According to Acumen Research and Consulting, the global vegan food market size is expected to reach around US$ 24.3 billion by 2026 and will grow at noteworthy CAGR around 9.1 % throughout the forecast period 2019-2026.
Vegan relates either to a individual who eats or to the diet itself. In other words, the term vegan could serve as an adjective for the description of a food product, for example "This chicken is vegan" or "Vegans like cookies, too,".
The report provides analysis of global Vegan Food market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Increased awareness of the advantages of a vegan diet is the main factor for this market's development. In specific, a big number of vegan population are found in North, Europe, and Asia-Pacific.
Increasing awareness of animal health and animal cruelty in the food industry was an incentive to move individuals from animal to herbal food. From 2012 to 2017, the demand for meat free meals increased by 987 percent, according to The Vegan Society. Googled is three times as good as gluten-free and vegetarian goods.
This means that the product is rising quickly worldwide. The United States, Australia, United Kingdom, New Zealand, Sweden and Canada have the largest vegan population in the whole globe, as do Israel, Ireland, Austria and Germany. One in three Americans has stopped consuming meat in the last few years, or decreased it. Meat consumption decreased substantially in 2017 in Sweden.
The consumer base in this sector has improved the understanding of the multiple health advantages provided by vegetable food products. Plant-based goods contribute to maintaining blood pressure and reducing the risk of heart illness, stroke, prostate, colorectal, cholesterol and premature death.
The biggest product sector in 2018, with more than 50% of worldwide turnover, was Dairy Alternatives. Some 65 percent of the world's population are lactose intolerance, a major factor that increases demand for alternative dairy food products. Non-vegetarians were also drawn and the customer base of this segment was extended through the provision of a range of goods such as cheese, yogurt, ice cream, and snacks.
Moreover, producers have launched a range of quality foods with appealing packaging alternatives in distinct flavors on the market. This may also add to the development of the segment. The majority in the dairy solutions of these products were plant-based cheese. The increased product portfolio and increased lactose intolerance are anticipated to increase their demand.
Distribution Channel Outlook
The offline segment was the biggest distributor, and its dominance over the forecast period is planned to remain. In this section you will find convenience shops, shops, hypermarkets and supermarkets. The increase in supermarkets and hypermarkets has boosted the total sales of the item. In addition, because of simple access and accessibility, customers prefer to buy brick and morter grocery shopping. However, the greatest CAGR from 2019 to 205 is expected to occur owing to increasing web penetration owing to the comprehensive use of smartphones and other devices.
Some 48% of customers in the U.S. are buying food via internet retail, and it is anticipated that this proportion will grow in the near future. This has led to significant investments by many significant retail chains worldwide in the distribution of internet channels. Walmart has began supplying food online as the leading multinational retail company. As a result, growing numbers of online food platforms are anticipated to increase the product's internet sales and thus increase segment development.
China, USA, Japan, UK, South Korea, France, Australia, Germany, Canada, and Spain have been the biggest online food markets in the globe, according to IGD Services and Institute of Grocery Distribution. Another gigantic retailer The Kroger Co. invested in these main nations in 2018 online distribution platform. Moreover, to improve its service, Kroger also began to provide self-driving food supplies.
Due to the greater vegan population in the region as animal cruelty is increasingly worrying in the food sector and its adverse environmental impact, North America was the worldwide leader in vegan food market in 2018. Moreover, the United States has many individuals intolerant to lactose that fuels the request for alternative dairy products. Due to enhanced preferences for plant-based egg options, Cal-Maine Foods, Inc. reported USD 74 million lost in 2018.
The rapidest CAGR development from 2019 to 2026 at Asia Pacific is anticipated to occur at over 11.5 percent, given the growing consumer awareness of health. In addition, rising per capita earnings will lead to business development in the developed nations, including China, India, Thailand, Taiwan and Bangladesh. Due to high growth possibilities, major companies on the market focused on extending their company in Asia-Pacific.
North America came to represent more than 31% of the total market as the biggest regional market in 2018.
Asia Pacific, on the other side, is expected to grow by more than 11.5% from 2019 to 2026 on the world market at the fastest CAGR. Dairy options was the market leader in 2018 and is expected to retain its dominance over the years.
The increase in the lactose intolerance rate can be ascribed to the growing supply of milk options.
The fastest CAGR of about 10% is anticipated for the 2019 to 2026 edition of the online distribution channel, but it will account for the biggest share of the world's vegan food industry.
Global Vegan Food Market, By Product
Global Vegan Food Market, By Distribution Channel
Global Vegan Food Market, By Geography
The market research study on “Vegan Food Market- Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Vegan Food market segments with market dynamics and their impact. The report also covers basic technology development policies. The reports contain main trends as organic and inorganic development strategies in the vegan food industry. Different businesses are concentrating on biological growth policies such as launches of products and product approvals. Acquisitions and partnership & collaborations were inorganic development strategies on the market. These actions pave the way for the development of market players ' company and client base. With the growing demand for the drink drink flavoring system in the worldwide economy, market payers of the drink flavoring system industry will have profitable growth possibilities in the future.
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.