The population shift toward a cleaner & healthier lifestyle has almost always been synonymous with adopting a vegan or a plant-based diet, which includes numerous food products obtained or processed from plant sources and used as an alternative to meat or dairy-based products. The growing environmental concerns worldwide have also been instrumental in instigating the popularity of vegan food products since dairy & meat products are among the leading burdens to the environment.
According to a recent research report published by MarkNtel Advisors, the Global Vegan Food Market is expecting around 11.6% CAGR during 2022-27, mainly due to the growing consumer inclination toward cleaner eating & climate-conscious decision making, coupled with the surging demand for alternate sources of protein & other vital nutrients.
Besides, the growing adoption of vegan food worldwide has also been spearheaded by the advent of plant-based or naturally-derived meat alternatives, followed by dairy products like cheese & desserts. With the abundant availability of these alternatives in the market, several countries worldwide are observing a declining meat consumption as more & more people are shifting to plant-based meat substitutes, which, consequently, projects remunerative prospects for the global market through 2027, further states the research report, "Global Vegan Food Market, Analysis, 2022."
Rising Consumer Inclination toward Naturally-Derived Dairy Products to Boost the Global Market
Naturally prepared dairy products like cheese & desserts contain low calories & fat and no cholesterol content, which suits well for those with lactose intolerance and also helps people lose weight. These products are prepared mainly from rice, almonds, soy, and other ingredients like hazelnut, coconut, oat, etc.
The rise in consumer demand for plant-based or naturally-derived butter, cheese, & ice creams is likely to lead dairy products to dominate the Global Vegan Food Market through 2027. Moreover, soaring concerns over animal abuse in dairy farming procedures, the growing number of lactose-intolerant people, and various nutritional benefits of plant-based dairy products are other crucial aspects projected to fuel the market growth for dairy products in the coming years.
North America & Europe to Remain Major Contributors to the Vegan Food Market Growth
Globally, Europe and North America are among the leading producers & consumers of vegan food. It owes prominently to the burgeoning health consciousness, especially among millennials, i.e., compelling them to adopt a full-fledged vegan diet & lifestyle. Moreover, many vegan food manufacturers across various countries in these regions are joining forces with different restaurants in order to expand their distribution channels & make their products accessible to a larger consumer base. In addition, the leading vegan food suppliers are undergoing fierce competition to bring more innovative products with lower prices & enhanced quality. As a result, the factors cited above project remunerative prospects for the Vegan Food Market across North America & Europe in the years to come.
The major companies in the Global Vegan Food Market include Amy’s Kitchen, Archer Daniels Midland Company, Beyond Meat, Conagra, Inc., Danone S.A., Daiya Foods, Inc., Eden Foods, Inc., Impossible Foods Inc., Kellogg Company, Tofutti Brands, The Hain Celestial Group, Inc., and VBites Foods Ltd.
Key Questions Answered in the Research Report: