Vegan Food Market Trends, Size, Share, Regional Analysis by Key Players | Industry Forecast by Categories 2028

Byshital varma

The global vegan food market size was valued at USD 23.31 billion in 2020. The market is expected to grow from USD 26.16 billion in 2021 to USD 61.35 billion by 2028, exhibiting a CAGR of 12.95% during the forecast period. Rising demand for the product and increasing health consciousness are expected to bolster the market development. Fortune Business Insights™ presents this information in its report titled “Vegan Food Market, 2021-2028.”

Strong demand for alternative dairy products and meat substitute products is expected to boost the adoption of vegan food. Rising awareness regarding the product’s benefits is expected to boost production adoption. Furthermore, rising health consciousness among consumers leads to the adoption of nutritional meat alternatives. Moreover, companies launch different and innovative products to improve their consumer base and enhance their brand image. These factors may propel market development in the coming years.

COVID-19 Impact

Rising Demand for Healthy Vegan Products to Bolster Market Development

This market is expected to grow positively during the COVID-19 pandemic due to the rising demand for healthy vegan products. Despite increase in cases, the demand for healthy products is expected to increase rapidly. Furthermore, the rising adoption of online shopping and e-commerce is expected to boost the adoption of food products. Moreover, the rising demand for a healthy and nutritional diet is expected to foster market development. These factors may propel the market growth during the pandemic.

Segments

Product Type, Distributional Channel, and Region are Studied

By product type, the market is segmented into vegan meat, vegan milk, and others. As per distributional channel, it is categorized into online retails, convenience stores, supermarkets/hypermarkets, and others. Geographically, it is grouped into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Browse Complete Report Summary:

https://www.fortunebusinessinsights.com/vegan-food-market-106421

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving & restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.

List of Key Players Profiled in the Report

  • Danone S.A. (Paris, France)
  • Conagra, Inc. (Illinois, U.S.)
  • The Hain Celestial Group, Inc. (New York, U.S.)
  • Axiom Foods, Inc. (Los Angeles, U.S.)
  • DAIYA FOODS INC. (Burnaby, Canada)
  • Alpro (Wevelgem, Belgium)
  • Kellogg Company (Michigan, U.S.)
  • Amy’s Kitchen (California, U.S.)
  • Impossible Foods Inc. (California, U.S.)
  • Beyond Meat (California, U.S.)
  • Archer Daniels Midland Company (Illinois, U.S.)
  • Tofutti Brands, Inc. (New Jersey, U.S.)

Drivers and Restraints

Increasing Adoption of Innovative Products to Boost Market Progress

Strong demand for sustainable materials for food packaging and rise in awareness of animal cruelty are expected to bolster market development. The rising demand for innovative products is expected to bolster industry development. Furthermore, innovative products are expected to bolster market development. As per the information published by a science journal, dairy and meat products generate approximately 60% greenhouse gasses from the agricultural sector. These factors may drive the vegan food market growth.

However, the rising cost of vegan products is expected to bolster market development.

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