Vegan Food Market Update 2023: Predicted to Achieve US$ 29.8 Billion Revenue by 2028 - IMARC Group

The latest report published by IMARC Group, titled "Vegan Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on vegan food market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global vegan food market size reached US$ 16.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 29.8 Billion by 2028, exhibiting a growth rate (CAGR) of 9.7% during 2023-2028.

What is Vegan Food?

Vegan food is a category of consumables that excludes all animal-based ingredients and by-products, such as meat, dairy, eggs, and honey. This dietary preference focuses on plant-based foods, which include a variety of fruits, vegetables, grains, legumes, nuts, and seeds. Vegan food options have evolved to include a wide range of products, such as plant-based meats, vegan cheeses, and dairy-free milk alternatives, formulated to imitate the flavour and texture of their animal-based equivalents. Additionally, the popularity of vegan food has transcended from a niche lifestyle choice to a mainstream market offering, with an array of products now available in grocery stores, specialty markets, and online platforms. Moreover, increasing awareness about animal welfare, environmental sustainability, and health benefits has pushed vegan food from the periphery to the forefront of modern food consumption trends.

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What are the growth prospects and trends in the vegan food industry?

The global vegan food market is experiencing robust growth, propelled by rising consumer awareness about health and wellness. This can be supported by increased knowledge of the benefits associated with a plant-based diet, such as lowered risk of heart disease and lower cholesterol levels. Concurrently, the growing concern for animal welfare and ethical consumption is steering consumers toward vegan options. In addition, the climate impact of livestock farming has also been a significant factor, encouraging a shift toward more sustainable food choices. Apart from this, technological innovations in food processing have resulted in high-quality, taste-matching vegan substitutes for traditional animal-based foods, making it easier for consumers to make the switch. Market expansion is also evident through the proliferation of vegan restaurants, fast-food options, and meal-delivery services that cater to plant-based preferences. Furthermore, the emergence of eco-friendly organic vegan food products is creating a positive market outlook.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Amy's Kitchen Inc.
• Beyond Meat Inc.
• Daiya Foods Inc.
• Danone S.A.
• Eden Foods Inc.
• Plamil Foods Ltd.
• The Archer Daniels Midland Company
• Tofutti Brands Inc.
• VBites Foods Limited
• Vitasoy Australia Products Pty Ltd.

Explore Top Companies Blog by IMARC Group:
https://www.imarcgroup.com/vegan-food-manufacturers

Vegan Food Market Segmentation:

Our report has categorized the market based on region, product, source, and distribution channel.

Breakup by Product:
• Dairy Alternatives
o Cheese
o Desserts
o Snacks
o Others
• Meat Substitutes
o Tofu
o Texturized Vegetable Protein (TVP)
o Seiten
o Quorn
o Others
• Others

Breakup by Source:
• Almond
• Soy
• Oats
• Wheat
• Others

Breakup by Distribution Channel:
• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Stores
• Others

Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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This release was published on openPR.