Vegan Food Market: Size is Expected to Surpass USD 91.83 billion by 2035

Research Nester, the global vegan food market size is predicted to expand at a CAGR of 11.8% between 2026 and 2035, on account of the rising awareness of people about fitness globally.

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The Increasing Demand for Vegan Food Globally Will Increase the Global Market Share of Vegan Food Market

By the end of 2035, the vegan food sector will have grown significantly and appear extremely promising. Several studies that have been published in the last 10 years have examined the benefits of consuming vegan food. It is often known that eating only plant-based diets can improve one's health in a variety of ways. For example, it has been shown to assist in weight loss. Numerous studies indicate that those who follow a vegan diet are less likely to acquire heart disease since they consume less high-cholesterol items.

Some of the major growth factors and challenges that are associated with the growth of the global vegan food market are:

Growth Drivers:
• Rising consumers of vegan food
• Increasing concern of animal cruelty in the food industry

Challenges:
Because vegan food products are more expensive than standard food items, the rate of market expansion is likely to slow down. Because vegan food is still relatively new, it is produced in small numbers, which raises the cost of production. Businesses also spend a large sum of money on R&D and marketing strategies.

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The vegan food market is divided into two segments based on the distribution channel: supermarkets and online. Due to the growth in food sales through physical retailers such as supermarkets and hypermarkets, the supermarket industry is expected to have the biggest revenue share, coming in at 83%. The online industry is growing swiftly, partly because more and more food delivery partners are venturing into the provision of raw materials like ingredients and spices.

By region, the North American vegan food market is to generate the highest revenue with a percentage of almost 42% by the end of 2035.
Over the anticipated period, the vegan food industry is expected to experience a major growth in the APAC region as well. As a result of rising consumer health consciousness, this area is expanding, driven by both significant development potential for key market participants and growing healthcare consumer awareness. According to data from Nutritional Outlook, there is a growing demand for plant-based meals in Asia Pacific. By 2022, investment in this field is predicted to rise by 25% to USD 375 million. It should be noted that these investments are not exclusive to any one country, but rather are spread out throughout the region. It is projected that sales would increase, with China, Japan, and Australia serving as the primary catalysts for regional expansion.

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Top players includes in the global vegan food market are General Mills Inc., Amway Corporation, Conagra Brands Inc., Cargill Incorporated, Abbott Laboratories, Kraft Foods Group Inc., The Coca-Cola Company, PepsiCo Inc., Atkins Nutritionals Inc., Brunswick Corporation, NIPPN CORPORATION, Danone S.A, Beyond Meat, Eden Foods Inc., SunOpta, and others.

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