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%.
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
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https://www.grandviewresearch.com/industry-analysis/vegan-food-market/request/rs1
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.
For more info visit @ https://www.grandviewresearch.com
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