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Vegan Food Market To Witness Healthy Growth Of $24.06 Billion By 2025 Due To Increasing Awareness About The Health Benefits Of A Vegan Diet | Grand View Research, Inc.

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Vegan Food Market To Witness Healthy Growth Of $24.06 Billion By 2025 Due To Increasing Awareness About The Health Benefits Of A Vegan Diet | Grand View Research, Inc.

February 08
09:40 2021
Vegan Food Market To Witness Healthy Growth Of $24.06 Billion By 2025 Due To Increasing Awareness About The Health Benefits Of A Vegan Diet | Grand View Research, Inc.

“Grand View Research, Inc. – Market Research And Consulting.”
According to a report published by Grand View Research, the growing awareness about animal health and animal cruelty in the food industry and the increasing awareness about the health benefits of a vegan diet are the major factors driving the growth of the market.

According to a report, “Vegan Food Market Size, Share & Trends Analysis Report By Product (Dairy Alternative, Meat Substitute), By Distribution Channel (Online Offline), By Region (APAC, CSA, MEA, Europe, North America), And Segment Forecasts, 2019 – 2025” published by Grand View Research, Inc., the global vegan food market size is expected to reach USD 24.06 billion by 2025 registering a CAGR of 9.6%. The rapidly growing vegan population across the globe is driving the market. Increasing awareness about the health benefits of plant-based products is also fueling the market growth. Furthermore, the rising popularity of the vegan diet among celebrities and athletes is expected to boost the growth further. Meat substitute products accounted for a significant market share. Seitan is expected to be the fastest-growing meat substitute product due to its high sodium and protein content than other substitutes, such as tempeh and tofu. Over the past few years, manufacturers in developed regions like North America and Europe have launched a variety of products, which is also likely to contribute to the market growth.

In April 2019, Linda McCartney Foods, a British food brand, launched meat-free sausages made from pea protein. In the same month, Veggie Grill, a U.S.-based restaurant chain, which serves only plant-based foods, planned to open 50 more outlets across the nation. In 2019, Grill’d an Australian food chain specializing in burgers, introduced a plant-based burger called Beyond Burger on account of increasing demand for plant-based burgers. From 2014 to 2017, the share of plant-based meat-free new products has doubled in the U.K. In 2018, U.K. became the leading economy in plant-based product launches. The number of product launches in this category increased by 200%.

U.S. vegan food market size, by product, 2015 - 2025 (USD Billion)

Vegan Food Market Report Highlights

  1. On the basis of product, dairy alternatives accounted for more than 50% of the global share and emerged as the largest product segment in 2018.

  2. On the basis of distribution channels, the offline distribution segment dominated the market and is expected to maintain its dominance during the forecast period. The offline segment includes convenience stores, specialty stores, hypermarkets, and supermarkets. The increasing number of supermarkets has increased the sales of the product.

  3. The online segment is expected to witness lucrative growth over the forecast period. The growth can be attributed to the rising trend of online shopping coupled with the ease of access to the internet.

  4. North America emerged as the largest regional market in 2018 and accounted for more than 31% of the overall share.

  5. Asia Pacific is projected to lead the global market expanding at the fastest CAGR of 12.1% over the forecast period.

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Vegan Foods Market Segmentation

Grand View Research has segmented the global vegan food market on the basis of product, distribution channel, and region:

Vegan Food Product Outlook (Revenue, USD Million, 2015 – 2025)

  1. Dairy Alternatives

    1. Cheese

    2. Dessert

    3. Snacks

  2. Meat Substitutes

    1. Tofu

    2. TVP

    3. Seiten

    4. Quorn

    5. Others

  3. Others

Vegan Food Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)

  1. Offline

  2. Online

Vegan Food Region Outlook (Revenue, USD Million, 2015 – 2025)

  1. North America

    1. The U.S.

  2. Europe

    1. Germany

  3. Asia Pacific

    1. China

    2. Japan

  4. Central & South America

    1. Brazil

  5. Middle East & Africa

Key Players in the Vegan Food Market

  1. Amy’s Kitchen

  2. Danone S.A

  3. The Archer Daniels Midland Company

  4. Daiya Foods Inc.

  5. Beyond Meat

  6. Tofutti Brands Inc.

  7. Plamil Foods Ltd

  8. VBites Foods Limited

  9. Eden Foods Inc.

  10. VITASOY International Holdings Limited

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About Grand View Research

Grand View Research is a market research and consulting company registered in the State of California having its headquarters in San Francisco. The company offers syndicated research reports, customized research reports, and consulting services. With Grand View Research, you get an opportunity to understand market trends, insights, and business statistics from a strategic standpoint. With a deep-seated understanding of many business environments, Grand View Research offers business and market intelligence studies and accomplishes more than 300 multi-country market studies.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
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Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
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State: California
Country: United States

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