The global vegan food market size is expected to reach USD 24.06 billion by
2025 registering a CAGR of 9.6%, according to a new report by Grand View
Research, Inc. Rapidly growing vegan population across the globe is driving the
market. Increasing awareness about the health benefits of plant-based products
is also fueling the market growth. Furthermore, rising popularity of vegan diet
among celebrities and athletes is expected to boost the growth further. Meat
substitute products accounted for a significant market share. Seitan is
expected to be the fastest-growing meat substitute product due to its high
sodium and protein content than other substitutes, such as tempeh and tofu.
Over the past few years, manufacturers in developed regions like North America
and Europe have launched a variety of products, which is also likely to
contribute to the market growth.
In April 2019, Linda McCartney Foods, a
British food brand, launched meat-free sausages made from pea protein. In the
same month, Veggie Grill, a U.S.-based restaurant chain, which serves only
plant-based foods, planned to open 50 more outlets across the nation. In 2019,
Grill'd, an Australian food chain specializing in burgers, introduced
plant-based burger called Beyond Burger on account of increasing demand for
plant-based burgers. In 2017, Danone, one of the leading dairy company,
invested USD 60 million in the plant-based product segment to enhance its
product portfolio. From 2014 to 2017, the share of plant-based meat-free new
products has doubled in U.K. In 2018, U.K. became the leading economy in plant-based
product launches. The number of product launches in this category increased by
200%.
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https://www.grandviewresearch.com/industry-analysis/vegan-food-market
Further key findings from the study suggest:
· North America emerged as the largest
regional market in 2018 and accounted for more than 31% of the overall share
· On the other hand, Asia Pacific is
projected to lead the global market expanding at the fastest CAGR of 12.1% from
2019 to 2025
· Dairy alternatives was the leading product
segment in 2018 and is projected to maintain its dominance throughout the
forecast years
· This growth can be attributed to the
increasing cases of lactose intolerance, which, in turn, boost the demand for
dairy alternatives
· Online distribution channel is expected
register the fastest CAGR of 10.1% from 2019 to 2025; however, offline channel
segment will account for the largest revenue share of the global vegan food
market
· Some of the key competitors in the market
are Amy’s Kitchen; Danone S.A.; The Archer Daniels Midland Company; Daiya
Foods, Inc.; Tofutti Brands, Inc.; Plamil Foods Ltd.; VBites Foods Ltd; Eden
Foods, Inc.; VITASOY International Holdings Ltd.; and Beyond Meat
Grand View Research has segmented the
global vegan food market on the basis of product, distribution channel, and
region:
Vegan Food Product Outlook (Revenue, USD
Million, 2015 - 2025)
·
Dairy Alternatives
·
Meat Substitutes
·
Others
Vegan Food Distribution Channel Outlook
(Revenue, USD Million, 2015 - 2025)
·
Offline
·
Online
Vegan Food Region Outlook (Revenue, USD
Million, 2015 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com