Vegan Food Market was valued at US$ 27 Bn in 2022. Global Vegan Food Market size is expected to grow at a CAGR of 12.5% through the forecast period 2023 to 2029.
Vegan Food Market Overview:
The Vegan Food Market analysis provides a comprehensive picture of competition, including the market share and company profiles of the worldwide industry’s top rivals. The research scope covers a complete analysis of the Vegan Food Market, as well as the causes for variances in the industry’s growth in various places.
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Vegan Food Market Scope:
To identify and collect material suitable for this study, this research study makes considerable use of secondary sources, directories, and databases, such as annual reports, press releases, journals, corporate websites, and databases.
Vegan Food Market Drivers:
Vegan food products are increasingly being packaged in inventive ways to support industry growth. Given that vegan food, groups are concerned about the environment, there is a rising demand for sustainable food packaging materials for items without meat. Consumers are starting to place more importance on product labeling changes, thus vegan product manufacturers like Oatly now include carbon labeling on their packaging. A U.S.-based firm called No Evil Foods Sacred Serve is also spending money on creating fresh, cutting-edge sustainable packaging materials that may be applied to its products.
Growing Consumer Demand for Vegan Products drives the Vegan Food Market. Consumer awareness of animal abuse is growing. In order to lessen animal cruelty and stop the negative environmental effects of eating animal products, they adopt lifestyles and diets. According to findings in a scientific journal, dairy and meat products account for over 60% of the greenhouse gas emissions produced by agriculture.Adopting a vegan diet also lessens the use of animals for the production of food. Additionally, the COVID-19 pandemic epidemic increased demand for vegan goods due to consumers’ growing fears about zoonotic illnesses. As consumers become more conscious of the food products they consume, they conduct studies to understand the potential health effects. For instance, according to data from Google AdWords, searches for vegan food products have increased by 47%.
Vegan Food Market Segmentation:
by Product
Dairy Alternative
Meat Substitutes
Others
by Distribution Channel
Offline
Online
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Vegan Food Market Key Players: The key players are
1. Symrise AG
2. Sensient Technologies Corporation
3. Givaudan SA
4. McCormick & Company, Inc.
5. Takasago International Corporation
6. Döhler Group SE
7. Kerry Group
8. The Edlong Corporation
9. Innova Flavors
10. Firmenich SA
11. Mane SA
12. International Flavors & Fragrances, Inc.
13. Amy’s Kitchen, Inc.
14. Beyond Meat, Inc.
15. Daiya Foods, Inc.
16. Danone SA
17. Eden Foods, Inc.
18. Plamil Foods Ltd.
19. Archer Daniels Midland Company
20. Tofutti Brands, Inc.
21. VBites Foods Limited
22. Vitasoy Australia Products
Regional Analysis:
Individual market influencing elements and changes in market legislation that affect current and future market trends are also included in the regional component of the Vegan Food market study. Current and future trends are examined to assess the entire market potential and uncover profitable trends to get a more stable footing. The geographical market assessment is based on the present environment and expected developments.
Key Questions Answered in the Vegan Food Market Report are:
- Which sub-segment had the largest share in the Vegan Food market?
- How is the competitive landscape of the Vegan Food market in 2023?
- Which are the key drivers impacting 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 (2023-2029)?
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