This report provides exclusive insights into the COVID-19 impact on the Packaged Vegan Food Market. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the Packaged Vegan Food Market. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of Packaged Vegan Food Market. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.
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.
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.
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.
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.
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.
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.