Vegan food market CAGR expected to be 11.4% through to 2027

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:

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Global halal food market to surpass US$2 billion by 2027

The global halal food market was valued at US$715 billion in 2018, and is projected to see a CAGR of 12.7% from 2019 to 2027 in terms of revenue.


Growth drivers include an increasing Muslim population worldwide, coupled with development in the retail sector supply chain. According to World Health Partners, Muslims have the highest fertility rate compared to other religious groups.

However, lack of a standardised body for certification of halal products is a major factor hampering growth.

Increasing consumer spending on food & beverage is expected to provide ample of opportunities for global halal food market. For instance, according to the State of the Global Islamic Economy, the global Muslim consumer invested around US$1,128 billion on food and beverage in 2015.

Based on product type, meat products accounted for the largest share of 44.2% by revenue in the global halal food market for 2018. The grain products segment is expected to record fastest growth over the forecast period. Traditionally, grains are considered as halal when they are not made up of any haram or unlawful ingredients. However, expansion and diversification of the halal food market along with global nature of grain trading have led to increase inspection of all raw materials and processed grain products. Therefore, grain product manufacturers such as Kellogg Company are focusing on receiving halal certification in order to increase consumer base, globally. This in turn is expected to drive the grain products demand in the near future.

Geographically, the Asia Pacific region held a dominant position in the global halal food market in 2018. Moreover, the region is expected to the record fastest growth during 2019 to 2027. Factors such as presence of over 60% of the global Muslim population in the region together with rising expenditure of people on non-vegetarian food products is likely to provide an impetus to halal food demand from the region in the near future.


Market growth is supported by the many halal certification authorities in Asia Pacific that are gaining consumer trust. For instance, Department of Islamic Development of Malaysia has 56 halal certification bodies in 33 economies such as China, Taiwan, and various others. This helps halal-certified products to develop extensive distribution and business across Asia Pacific.

Key players mentioned in the report include Cargill, Al Islami Foods, QL Resources, Haoyue Group, Kawan Food, BRF, and Saffron Road Food.

Buy the Halal Food Market Report, by Product Type (Dairy Products, Meat Products, Grain Products, Vegan Products, and Others), by Distribution Channel (Hypermarkets, Supermarkets, Online Stores, Convenience Stores, Specialty Stores, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027 report (June 2019)