo, a plant-based food manufacturer that offers plant-based meat, burger, milk, and ice cream, has invested in Giuseppe a program based on artificial intelligence and machine learning. The program uses an algorithm to find unlimited combinations of plants to make products with similar taste and texture to animal products. Such technological investments are expected to boost the product development process, which will support the vegan meat market growth in the coming years.

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This release was published on openPR.