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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 2020, 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.
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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.
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