Vegan Food Market Growth, Top Major Players 2024-2033

The Business Research Company recently released a comprehensive report on the Global Vegan Food Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The vegan food market size has grown rapidly in recent years. It will grow from $24.58 billion in 2023 to $27.8 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to growing awareness of health and wellness, increasing concerns about the environmental impact of animal agriculture, ethical and animal welfare consideration, rising disposable incomes, globalization of veganism, government support.

The vegan food market size is expected to see rapid growth in the next few years. It will grow to $42.86 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to growing influence of social media, prevalence of food allergies, vegan activism and movements, retail expansion. Major trends in the forecast period include innovative product development, plant-based protein boom, vegan convenience foods, vegan seafood, vegan fast food, personalized nutrition.

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Market Drivers and Trends:

The increasing number of vegans and vegetarians is expected to propel the growth of the vegan food market in the coming years. A vegan is a person who lives a lifestyle that strives to avoid, as far as feasible and practicable, all types of animal exploitation and cruelty for apparel, food, or any other reason. A vegetarian is a person who follows a diet that eliminates meat, fish, and fowl. They eat a plant-based diet rich in fruits and vegetables, grains, nuts, and seeds. Vegan cuisine delivers critical nutrients, beneficial fats, and humanitarian and ecological concerns to vegetarians and vegans. Vegans and vegetarians need to consume an appropriate diet that conceals all of their nutritional demands. For instance, in July 2023, according to the World Animal Foundation, a US-based digital platform that advocates for animal rights, ethical ownership of pets, and humane awareness, veganism was practiced by 6 percent of the US population. Nearly one-third of Americans are inclined to eat more vegan food. Therefore, the increasing number of vegans and vegetarians is driving the vegan food market.

One of the trends in the vegan food is the production of meat through cell-based technology. The cell-by-cell identical meat is produced in factories without involving the killing of animals. Production of cell-based meat involves feeding the animal cells with nutrients and proteins, thus eliminating the need for dependence on animals for meat. For instance, in October 2022, a US-based pet food manufacturer introduced the cellular-based meat broth topper for dogs known as chicken broth topper, which will replace factory-framed products with cruelty-free cell-based meet to challenges related to the low quality and contamination of pet food. Other major players such as Tyson Foods., an U.S.A. based processor and marketer of chicken, beef, and pork, are also investing in Memphis Meats in order to support the cell -based meat production.

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Major Key Players of the Market:

Amy's Kitchen, VITASOY International Holdings Ltd., Beyond Meat, Tofutti Brands Inc., Plamil Foods Ltd., Danone S.A., Eden Foods Inc., Whitewave Foods Company Inc., Sun Opta Inc., Pascual Group, Bhlue Diamond Growers, Archer Daniel Midland Company, Earth's Own Food Company Inc., Panos Brand LLC., Hain Celestial Group Inc., Organic Vallet Corporative, Living Harvest Food Inc., Morningstar Farms, MGP Ingridents Inc., Sonic Biochem Extractions Limited, ADM, DuPont de Nemours Inc., The Nisshin Oillio Group, Schouten Europe, Upside Foods, Alpha Foods, Corbion Biotech Inc., Famleigh Inc., 22 Days Nutrition, Annie's Homegrown, Earth Balance, Field Roast

Vegan Food Market 2024 Key Insights:

• The vegan food market size is expected to see rapid growth in the next few years. It will grow to $42.86 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%.
• Flourishing Vegan Food Market Catering To The Growing Population Of Vegans And Vegetarians
• Revolutionizing Vegan Food The Rise Of Cell-Based Meat Production And Its Impact On Animal Welfare
• Asia-Pacific was the largest region in the vegan food market in 2023

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This release was published on openPR.