Global Vegan Food Market is valued approximately at USD 13.28 Billion in 2020 and is anticipated to grow with a healthy growth rate of more than 9.46% over the forecast period 2021-2027. Vegan food has become popular among the population as it is environment friendly and provides various health benefits. The major driving factor for the market growth is growing chronic diseases such as blood pressure, diabetes and others. According to the World Health Organization, of about 422 million people, worldwide, suffer from diabetes, while approximately 1.13 billion people suffer from blood pressure. Another driving factor for the market growth is the increasing vegan population worldwide. According to the sentientmedia.org, U.S., witnessed 300% increase in vegan population between 2004 and 2019. Likewise, as per foodrevolution.org, the vegan population in UK, grew by 350%, from 2010 till 2020. The other driving factor for the market growth is increasing awareness towards health-conscious and vegan diet as vegans have the greatest fibre consumption and the lowest fat intake. Furthermore, rise in product launches with innovative ingredients and increasing demand for environmental-friendly production and consumption of vegan food products, will provide new opportunities for the global Vegan Food industry. For instance: in September 2021, Hershey’s launched vegan chocolate bar made with oats and rainforest alliance certified cocoa. However, vitamin-B12 deficiency in vegan products may impede market growth over the forecast period of 2021-2027.
The regional analysis is segmented based on the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World for the global Vegan Food Market. North America is the leading region across the world in terms of market share owing to increase in number of vegan populations, increase in consumer awareness and favourable initiatives such as product launch & partnership in the region. Whereas Asia-pacific is anticipated to exhibit the highest CAGR over the forecast period 2021-2027 due to increasing concerns regarding environment impact, rising government initiatives, launching innovative vegan food products, rising mortality owing to heart diseases in the region.
Major market player included in this report are:
The Archer Daniels Midland Company
Daiya Foods, Inc.
Plamil Foods Ltd.
Tofutti Brands, Inc.
VBites Foods Ltd.
Vitasoy International Holdings Ltd.
Eden Foods, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Type:
By Distribution Channel:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027.
Target Audience of the Global Vegan Food Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers