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Vegan Foods Market: Current Analysis and Forecast (2021-2027)
Emphasis on Type (Dairy Alternative, Meat Substitute, Others); Source (Almond, Soy, Oats, Wheat, Others); Distribution Channel (Online. Offline); Region/Country
Global Vegan Foods Market is Expected to Display an Elevated CAGR over the forecast period (2021-2027)
A rise in the incidents of chronic diseases such as Cancer, Cardiovascular Disease, and type 2 Diabetes is driving the growth of the plant-based protein market. In a survey by the American Journal of Lifestyle Medicine, the majority (83%) agreed that a plant-based diet is a safe and health-promoting diet. The plant-Based dietary pattern can reduce an individual’s risk of developing cardiovascular disease (83%), type 2 diabetes (79%), and some cancers (63%) as well as prevent and treat many chronic diseases (58%). Moreover, the growing several industries including defense & military, healthcare, manufacturing, automotive, and aerospace for numerous operational uses is leading to the growth of the market. Also, the rising investments by many companies in biodegradable electrostatic discharge packages in the country are projected to open doors to profitable opportunities for the growth of the market throughout the forecast period.
A rising shift toward plant-based foods and emerging economics provide significant growth opportunities for vegan foods manufacturers. As per Veganbits, 7.53 billion vegan people are living worldwide, out of which, 1.2 billion people are living in Africa. People are drawn to vegetarianism for a multitude of reasons, some of which include religion, ethical motivation, health, environmental conservation, economic factors, dislike of meat, and culture. Consuming plant-based foods is just a trend for Millennials and younger generations. Millennials and Gen Z make up 30-32% of the population, respectively, creating the enormous market potential for plant-based foods. As per Nielsen, 85% of Canadians and 83% of United States people are preferring plant-based food over animal-based food.
Countries with the Highest Rates of Vegetarianism
Amy’s Kitchen, Inc, Beyond Meat, Inc., Daiya Foods, Inc., Danone SA, Eden Foods, Inc., Plamil Foods Ltd., Archer Daniels Midland Company, Tofutti Brands, Inc., VBites Foods Limited, Vitasoy Australia Products Pty Ltd, etc., are some of the prominent players operating in the Vegan Foods market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with innovative products.
Insights Presented in the Report
“Amongst type, dairy alternative segment grabbed major market share”
Based on the type, the market is fragmented into Dairy Alternative, Meat Substitute, and Others. The dairy alternative segment grabbed XX% market share and dominated the market. The market of this segment would reach USD XX Mn by 2027. In the dairy alternatives market, there has been a significant increase in the variety of ingredients used to produce milk alternatives, including, soy, oat, coconut, almond, rice, hemp, etc. The wider variety of ingredients allows a consumer more choice and more exciting flavors, as well as ensuring their dietary requirements are met.
“Amongst source, soy segment to grab considerable market share”
Based on the source, the market is fragmented into Almond, Soy, Oats, Wheat, and Others. The soy segment grabbed XX% market share and captured USD XX Mn market in 2020. The market of this segment is uplifting. The growing application of soy is leading to the growing share of the segment. Soy proteins are used in various food products such as meat analogs, frozen desserts, soups, salads, non-dairy creamers, breakfast cereals, infant formula, cheese, whipped cream, pasta, bread, and pet foods.
“Amongst distribution channel, online segment to grab considerable market share”
Based on the distribution channel, the market is fragmented into online and offline. The offline segment grabbed the major market share and dominated the market. However, the online segment would witness a robust CAGR in the forthcoming years.
“North America represents one of the largest markets of Vegan Foods market”
For a better understanding of the market adoption of the Vegan Foods Market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America region grabbed XX% market for the Vegan Foods Market industry and generated revenue of USD XX Million in 2020. However, the Europe region would witness the highest CAGR during the forthcoming years.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
The Vegan Foods Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Content
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Vegan Foods Market were the three major steps undertaken to create and analyze the demand for Vegan Foods across major regions. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Vegan Foods market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/ bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of Vegan Foods through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Vegan Foods market, we conducted a detailed secondary analysis to gather historical market insights and share for type, source, and distribution channel for major regions. Further region and country-level analyses were conducted to evaluate the overall adoption of Vegan Foods across the globe.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Vegan Foods. Further, we conducted factor analysis using dependent and independent variables such as the mounting animal protein intolerance, rising health awareness among obese people, etc., A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Vegan Foods industry across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Vegan Foods market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. bottom-up/ top-down approach were applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Vegan Foods across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Vegan Foods market in terms of products/services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Vegan Foods market. Data was split into several segments sub-segments post studying various parameters and trends in the areas of type, source, and distribution channel of the Vegan Foods market.
Main Objective of the Vegan Foods Market Study
The current & future market trends of Vegan Foods were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Vegan Foods in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, source, and distribution channel
- Define and analysis of the regulatory framework for the Vegan Foods industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Vegan Foods market for the major countries
- The major region studied in the report includes North America, Europe, Asia- Pacific, and the Rest of the World.
- Company profiles of the Vegan Foods market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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