Portland, OR, June 22, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global vegan food market generated $19.7 billion in 2020, and is estimated to reach $36.3 billion by 2030, witnessing a CAGR of 6.4% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape , and competitive scenario.
Rise in obesity rates across the world, increase in health issues such as heart diseases, high blood pressure, diabetes, asthma, and others, and surge in number of vegan population drive the growth of the global vegan food market. However, availability of substitutes restrains the market growth. On the other hand, untapped potential in developing countries and innovations in taste and flavor of dairy alternatives present new opportunities in the coming years.
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- It arises in concerns about sustainability, personal health, and treatment given to animals led to the rise in attention toward plant-based diets before the outbreak of the Covid-19 pandemic. The pandemic fostered this trend and the vegan food market experienced considerable growth.
- The need to increase immunity to fight against the potential infection of Covid-19 led to the adoption of vegan food. This turn favored the market growth.
The report offers detailed segmentation of the global vegan food market based on product type, distribution channel, and region.
Based on product type, the meat substitute segment accounted for the highest share in 2020, contributing to more than two-fifths of the total share, and is expected to maintain its leadership status during the forecast period. However, the dairy alternative segment is expected to manifest the highest CAGR of 6.6% from 2021 to 2030.
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Based on distribution channel, the offline sales channels segment held the largest share in 2020, accounting for around four-fifths of the global vegan food market, and is expected to maintain its dominance in terms of revenue by 2030. However, the online sales channels segment is estimated to witness the largest CAGR of 7.1% during the forecast period.
Based on region, Europe accounted for the highest share in 2020, contributing to more than one-third of the total market share, and is projected to continue its leadership status by 2030. However, Asia-Pacific is projected to portray the fastest CAGR of 7.9% during the forecast period.
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Leading players of the global vegan food market analyzed in the research include Sun Opta Inc., Hain Celestial Group Inc., Whitewave Foods Company Inc., Archer Daniel Midland Company, Bhlue Diamond Growers, Panos Brand LLC., Organic Valley Corporative, Earth’s Own Food Company Inc., Pascual Group, Living Harvest Food Inc., and others.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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