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Global Vegan Food Market to Reach USD 26.1 Billion by 2026, Aided by the Rising Demand for Dairy Alternatives

According to a new report by EMR titled, 'Global Vegan Food Market Report and Forecast 2021-2026', the global market for vegan food reached a value of USD 15.4 billion in 2020. The market is further expected to grow at a CAGR of 9% in the forecast period of 2021-2026 to reach a value of around USD 26.1 billion by 2026.

The vegan food industry is being driven by the rising demand for dairy alternatives. The segment held a significant market share in the historical period, with the market for this segment being influenced by a large number of population suffering from lactose intolerance. Further, the availability of an extensive range of products, such as yoghurt, cheese, ice cream, and snacks, has also broadened the consumer base of this segment. In addition, the introduction of a number of quality food items in various flavours, along with attractive packaging solutions, is aiding the market growth of vegan food. Among these products, the plant-based cheese held a significant market share in the dairy alternatives industry. Thus, the rising product portfolio, in conjunction with the increasing incidences of lactose intolerance, is expected to boost the vegan food industry growth in the coming years as well.

The global vegan food industry is being driven by the growing awareness of the health benefits, along with the rising awareness of animal cruelty in the food industry. The market is led by key players, such as Danone S.A (OTCMKTS: DANOY ) and Amy's Kitchen, among others. In 2021, Danone revealed that it would leverage its vegan dairy products using AI. The company will also work with Brightseed, a San Francisco-based biotechnology company, to explore new health benefits of soybeans. Such innovations helping promote healthy food options through the consumption of vegan food are expected to strengthen the market for vegan food in the forecast period.

Market Analysis by Product Type, Distribution Channel, and Region:

  • The vegan food industry, on the basis of product type, is divided into dairy alternatives, meat substitutes, egg alternative, vegan bakery, confectionery, and plant-based snacks, among others.
  • On the basis of distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, specialty stores, online, and others.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global vegan food industry is being driven by the inflating disposable incomes of the population.
  • The market is further positively influenced by the rising awareness of animal health and animal cruelty, which is taking place in the food industry, leading to people reconsidering their food choices.
  • The emerging popularity of this diet, bolstered by celebrity promotion, has led to accelerated demand for vegan food. Thereby enhancing the market growth.
  • A significant number of the world population have discontinued consuming meat, as a result invigorating the demand for alternative food products, including vegan food.
  • The rising awareness of the benefits of vegan food has enhanced the market demand for these products.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for vegan food for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the product types, distribution channels, and regional markets of vegan food.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

Amy's Kitchen, Danone S.A, The Archer Daniels Midland Company, Daiya Foods Inc., Tofutti Brands Inc., Ripple Foods Inc., and Earth’s Own Food Company Inc., among others, are the key players in the global vegan food market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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