Packaged Vegan Foods Market - Forecast(2024 - 2030)
Packaged Vegan Foods Market Overview
Packaged Vegan Foods market size is forecast
to reach $14.3 billion by 2026, growing at a CAGR of 8.2% during the forecast
period 2021-2026. The vegan diet does not contain anything sourced from
animals, because of which it is considered to be nutritious food and preferable
over meat. Phytochemicals are plant-based ingredients which are the primary chemicals
of packaged vegan foods, like dairy alternatives and confectionery products. These
phytochemicals when consumed regularly helps to boost immunity by stimulating
various protective enzymes in the human body. This is the primary reason behind
the rapid adoption of vegan food, worldwide. Additionally, the growing concern
regarding animal welfare and cruelty is motivating a lot of people to turn to
vegan diet. This is set to further enhance the overall market development of
the Packaged Vegan Foods Market for the period 2021-2026.
Packaged Vegan Foods Market Report Coverage
The report: “Packaged Vegan Foods Market Forecast (2021-2026)”, by Industry
ARC, covers an in-depth analysis of the following segments of the Packaged Vegan Foods Market.
By Product Type: Dairy Alternatives,
Meat Alternatives & Packaged Meals, and Vegan Bakery & Confectionery Products.
By
Distribution Channel: Convenience Stores,
Hypermarkets/Supermarkets, and Online Sale Channels.
By Geography: North America
(U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy,
Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea,
Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil,
Argentina, and Rest of South America), and Rest of the World (Middle East, and
Africa).
Key Takeaways
- North America
dominated the Packaged
Vegan Foods Market in 2020 owing
to the growing number of consumers turning to vegan products after becoming
aware of ill-effects caused by over consumption of meat. The Packaged
Vegan Foods market scope for
different regions will be provided in the final report.
- Growing
inclination of consumers towards ready-to-eat vegan products coupled with
ethical concerns surrounding animal cruelty are likely to aid the market growth
of the Packaged
Vegan Foods Market report.
- Detailed
analysis of the Strength, Weakness, and Opportunities of the prominent players
operating in the market will be Packaged Vegan Foods Market report.
- Labeling of
vegan food is becoming a concern with disparity occurring in the nutritional
and ingredients claimed by key competitors which is poised to create the
hurdles for the Packaged
Vegan Foods Market.
Packaged Vegan Foods Market Revenue Share, By Geography, 2020(%)
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Packaged Vegan Foods Market Segment Analysis – By Type
Dairy alternatives segment held the largest
share in the
Packaged Vegan Foods Market in 2020 and is estimated to grow at a CAGR 7.4%
during the forecast period 2021-2026. This is because consumers are becoming
aware of the ailments caused from products sourced from animals, primary
of which is dairy. Dairy alternatives in the form of almond milk and soy milk
is gaining a lot of traction in the market as they are the ideal alternatives
which are available readily in supermarkets. The Vegan bakery & confectionery products are also getting a lot of attention because these products are
particularly made using vegan ingredients and come with a lot of nutritional
value which help to curb obesity, high blood sugar and cholesterol, even for
consumers with a sweet tooth. Vegan bakery & confectionery products are
estimated to register the higher CAGR over the period 2021-2026.
Packaged Vegan Foods Market Segment Analysis – By Distribution Channel
Hypermarkets/Supermarkets held the largest
share in the
Packaged Vegan Foods Market in 2020 and is estimated to grow at a CAGR of 7.7%
during the forecast period 2021-2026. This is owing to the exhaustive lineup
of products that hypermarkets are able to put on display under one roof. This
makes the buying experience convenient for consumers. Additionally,
supermarkets also hold the potential to provide discount coupons when bought in
more than usual quantity, which is a win-win situation for consumers. However, online
sales channels are gaining a lot of traction with internet penetration a lot of
sub-urban and rural areas of different economies. Consumers can procure their
products from the comfort of their home and millennials are majorly attracted
to online shopping than the more conventional ways. Online sales channels are
estimated to register the higher CAGR over the period 2021-2026.
Packaged Vegan Foods Market Segment Analysis – By Geography
North America
dominated the Packaged
Vegan Foods Market with a major
share of 38.1% in 2020. This is attributed to the growing number of consumers
turning to vegan diet after being aware of the ill-effects of meat-based
products on health. Moreover, majority of the working population have less time
to spare on preparation and consumption, because of which they are turning to
packaged vegan foods to fulfil their nutritional needs. All these factors are
propelling the growth of the market in this region.
However, Europe is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the rising inclination towards bakery and confectionery products which are absolutely vegan. The inclination towards ready-to-eat vegan snacks in the form of bars and wraps throughout this region is another factor that is driving the growth of the market in this region.
Packaged Vegan Foods Market Drivers
Growing inclination towards plant-based meat substitutes
Consumers across the globe have become very well aware with the help of different government initiatives in the form of awareness campaigns and publicity, regarding the ill effects of over consumption of meat. Various health ailments like high cholesterol, blood sugar, obesity, high blood pressure, thereby leading to cardiac arrest, are all caused due to excessive meat consumption. This cautiousness is compelling consumers to switch to vegan products which are significantly healthy and equally nutritious. The convenience of easy handling and healthy food simultaneously is leading consumers to adopt a packaged vegan foods. Thus, increasing the growth of the Packaged Vegan Foods Market during the forecast period 2021-2026.
Increasing awareness regarding animal cruelty
Consumers have been increasingly
aware regarding animal cruelty in the recent past. Every year in the U.S., the hens
across many industrial farms are compelled to lay up to 30 times more eggs than
they would naturally. On the other hand, numerous new-born calves are forcefully
separated from their mothers within 12 hours so that they start lactating. This
kind of practice is torturing to both the mother and her calf. They end up calling
for each other for days at a stretch. Pertaining to issues like, animal
activists all over the globe are trying hard to inflict knowledge among
consumers, so that they are convinced enough to switch to vegan diet. Thus,
increasing the growth of the Packaged
Vegan Foods Market during the forecast period
2021-2026.
Packaged Vegan Foods Market Challenges
Regulations surrounding vegan food labelling
With the industry trying to capitalize on the ethical sentiments of consumers, the underlying concern is regarding the clarity of claims that various market competitors are posing. There has been widespread media coverage regarding contamination of vegan products with animal sources, over the recent past. Vegetarian products require a strong regulatory framework in order to keep the confidence of consumers in check or else it is set to hinder the growth of the market during the forecast period 2021-2026.
Packaged Vegan Foods Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Packaged Vegan Foods Market. In 2020, the Packaged Vegan Foods Market share is consolidated by the top ten players present in the market. The Packaged Vegan Foods Market, top 10 companies are Amy’s Kitchen, Danone S.A., Beyond Meat, Plamil Foods and Tofutti Brands among others.
Relevant Titles:
Ready To Eat Food Market - Forecast(2021 - 2026)
Report Code:
Lactose Free Food Market - Forecast(2021 - 2026)
Report Code: FBR 0040
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