Vegan Food Market Revenues To Surpass $ 24.06 Billion By 2025 | Global Industry Outlook, Size and Growth Prospects | Millions of information
According to a new report available with Million Insights, the global vegan food industry is expected to experience strong growth due to an increase in a number of vegan populations coupled with a growing awareness of the health benefits of vegan foods in the world. during the forecast period.
The Global vegan market is expected to grow at a CAGR of 9.6% over the forecast period to reach $ 24.06 billion by 2025, according to a new report from Million Insights. The increase in a number of vegan populations coupled with a growing awareness of the health benefits of vegan foods is the key driver in the market.
In the recent past, the consumption of plant-based foods has increased dramatically mainly due to health benefits. The increase in the consumption of vegan food among celebrities has created mass appeal and consumers are increasingly adopting it. Countries like the United States, Canada, China, Ireland and the United Kingdom have a considerable number of vegan populations which in turn are contributing to the growth of the market.
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Meat substitutes accounted for a huge market share in 2018. Among the different meat substitutes, Seitan is expected to grow with the highest CAGR due to the presence of high protein content. Other meat substitutes such as tofu and tempeh have relatively low protein content. In addition, the introduction of various new products in developed regions such as Europe and North America in recent years is also fueling the growth of meat substitutes. A British food brand, Linda McCartney Foods introduced meatless sausages, in April 2019 they were made from pea protein. Various other companies such as Grill’d, Danone and others have also followed suit.
Among the various distribution channels, the offline segment held the largest share of the vegan food market, largely due to increased sales of vegan food in supermarkets / hypermarkets, convenience stores and specialty stores. However, the growing number of millennials opting for herbal products, coupled with the rise of e-commerce platforms, is fueling sales through online channels.
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Other key findings from the report suggest:
• North America was the largest market in 2018 with a market share of over 30%.
• Asia-Pacific is expected to experience the highest CAGR of 12.1% during the forecast period.
• Among the various products, dairy alternatives held the largest market in 2018, and this segment should continue to dominate.
• Meat substitutes are expected to grow at a significant growth rate over the forecast years.
• The offline distribution channel held the largest market share in 2018. However, the rise of multi-channel retail has resulted in the sale of products through online sales channels.
• The main players operating in the market are Tofutti Brands, Inc., VBites Foods Ltd, Danone SA, Plamil Foods Ltd and Daiya Foods, Inc., among others.
Million Insights has segmented the global vegan food market on the basis of product, distribution channel and region:
Vegan Food Outlook (Revenue, USD Million, 2015 – 2025)
• Dairy alternatives
• Meat substitutes
Vegan Food Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
• In line
Vegan Food Region Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central and South America
• Middle East and Africa
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