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Packaged Vegan Food Market

Packaged Vegan Food Market (Type - Vegan Dairy Alternatives, Packaged Vegan Meals, Meat Alternatives, Vegan Bakery, and Confectionery Product; Distribution Channel - Convenience Stores, Specialty Stores, Modern Trade, and Online Trade): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025

  • Published : March, 2020

  • Rep Id : FB0260

  • Category : Food & Beverages

  • Status : Published

A recent report published by Infinium Global Research on the packaged vegan food market provides an in-depth analysis of segments and sub-segments in the global as well as a regional packaged vegan food market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional packaged vegan food market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global packaged vegan food market. According to the report, the global packaged vegan food market is projected to grow at a CAGR of 7.5% over the forecast period of 2019-2025.

 

Market Insight

Packaged vegan food consists of processed foods that do not contain any animal-derived ingredient. These are food products that are vegetable-based and contain proteins derived from pulses such as soy products, beans, and peas, cereal protein or fungi. They provide several health benefits as they are rich in vitamins B1, C, and E, folic acid, magnesium, and iron while also being low in cholesterol and saturated fats. Hundreds of packaged vegan foods are available in supermarkets, greengrocers, bakeries and other shops around the world. Due to the growing trend of veganism, a wide range of products from vegan dairy and meat alternatives to vegan snacks and confectionaries are flooding the packaged vegan food segment.

 

The continuously growing population of vegans is the major factor driving the growth of the packaged vegan food market. The vegan population in the U.S. grew from 1% to 6% between 2014 and 2017, a 600% increase and the vegan population will continue to rise exponentially as more people are exposed to ethical, environmental and health concerns. According to the U.S. Grocery Shopper Trends report, 33% of households have at least one member voluntarily following a vegan, vegetarian, pescatarian or flexitarian diet. Furthermore, the growing health concerns and the onset of lifestyle diseases have increased the willingness among consumers to switch to a vegan lifestyle from meat-based diets as a plant-based vegan diet reduces the risk of type 2 diabetes, cardiovascular disease, ischemic heart disease, hypertension, stroke, and obesity. Moreover, the growing number of flexitarian consumers among the Gen Z and Millennial generation and the busy lifestyle of these consumers will also, create huge demand for packaged vegan products that mimic the taste and texture of animal-based products.

 

 Additionally, the current concerns over the spread of coronavirus is also expected to have a positive impact on the sales of vegan food, particularly packaged vegan food in the long term. The outbreak of such animal origin diseases will impact the eating habits of the consumers, particularly in China, who are among the largest consumers of animal-based products. As the awareness about the health effects of consumption of slaughtered animals’ increase, a large number of people are expected to shift towards a vegan or a flexitarian diet opting for plant-based alternatives for meat, which in turn will fuel the growth of the packaged vegan food market over the coming years. Studies also suggest that the current outbreak of Coronavirus has sparked the interest of Chinese consumers in vegan food such as vegan eggs and meat alternatives, which will prove highly beneficial and create immense opportunities for the established as well as the emerging players in the packaged vegan food market in the future.

 

Among the geographies, North America region is expected to hold the largest share in the global packaged vegan food market as countries such as the U.S. and Canada are the front-runners of the vegan movement. Further, factors such as switch towards a healthy lifestyle and rising internet and smartphone penetration have accelerated the growth of the vegan population in the North American region. Moreover, the presence of a large number of vegan food manufacturers in the U.S. such as Amy’s Kitchen, Impossible Foods Inc. is also contributing to the growth of the packaged vegan food products in the North America region. European countries are also among the leading consumers of packaged vegan food products. The UK was the most popular country for veganism in 2019. Additionally, 11,655 vegan food and drink businesses were launched in Europe in 2019, an increase of 93% from 6,041, in 2016, according to the Vegan Society. Furthermore, the growing trend of veganism in Southeast Asia, China, Australia, and New Zealand are expected to increase the demand for packaged vegan food considerably over the forecast period.

 

Segment Covered

The report on global packaged vegan food market covers segments such as type, and distribution channel. On the basis of type, the sub-markets include vegan dairy alternatives, packaged vegan meals, meat alternatives, vegan bakery, and confectionery product. On the basis of distribution channel, the sub-markets include convenience stores, specialty stores, modern trade, and online trade.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Amy’s Kitchen, Beyond Meat, Garden Protein International Inc. (Gardein), Maple Leaf Foods Inc., WhiteWave Foods, Annie's Homegrown, Tofutti Brands, Plamil Foods Ltd, Dr. McDougall's Right Foods, and Other Companies.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of packaged vegan food market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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