Vegan Food Market Size, Share & Trends Analysis Report 2020-2027 (PDF)
The Global vegan food market is expected to reach a cagr of 10.2% between 2020 to 2027, the market was valued at USD 13.25 billion in 2019. The growing popularity of vegan food and awareness about the health benefit that a vegan diet offers is anticipated to boost the vegan food market growth in the upcoming few years.
The vegan diet revolution started with increasing awareness about animal welfare over the internet, the people started opposing animal cruelty and it became a subliminal moment to accept a vegan diet for the benefit of the environment and health. The curiosity of people to word vegan diet is continuously growing through the internet, it has become one of the most popular keyword searches on Google.
Developed countries such as the U.S., UK, Germany, India, Australia have one of the largest vegan populations in the world. India has a considerable number of vegan populations in the world, mainly due to its religious belief system that opposes animal cruelty and killing. Meat consumption in western countries is decreasing steadily since the last few years due to a similar reason for increasing awareness against animal cruelty in poultry farms and slaughterhouses.
The Global vegan food market has been segmented based on product type into dairy alternative, meat substitute, and others. The dairy alternative segment is dominating the Global vegan food market with a greater than 60% global market share in 2019. A large portion of the global population is lactose intolerant and therefore the demand for dairy alternative vegan products is growing steadily around the world. Dairy alternatives include cheese, desserts, and snacks.
Increasing awareness about animal cruelty is growing the demand for meat substitutes around the world. The most popular meat substitute for vegan diet includes tofu, TVP, Seitan, Quorn, and Others.
The Global vegan food market has been segmented based on distribution into offline and online channels. The offline distribution segment accounted for the largest Market share in the Global vegan food market in 2019. vegan food is available in offline stores such as retail stores, dairy, supermarkets & hypermarkets, convenience, and specialty stores. The substantial growth in the global population has increased the demand for supermarkets and hypermarkets considerably, herefore the global vegan food market is expected to witness a high growth rate over the forecast period.
The eruption of the internet has increased the demand for vegan food online considerably in the last few years. most of the leading e-commerce platforms & food delivery platforms are offering vegan food to the consumers. Few key players include Walmart, Amazon, Flipkart, Uber Eats, Zomato, among others.
North American vegan food market accounted for the largest market share in 2019 as the regional vegan food demand is growing steadily since the last decade. Increasing awareness among people about sensitive topics such as animal cruelty, environmental protection, and lactose intolerance are few key reasons driving the North American vegan food market growth.
The Asia Pacific vegan food market is expected to grow at the fastest growth rate between 2020 to 2027, the growth can be attributed to increasing per capita income, growth in the organic farming sector, and high demand for food in developing countries such as China, India, and Indonesia.
Following is the list of top vegan food companies in the world that are profiled in this particular report:
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