Vegan Food Market Growing at 9.9% CAGR to Hit $ 37,332.36 Million by 2030 |Growth, Share Analysis, Company Profiles & Regional Outlook- IMR

Market Synopsis:

The anticipated growth of the Vegan Food Market is projected to witness a substantial increase, escalating from USD 17,543.00 Million in 2022 to an estimated USD 37,332.36 Million by 2030. This growth is forecasted to occur at a remarkable Compound Annual Growth Rate (CAGR) of 9.9% throughout the forecast period spanning from 2023 to 2030.

Vegan cuisine includes foods that are free from animal-derived products, such as meat, dairy, eggs, and honey. A vegan diet is a plant-based diet that excludes all forms of animal abuse and cruelty. People who identify as vegans.ie. vegans, choose to abstain from consuming and using animal products for ethical, environmental or health reasons.
Vegans typically incorporate fruits, vegetables and grains into their diet as well as nuts seeds and other plant-based foods such as tofu, tempeh, and plant milk and cheese.
Veganism is limited to consuming meat, involves refraining from using animal-derived goods like leather, fur, and cosmetics. Veganism has gained popularity for many reasons, including concerns about animal welfare, environmental sustainability, and the health benefits of a plant-based diet. The increase in vegan-friendly products is resulting in an abundance of delicious plant-based recipes for those who follow a vegan diet. The increasing awareness of environmental sustainability, ethical considerations, and health benefits has propelled the demand for plant-based products. The market has witnessed a surge in innovation, with companies introducing a variety of plant-based alternatives to traditional animal-based products.

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Top Key Players Covered in The Vegan Food Market:
Beyond Meat, Inc., Impossible Foods Inc., Oatly AB, Daiya Foods Inc., Tofurky, Gardein, Lightlife Foods, Inc., Amy's Kitchen, Inc., Quorn Foods, Field Roast Grain Meat Co., and Other major players.

The Vegan Food Market Report Highlight:
By Product, The meat and seafood industry is poised to become the most lucrative in the vegan food industry, reflecting a significant shift in consumer behavior. The increasing awareness of environmental sustainability, health benefits, and ethical values is driving a growing number of people to embrace plant-based options. Meat and shellfish substitutes in the vegan food market have seen significant innovations that mimic the taste and texture of traditional animal products. Markets and development are indicating a growing preference for sustainable and compassionate food consumption.

By Distribution Channel, The supermarket/hypermarket sector is becoming the primary player in the vegan food industry due to its broad appeal, variety of choices, and consumer accessibility. These retail giants play a key role in shaping consumer choice by prominently featuring vegan products to meet the growing demand for plant-based alternatives. The spread of vegan food is heavily influenced by supermarkets/hypermarkets' ability to provide convenience, affordability, and competitive prices. This is particularly important.

By Region, North America are becoming more health-conscious and are seeking plant-based alternatives to traditional animal products. Vegan foods are perceived as healthier options, leading to increased demand. Environmental awareness is another driving force behind the growth of the vegan food market. Consumers are becoming more aware of the environmental impact of animal agriculture and are choosing vegan options as a more sustainable choice. Growing concerns about animal welfare have led many consumers to adopt vegan diets or incorporate more plant-based foods into their meals.

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Key Industry Development

In December 2023, food ingredient giant Ingredion acquired Versativa, known for its texturizers and starches used in plant-based meat alternatives. This strengthens Ingredion's position in the growing vegan food sector.

In October 2023, Nestlé launched its "Wunda Plant-Based Milk" line in the US, featuring oat, pea, and almond varieties. This move signifies major players entering the plant-based milk space, potentially accelerating market growth.

Key Benefits for Stakeholders:
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the market analysis from 2023 to 2030 to identify the prevailing market opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global market trends, key players, market segments, application areas, and market growth strategies.

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