Vegan Food Market Is Estimated To Grow 26.24 Billion With CAGR Of 9.2% By Forecast 2027

Vegan Food Market Is Estimated To Grow 26.24 Billion With CAGR Of 9.2% By Forecast 2027

Vegan Food Market: Is Estimated To Grow 26.24 Billion At A CAGR Of 9.2% Percent Over The Forecast Period.

According to a study by Stellar Market Research, Global Vegan Food Market is expected to grow at a CAGR of 9.2% percent over the forecast period 2022-2027. A vegan diet contains a variety of healthful cereals, fruits, and vegetables. They are derived from or processed from plants and are used as meat and animal product alternatives. Vegan foods are high in B1, C, and E vitamins, as well as folic acid, magnesium, and iron, and are low in cholesterol and saturated fats. Because of their high nutritional value, vegan products are being promoted by several celebrities and athletes as a way to maintain a healthy lifestyle. A vegan diet is defined as eating habits that exclude the use of animal products such as stock, fat, roe, eggs, milk, cheese, or meat.

The report's objective is to provide a complete study of the Global Vegan Food market industry to the stakeholders. The study identifies the major trends in the Global Vegan Food Market and how these trends will impact new business investments and market development during the forecast period. The research also assists in understanding the Global Vegan Food Market dynamics and competitive structure by examining market leaders, market competitors, and regional players.

Vegan Food Market Scope and Dynamics:

A growing awareness of animal health and suffering in the food industry has led to a significant transfer away from animal-based meals toward plant-based foods, which has strengthened the vegan food market. Vegan cuisine is in increasing demand as the vegan diet and veganism become more popular. The rising popularity of this diet among celebrities has helped market growth. Animal cruelty has been linked to an increase in the likelihood of criminal violence and domestic abuse. This will help to reduce the number of homeless dogs and animals in shelters, which will result in fewer creatures being euthanized each year. Spaying or neutering will also help your pet's health and disposition. This has increased awareness of vegan cuisine, which is fuelling the market's growth. 

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The Impact of COVID-19 on the Vegan Food Market: 

As the demand for healthy vegan food increases, this industry is expected to grow positively after the COVID-19 pandemic as well. Despite the rise in cases, the demand for healthy products is likely to increase. Furthermore, the growing popularity of online shopping and e-commerce is estimated to increase the popularity of food products. Increased demand for a balanced and nutritional diet is supposed to drive market growth. During the pandemic, these factors may push market expansion. The recent coronavirus pandemic (COVID-19) has increased the demand for vegan and plant-based diets dramatically. This trend can be ascribed to consumer worries about the link between meat intake and disease spread, as well as an increased understanding of the myriad health benefits of a plant-based diet. 

Vegan Food Market Insights: 

North America topped the vegan food market in 2021, owing to an increase in the region's vegan population as a result of growing concerns about animal cruelty in the food industry and its negative environmental impact. Additionally, the United States has a large number of lactose-intolerant people, which increases the demand for alternative dairy products. SPINS gathered sales numbers on behalf of the trade association Plant-Based Foods Association (PBFA) and advocacy non-profit. The Asia Pacific area, on the other side, is expected to grow during the forecast period. Rising per capita income in developing countries like India, China, Thailand, Taiwan, and Bangladesh would help market expansion. Because of APAC's significant development potential, prominent industry players have been focusing on growing their operations there.

Vegan Food Market Segmentation:

By Product

  • Dairy Alternative
    • Meat Substitute
    • Others

By Distribution Channel

  • Offline
    • Online

By Region

  • North America
    • Europe
    • Asia Pacific
    • Middle East and Africa
    • South America

Key Players in Vegan Food Market:

  • Daiya Foods, Inc. (Canada)
    • Danone SA, (France)
    • Eden Foods, Inc. (Michigan)
    • Plamil Foods Ltd. (Folkestone, Kent, England)
    • Archer Daniels Midland Company (Chicago)
    • Tofutti Brands, Inc. (U.S)
    • VBites Foods Limited, (U.K)
    • Vitasoy Australia Products Pty Ltd. (Australia)
    • Blue diamond growers (Sacramento, CA)
    • Earth’s own food company inc. (Canada)
    • Hain celestial group, inc. (New York)
    • Living harvest foods inc. (U.S)
    • Kikkoman corporation (Japan)
    • Pascual group (Spain)
    • Sunopta inc. (Canada)

About Stellar Market Research:

Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company provides recommendations that allow growth to shape the organization of tomorrow. The company has been a fully revenue-funded organization since its founding in November 2018. To date, the company has partnered with more than 335 + companies across 25+ industries, providing accurate data with a rate of 94 % accuracy. The Company has curated and established useful savings in over 470 + projects for our clients and helped them to find new revenue channels and also to consolidate their position in a current competitive market. The Company has domain-specific research specialists and 119 research analysts in various industries who continuously monitor the market, allowing it to gain a competitive advantage through high-quality market intelligence. 

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