According to Acumen Research and Consulting, the global vegan food market size is expected to reach around USD 24.3 billion by 2026 and will grow at CAGR above 9.1% over the forecast time frame 2019 to 2026.
The vegan population in the world is rapidly increasing and drives the market. Increased awareness of the health advantages of plant-based products also drives development in the industry. In addition, the increasing popularity of the vegan diet is anticipated to increase development among celebrities and athletes. A significant market share was represented by meat substitution products. Due to its elevated content of sodium and protein, Seitan is anticipated to be the fastest-growing meat replacement product than any alternative such as tofu and tempeh. Manufacturers in advanced areas such as North America and Europe have introduced a number of products in recent years, which will also add to market growth.
A British food company, Linda McCartney Foods, introduced meat-free salads produced with pea protein in April 2019. In the same month, 50 more shops are scheduled for Veggie Grill–a U.S. restaurant chain that only provides plant-based food. Because of the growing demand for plant-based burgers, Grill’d, an Australian burger-specialized food chain called “Beyond Burger” was launched in 2019. One of the major milk companies Danone invested USD 60 million in the plant product segment in 2017 to improve its portfolio. In the UK, the share of meat-free fresh products based on plants has increased from 2014 to 2017. The plant-based product launches became the leading economy in UK in 2018. There was a 200 percent increase in product launches in this category.
Dairy options represented more than 50 percent of the worldwide sales, the biggest product segment in 2018. Roughly 65% of the worldwide population is intolerant towards lactose, which contributes mainly to the demand for alternative milk foods. Non-vegetarians also attracted and expanded the consumer base of this segment by the availability of a number of items, including cheese, yoghurt, ice cream, and sweets.
The offline segment was the biggest distribution channel and its dominance in the forecast period is expected to continue. This section involves business conveniences, shops, hypermarkets and supermarkets. The enhanced amount of stores and hypermarkets boosted the general revenues of the item. In addition, because of simple access and accessibility customers prefer shopping from brick and mortar foodstuffs. However, the greatest CAGR from 2019 to 205 will be estimated for the on-line channel due to increased Internet penetration owing to the comprehensive use of smartphones and other technologies.
In 2018, North America led the world’s vegan food market owing to the region’s enhanced population of vegans owing to growing concerns about food industry animal cruelty and its adverse environmental impact. Furthermore, the United States has a big amount of individuals with intolerant lactose that fuels the demand for alternative dairy products. Due to an enhanced preference for alternative vegetables, Cal-Maine Foods, Inc. recorded a loss of USD 7,400,000 in 2017.
The fastest development in the CAGR from 2019 to 2025 at the Asia Pacific is anticipated to rise by 12.1 percent due to an increase in consumer safety. In addition, increasing per capita revenue will lead to market development in developing nations, including China, India, Thailand, Taiwan and Bangladesh. Due to high growth possibilities, key market companies concentrated on extending their APAC Company.
Key Players & Strategies
Market-leading businesses include The Archer Daniels Midland Company; Amy’s Kitchen; VITASOY International Holdings Ltd.; Beyond Meat; Tofutti Brands, Inc.; Plamil Foods Ltd.; Danone S.A.; VBites Foods Ltd; and Eden Foods, Inc. High demand for flavored food has broadened producers around the world’s scope for development. Product innovation in this industry has therefore been a significant competitive approach. For example, Two Good Greek low-fat yogurt was introduced by Danone in January 2019. It has various flavors, like strawberries, vanilla, berry mixing, blueberries and peach.