The global vegan food market size is expected to reach USD 24.06
billion by 2025 registering a CAGR of 9.6%, according to a new report by Grand
View Research, Inc. Rapidly growing vegan population across the globe is
driving the market. Increasing awareness about the health benefits of
plant-based products is also fueling the market growth. Furthermore, rising
popularity of vegan diet among celebrities and athletes is expected to boost
the growth further. Meat substitute products accounted for a significant market
share. Seitan is expected to be the fastest-growing meat substitute product due
to its high sodium and protein content than other substitutes, such as tempeh
and tofu. Over the past few years, manufacturers in developed regions like
North America and Europe have launched a variety of products, which is also
likely to contribute to the market growth.
In April 2019, Linda McCartney Foods, a British
food brand, launched meat-free sausages made from pea protein. In the same
month, Veggie Grill, a U.S.-based restaurant chain, which serves only
plant-based foods, planned to open 50 more outlets across the nation. In 2019,
Grill'd, an Australian food chain specializing in burgers, introduced
plant-based burger called Beyond Burger on account of increasing demand for
plant-based burgers. In 2017, Danone, one of the leading dairy company,
invested USD 60 million in the plant-based product segment to enhance its
product portfolio. From 2014 to 2017, the share of plant-based meat-free new
products has doubled in U.K. In 2018, U.K. became the leading economy in
plant-based product launches. The number of product launches in this category
increased by 200%.
For full research report on Vegan Food Market
visit here:
https://www.grandviewresearch.com/industry-analysis/vegan-food-market
Further key
findings from the study suggest:
- North America emerged as the largest regional
market in 2018 and accounted for more than 31% of the overall share
- On the other hand, Asia Pacific is projected
to lead the global market expanding at the fastest CAGR of 12.1% from 2019
to 2025
- Dairy alternatives was the leading product
segment in 2018 and is projected to maintain its dominance throughout the
forecast years
- This growth can be attributed to the
increasing cases of lactose intolerance, which, in turn, boost the demand
for dairy alternatives
- Online distribution channel is expected
register the fastest CAGR of 10.1% from 2019 to 2025; however, offline
channel segment will account for the largest revenue share of the global
vegan food market
- Some of the key competitors in the market are
Amy’s Kitchen; Danone S.A.; The Archer Daniels Midland Company; Daiya
Foods, Inc.; Tofutti Brands, Inc.; Plamil Foods Ltd.; VBites Foods Ltd;
Eden Foods, Inc.; VITASOY International Holdings Ltd.; and Beyond Meat
Get request sample of this report here: https://www.grandviewresearch.com/industry-analysis/vegan-food-market/request/rs1
Grand
View Research has segmented the global vegan food market on the basis of
product, distribution channel, and region:
Vegan Food
Product Outlook (Revenue, USD Million, 2015 - 2025)
- Dairy Alternatives
- Cheese
- Dessert
- Snacks
- Meat Substitutes
- Tofu
- TVP
- Seiten
- Quorn
- Others
- Others
Vegan Food
Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
- Offline
- Online
Vegan Food
Region Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- U.S.
- Europe
- Germany
- Asia Pacific
- China
- Japan
- Central & South
America
- Brazil
- Middle East &
Africa
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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