Vegan Food Industry to Witness Dramatic Expansion as Consumers Adopt Healthier Lifestyles

A recent research report by MarkNtel Advisors has revealed that the Vegan Food Market is set to register around 11.6% CAGR during 2022-27. It attributes to the rapid consumer shift toward cleaner & healthier lifestyles, growing environmental concerns worldwide due to the excessive consumption of dairy & meat products, and the mounting demand for alternate sources of protein & other vital nutrients.

Moreover, the immense popularity & acceptance of vegan food worldwide in recent years has also been stimulated by the emergence of plant-based or naturally-derived meat alternatives, followed by dairy products like cheese & desserts. With the abundant availability of such alternatives in the market, several countries worldwide are observing a declining meat consumption as more & more people are adopting plant-based meat substitutes, which, consequently, is creating profitable opportunities for the leading companies operating in the vegan food market globally.

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Market Segmentation:

-By Product Type (Dairy Products, Meat Substitutes)

-By Distribution Channel (Online, Offline: Convenience Stores, Specialty Stores, Supermarkets/Hypermarkets)

-By Region (North America, South America, Europe, Middle East & Africa, Asia-Pacific)

-By Countries (The US, Canada, Mexico, Brazil, the UK, Germany, France, Italy, Spain, South Africa, GCC, China, Japan, India, Australia, South East Asia)

Dramatically Rising Online Sales of Vegan Food Worldwide

Online distribution channels have gained immense traction in the last few years, especially after the advent of Covid-19. It attributes to the mounting penetration of smartphones & the internet worldwide, coupled with their benefits like extensive availability of products, multiple payment options, doorstep deliveries, and an overall hassle-free shopping experience for consumers.

Several retailers are making substantial investments in adopting digital platforms to cater to the ever-rising consumer base for online channels globally. More & more food producers are collaborating with online platforms and offering innovative products. The same aspect is leading to the increasing number of online grocery stores to cater to the evolving consumer demand for vegan food and, in turn, augmenting the overall market growth.

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North America to Continue its Market Dominance throughout 2027

The rapidly changing living standards of people and their growing sensitivity & inclination toward a vegan diet are the most prominent factors augmenting the North America Vegan Food Market growth. In addition to this, several government & public initiatives toward reducing animal cruelty, which have instigated food manufacturers to expand their production & distribution capabilities in order to cater to the consumer demands for plant-based food products, are also stimulating the regional market growth.

Moreover, the active focus of consumers on maintaining their health, owing to the rising number of people with lactose intolerance & other health issues associated with toxic additives used in dairy products, is another notable aspect expected to amplify the demand for vegan food across North America and promulgate the overall market growth in the coming years.

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Competitive Landscape:

The key companies operating in the Global Vegan Food Market include Amy's Kitchen, Archer Daniels Midland Company, Beyond Meat, Conagra, Inc., Danone S.A., Daiya Foods, Inc., Eden Foods, Inc., Impossible Foods Inc., Kellogg Company, Tofutti Brands, The Hain Celestial Group, Inc., and VBites Foods Ltd.

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This release was published on openPR.