Vegan Foods Market to grow significantly by 2027 |CAGR: 10%| UnivDatos Market Insights

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04 May, 2022, 20:30 IST

NOIDA, India, May 4, 2022 /PRNewswire/ -- A comprehensive overview of the Vegan Foods Market is recently added by UnivDatos Market Insights to its humongous database. The Vegan Foods report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Vegan Foods market. The Vegan Foods report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates Vegan Foods at the global and regional levels. The Vegan Foods Market is expected to grow at a CAGR of ~10% from 2021-2027.

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Market Overview

The expected growth of vegan food globally can be attributed to the impact of non-vegetarian and dairy food on the environment and human health. One of the major contributors to global warming is the livestock industry, and, relative to plant-based agriculture, meat production has a much higher environmental impact concerning freshwater use, amount of land required, and waste products generated. Promoting increased consumption of plant-based foods is a recommended strategy to reduce human impact on the environment and is also now recognized as a potential strategy to reduce the high rates of some chronic diseases such as cardiovascular disease and certain cancers. Roughly 387 million people are living with diabetes, and according to the International Diabetes Federation, that number is expected to soar to nearly 600 Million by 2035.

Furthermore, factors like increasing concerns about the environment, an increasing number of diseases and health issues, and rising and easy availability of the internet are some of the reasons behind increasing consumer awareness of food and related products. According to Health Focus data, 17% of U.S. consumers aged 15 to 70 currently claim to eat a predominately plant-based diet, while 60% report to be cutting back on meat-based products. Of those who are reducing their intake of animal-based proteins, 55% say the change is permanent, and 22% hope that it is.

COVID-19 Impact

The covid-19 pandemic has inflicted disruptions on manufacturing activities and supply chains across the globe. The pandemic-led interruptions and the lockdown norms implemented in various countries to contain the pandemic have bottlenecks in the bulk movement of non-essential goods. The factor also led to a decline in demand for consumer goods, electronics, etc., which adversely affected the growth dynamics of the Vegan Foods market. However, with the stabilization in economies, manufacturing activities would also spur the growth of the sectors, due to which the demand for Vegan Foods has started spurring.

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The Vegan Foods Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By type, the market is primarily bifurcated into

  • Dairy Alternative
  • Meat Substitute
  • Others

The dairy alternative segment dominated the market in 2020. 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 consumers more choice and more exciting flavors, as well as ensuring their dietary requirements are met.

By source, the market is primarily bifurcated into

  • Almond
  • Soy
  • Oats
  • Wheat
  • Others

The soy segment dominated the market in 2020. 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.

By distribution channel,  the market is primarily bifurcated into

  • Offline
  • Online

The offline segment dominated the market in 2020. The advantages of offline stores such as a wide range of product categories, the assistance of skilled staff, and the immediate shipping of products are leading to the growing share. Moreover, specialty stores provide training to their employees to assist customers and a few of them also offer price-matching guarantees, leading to the growing share of this segment. However, the online segment would witness the heist CAGR in the forthcoming years. Surging internet penetration coupled with the adoption of smartphones is leading to the growth of the market.

Vegan Foods Market Geographical Segmentation Includes:

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

Based on the estimation, the North America region grabbed XX% market share in 2020

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The major players targeting the market include

  • 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.

The degree of competition among prominent regional companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Vegan Foods market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

  • What are the latest trends, new patterns, and technological advancements in the Vegan Foods Market?
  • Which factors are influencing the Vegan Foods market over the forecast period?
  • What are the global challenges, threats, and risks in the Vegan Foods Market?
  • Which factors are propelling and restraining the Vegan Foods Market?
  • What are the demanding global regions of the Vegan Foods Market?
  • What will be the global market size in the upcoming years?
  • What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

For more informative information, please visit us @ https://univdatos.com/report/vegan-foods-market/

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature. Please let us know If you have any custom needs.

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UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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