Vegan Food Market Is Estimated To Witness High Growth Owing To Rising Health Awareness
The Vegan Food Market is estimated to be valued at Us$ 17987.14 Mn in 2023 and is expected to exhibit a CAGR Of 8.8% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vegan food products include plant-based dairy substitutes such as oat milk, almond milk, soy milk, coconut milk; meat alternatives such as plant-based burgers, nuggets, sausages made from soy, wheat etc.; packaged vegan meals and snacks such as plant-based cold cut combo, vegan pizza pockets, vegan hot dogs; and other vegan food items such as vegan ice-cream, cheese. These vegan foods provide nutritional benefits to consumers sensitive towards animal products and are suitable for vegan and vegetarian customers.
Market Dynamics:
Rising health awareness among consumers regarding benefits of plant-based diet is expected to drive the vegan food market growth over the forecast period. Studies have shown that a diet rich in plant-based foods provides various health advantages such as reduced risk of heart disease, lower blood pressure and cholesterol levels, lower risk of type 2 diabetes etc. Moreover, a report by GlobalData suggests that 21% of US consumers opted for plant-based diet in 2019 owing to rising environmental and ethical concerns regarding animal agriculture. Another driver for vegan food market is growth of vegan fast food chains and restaurants providing accommodative options to vegan customers. However, premium pricing of vegan substitutes as compared to animal-based products remains a challenge.
SWOT Analysis
Strength:
- Vegan food offers various health benefits such as lower cholesterol, reduced risk of heart disease etc.
- Increasing awareness about benefits of plant-based diet is driving demand for vegan food products.
- Wide availability of vegan food products across both retail and restaurants.
Weakness:
- Higher prices of vegan food compared to non-vegan alternatives can reduce its appeal for price-sensitive customers.
- Lack of certain nutrients in vegan diet may require supplementation.
Opportunity:
- Rising lifestyle diseases and health issues is pushing consumers towards healthy vegan diet.
- Growing social media promoting veganism offer opportunities for market expansion.
- Advancements in vegan food technology help address taste and texture-related challenges.
Threats:
- Pushback from meat and dairy lobbies can restrict market growth.
- Difficulty in replicating certain flavors and textures associated with dairy and meat products.
Key Takeaways
The Global Vegan Food Market Size is expected to witness high growth, exhibiting CAGR of 8.8% over the forecast period, due to increasing concerns towards animal welfare and health issues related to meat consumption.
Regional analysis
North America dominates the global vegan food market, and is expected to maintain its dominance over the forecast period. This is attributable to rising vegan population and availability of wide range of vegan products in the region. Europe is the second largest market for vegan food owing to stringent regulations regarding animal testing and humane treatment of animals.
Key players
Key players operating in the vegan food market are Hain Celestial, SunOpta Inc., WhiteWave, and Others. Hain Celestial has strong presence across various product categories including meat alternatives, dairy alternatives and sweet & savory snacks. SunOpta operates as a vertically integrated company and offers health focus products. WhiteWave focuses on plant-based products through its brands such as Silk, So Delicious and International Delight.
Read More : https://marketinsightsminds.blogspot.com/2023/11/vegan-food-market-is-estimated-to.html
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