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 B vitamins, C vitamins, 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, celebrities and athletes are pushing the consumption of vegan products to maintain a healthy lifestyle. The Vegan Food Market is segmented based on product, distribution channel, and geography.
Vegan Food Market Scope and Research Methodology:
The objective of the report is to analyses and forecast the Vegan Food market size. The market report includes strategic profiling of significant market participants in order to accurately depict the competitive environment for the global Vegan Food market. it includes a detailed analysis of new product launches, acquisitions, mergers, and joint ventures, brands and key players in the Vegan Food industry. The report provides information on industry trends and developments, market dynamics and their potential, which helps experts to stay up to date on the most recent trends and sector performance, predicting growth and decline in Vegan Food market share during the forecast period. To know the Vegan Food industry in detail, primary and secondary research methods were used and for accurate finding various methodologies such as the PESTLE, PORTER, and SWOT analysis were used. SWOT analysis was employed to provide strengths, weaknesses, opportunities and challenges for Vegan Food key players in the industry. PORTER and PESTLE analysis helps to understand the microeconomic and macroeconomic factors affecting the Vegan Food industry.
Vegan Food Market Report Overview:
The report thoroughly covers analysis of insights in view of the Vegan Food Market along with its ever-changing patterns, industry environment, and all dominant aspects of the market. A detailed analysis of key players is also provided in the Vegan Food market report.
Vegan Food Market size was valued at US$ 14.17 Bn in 2020. Global Vegan Food Market is estimated to grow at a CAGR of 9.2% over the forecast period.
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Vegan Food Market Segmentation:
The market is divided into three product categories: dairy alternative, meat substitute, and others. In 2020, the Dairy Alternative Segment held a 74.8% share of the vegan food industry. Lactose intolerance affects around 65% of the world’s population, fuelling demand for dairy alternatives. Non-vegetarians have been pulled in by the availability of a variety of commodities such as cheese, yoghurt, ice cream, and snacks, broadening the market’s client base. Market manufacturers have created a wide range of high-quality food items in a variety of flavours, all beautifully packaged. This will very probably contribute to the segment’s growth. Plant-based cheese has the largest market share of the dairy substitutes market.
The Meat Substitute segment, on the other hand, is predicted to rise at a CAGR of 5.3% during the projection period. A meat substitute, also known as a meat analogue, is a product that duplicates the visual attributes of certain meat, most notably texture, flavour, look, and chemical properties. Tofu and tempeh, as well as gluten and legumes, are regularly used as alternatives.
The market is divided into two segments based on distribution channel: online and offline. In 2020, the Offline category held a 58% share of the vegan food market. This category includes convenience stores, specialty stores, hypermarkets, and supermarkets. As the number of supermarkets and hypermarkets has increased, so have overall product sales. Furthermore, shoppers prefer to shop in brick-and-mortar supermarkets due of their ease and availability.
The Online segment, on the other hand, is predicted to develop at a CAGR of 6.3% over the projection period. Approximately 48% of American consumers buy at least some of their groceries online, with this percentage expected to climb in the near future. As a result, many huge retail chains around the world have made significant investments in online distribution platforms. Walmart, a big international store, has started to sell meals via the internet. As a result of the expanding number of online grocery platforms, goods sales online are projected to increase, propelling the category forward.
Vegan Food Market Key Players:
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)
Vegan Food Market Regional Analysis:
The report is segmented into several key countries, with market size, growth rate, import and export of Vegan Food market in these countries, which covering North America, U.S., Canada, Mexico, Europe, UK, Germany, France, Spain, Italy, Rest of Europe, Asia Pacific, China, India, Japan, Australia, South Korea, ASEAN Countries, Rest of APAC, South America, Brazil, and Middle East and Africa.
Key Questions answered in the Vegan Food Market Report are:
- Which segment grabbed the largest share in the Vegan Food market?
- Which segment is expected to grow at a high rate during the forecast period?
- How is the competitive scenario of the Vegan Food market?
- Which are the key factors driving the Vegan Food market growth?
- Which region holds the maximum share in the Vegan Food market?
- What will be the CAGR of the Vegan Food market during the forecast period?
- Which are the prominent players in the Vegan Food market?
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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 has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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