"Vegan Food Market size is likely to witness steady gains in the forecast period owing to changing consumer perceptions towards vegetarian diets as well as its potential benefits in regulating cholesterol and insulin levels.
Vegan is a type of vegetarian diet that excludes meat, dairy, eggs and all other- animal derived ingredients such as honey, collagen & gelatin Increasing consumer conciseness related to potential benefits of vegan food such as lower level of cholesterol, insulin, stress & anxiety inducing hormones such as adrenaline and cortisol is changing consumer perceptions on animal derived products which may foster vegan food market growth. Vegan food corresponds to modes of nutrition without the use of animal products and end products such as fat, stock, caviar, roe, eggs, milk, cheese, and meat.
In U.S., over 7% of millennials considered themselves as vegan owing to increasing consumer inclination towards healthy nutritional habits and changing outlook towards vegan products. Increasing consumer inclination to substitute milk products such as cheese & milk with nuts, soymilk, almond milk & whole grains owing to rise in lactose intolerance among millennials may accelerate vegan food market growth.
Increasing consumption of vegan pasta owing to increasing consumer inclination to try western dishes, less preparation time, and compatibility with respect to flavor & texture with other vegan products such as tofu, vegan vinaigrettes, vegan wine, and solidified vegetable oil-based cheese may foster market growth for vegan food. In Italy, annual sale of semolina pasta was over USD 900 million in 2018 owing to consumer inclination try different pasta dishes. Vegan pasta is rich in concentrated protein and carbohydrates which makes it easier to digest. Furthermore, lactose intolerant individuals consume various vegan pasta dishes such as semolina, carbonara, spaghetti, linguine and ravioli as no milk or its by products are used to manufacture it thereby stimulating vegan food market share. Rising consumer consciousness towards healthier lifestyles, increase in awareness to attain a healthier diet, to lose weight and to reduce cholesterol and fat may foster market share for vegan food products such as plant-based vegan foods.
Rising demand for vegan chocolates owing to its various health benefits as its helps in reducing classification of plaque & fat in arteries, strengthens the immune system against a wide variety of bacterial and viral infections which may accelerate vegan food market share. North America vegan food market demand led by Canada and U.S. should witness a significant growth during forecasted period owing to increased awareness of the potential health benefits of plant-based products such as lowered risk of cardiovascular diseases, musculoskeletal health, and increased longevity.
In Canada, over 800,000 people classified themselves as vegan in 2018 owing to increased viability of vegan food products and rising consumer awareness related to meat production’s environmental implications across the region. Rising demand for vegan meats in U.S. accounting for around USD 3.3 billion growing at around 20% between 2017 to 2018 indicates high growth potential for vegan foods. Increasing popularity of vegan diets by celebrities & athletes is increasing consumer consciousness and attracting consumers towards various vegan alternatives products such as coconut sugar, confectionary, durum wheat pasta & noodles, and snacks which may accelerate vegan food market share.
Europe driven by UK, Germany, Italy, and France vegan food market size is expected to witness substantiate growth during forecasted period. Increasing demand for vegan meat alternatives such as soy sausages, wheat burger patties, pea fillets, lentil strips, and oat nuggets owing to rising awareness towards harmful effects of white & red meat consumption such as difficulty in digesting, high saturated fat concentration, and seafood borne bacterial infections may foster market growth.
In Italy, sales of vegan meat substitute were over USD 2.25 billion in 2018 owing to increased penetration of vegan substitutes through modern retail channels. UK witnessed rising demand for meat-free food, increased by 987% in 2017 indicates going vegan is the biggest food trend in 2018. The country in 2018, launched large number of vegan products and the number of vegans in the country had quadrupled between 2014 to 2018. Plant based vegan products are healthier alternatives and can easily substitute products used to make tradition European meat-based dishes such bratwurst, schnitzel, and sauerbraten which may trigger vegan food market share.
Asia Pacific vegan food market demand is expected to witness fastest growth during forecasted period led by China, India, and Japan. Increasing demand for vegan fast food alternatives such as chips, biscuits, muffins, chocolates, soymilk ice cream & shakes, and bakery items may boost market share. Asia Pacific held the largest share of vegan consumers globally with over 8.5% of people following vegan diets in 2016 owing to rising consumer consciences on side effects of non-vegan products on human health.
Changing consumer perceptions towards healthy food habits and increasing awareness on musculoskeletal health owing to rise in diseases such as osteoporosis and osteosarcoma may trigger market share. Global vegan food market share is fragmented as market consist of various players. Companies such as Danone, Archer Daniels Midland, Amy’s Kitchen, Sweet Earth, DuPont, Daiya Foods, Plamil Foods, VITASOY, Tofutti, and Eden Food are key players in this market."
Source : Vegan Food Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026 Report ID: GMI4030