Government initiatives and consumer concerns related to health are major
factors influencing the growth of global vegan food market, says consultancy Absolute Market Insights (AMI). Vegan foods include fruit, vegetables, nuts, cereals, pulses, milk,
yoghurt, cream, margarine, cheese, soy products, as well as dairy
alternatives and meat substitutes.
The global vegan food market was valued at US$10.66 billion in 2018 and
is anticipated to reach US$27.98 billion by 2027, growing at a CAGR of
11.4% over the forecast period, according to AMI. Consumer preferences across the globe toward vegetarian and
flexitarian food are driving the demand for vegan food products, AMI said. Consumers are more inclined towards a healthy lifestyle today and
largely prefer plant-based food products to provide their nutrition, the consultancy elaborated. Whereas vegetarians do not eat meat or fish, flexitarians have a primarily vegetarian diet but may occasionally take meat or fish.
Governments have also been introducing vegan food items to reduce meat consumption, due to associated health concerns and environmental issues. The China government has taken the initiative to reduce its citizens' meat consumption by 50% to combat global warming. The ongoing prevalence of the coronavirus (COVID-19) has accelerated the trend.
Food manufacturers such as Beyond Meat and Impossible Foods have responded to the trend with plant-based food products that resemble meat in terms of taste and texture, while restaurant chains have begun to offer dishes that feature plant-based 'meat'.
Report highlights include:
- The dairy alternatives segment is expected to witness a tremendous growth over the forecast period.
- The online distribution channel registered highest market share in 2018 and is expected to further proliferate over the forecast period.
- The Asia Pacific market is anticipated to witness highest growth over the forecast period.
Some of the players mentioned in the report include ADM, Amy's Kitchen, Beyond Meat, Blue Diamond Growers, Conagra, Hain Celestial, Hormel Foods Kellogg, Kraft Foods, LIGHTLIFE FOODS, Marlow Foods (Quorn), NESTLÉ, Smithfield Foods, THE WHITEWAVE FOODS COMPANY, and Tyson Foods.
Within the Asia Pacific region, the following countries are studied: China, Japan, India, New Zealand, Australia, South Korea, Indonesia, Thailand, Malaysia, and Singapore. Southeast Asia, the Rest of Southeast Asia and the Rest of Asia Pacific are also segmented as regions. For the Middle East and Africa, KSA, UAE and Kuwait are some of the countries studied.
Details:
Buy the report (April 2020)