Vegan food products refer to the dairy free or meat free food products that are derived or processed from plant-based sources. These products do not contain any animal-derived ingredients, such as milk, eggs, honey, or gelatin, and are composed mostly of soy, wheat, and other plant-based ingredients. In addition to being low in cholesterol and saturated fats, vegan products are also high in vitamins B1, C, and E, folic acid, magnesium, and iron. Several vegan foods, including tofu and soybeans, have the taste, flavor, and appearance of actual meat, but are much healthier. They are thus commonly used as meat substitutes for pork, chicken, beef, and other meat-based products. Likewise, a wide range of dairy-free food and beverage products are made from sources such as almond, soy, pea, rice, and coconut.

Industry Demand:

The latest report published by IMARC Group, titled,“Vegan Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” offers a comprehensive analysis of the industry, which comprises insights on the vegan food industry growth. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global vegan food market is expected to exhibit a CAGR of 9.7% during 2023-2028. The market is majorly driven by the escalating demand for meat substitutes and alternative dairy products among the masses. This can be attributed to the rising veganism trend across the globe. Also, the increasing consumer awareness regarding animal cruelty resulting in an increased adoption of lifestyles and diets with an enhanced focus on reducing animal cruelty practices is fueling the market. In addition to this, the growing prevalence of lactose-intolerance is fostering the popularity of non-dairy milk products composed of soy, coconut, and almond among the consumers.

Industry Growth:

Another significant growth-inducing factor for the market is the considerable rise in health problems such as heart diseases, high blood pressure, diabetes, asthma, and obesity, resulting in increased health consciousness among individuals, which in turn, is resulting in a higher product uptake. The launch of innovative products with diverse flavor, texture along with attractive food packaging is also creating a positive outlook for the market. Apart from this, rising concerns regarding the association of the climate change with meat consumption is further providing an impetus to the market growth. Some of the other factors contributing to the market growth include easy product availability across offline and online organized retail channels, inflating disposable income levels, rising acceptance of vegan products among the younger population, rapid urbanization and extensive research and development (R&D) activities conducted by key players.

Competitive Landscape with Key Players:

• Amy’s Kitchen, Inc.
• Beyond Meat, Inc.
• Daiya Foods, Inc.
• Danone SA
• Eden Foods, Inc.
• Plamil Foods Ltd.
• Archer Daniels Midland Company
• Tofutti Brands, Inc.
• VBites Foods Limited
• Vitasoy Australia Products Pty Ltd

Also, Read  Top vegan food manufacturers worldwide

Industry Trends:

Furthermore, the increasing consciousness among individuals about cruelty against animals is strengthening the vegan food market. Besides this, increasing preference towards the adoption of a sustainable diet featuring plant-based foods to help fight numerous chronic is providing an impetus to the overall demand. Moreover, continual developments in organized distribution channels and the emerging e-commerce sector are positively influencing the market. Other factors, such as inflating disposable income levels of the masses, the changing dietary patterns of individuals, continuous developments in attractive packaging solutions, and the advent of home delivery models, are also impacting the market.

Key Market Segmentation:

Product:

• Dairy Alternatives
  • Cheese
  • Desserts
  • Snacks
  • Others
• Meat Substitutes
  • Tofu
  • Texturized Vegetable Protein (TVP)
  • Seiten
  • Quorn
  • Others
• Other

Source:

• Almond
• Soy
• Oats
• Wheat
• Others

Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Stores
• Others

Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook 
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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