Vegan Food Market Future Scope, Market Trends, Key Players and Forecast To 2027
Vegan Food Market Overview:
For the Vegan Food market analysis, a research team conducted a significant amount of primary and secondary research. In order to supplement the available data, segment the market, determine the total market size, and forecast market size and growth rate, secondary research was conducted.
The vegan food market is strengthened by a growing awareness of animal health and cruelty in the food industry, which has resulted in a considerable shift away from animal-based foods and toward plant-based foods. Vegan cuisine is in high demand due to the growing popularity of the vegan diet and the growing trend of practising veganism. For example, the increased popularity of this diet among celebrities has boosted market growth as more and more fans begin to follow suit.
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Vegan Food Market Scope:
The study employs PESTLE analysis to evaluate the benefits and drawbacks of major market participants. To forecast the market and provide investment advice, the researcher carefully examines the Vegan Food market's size, share, trend, total profit, total revenue, and profit margin. Market changes are advised by subject-matter experts.
In addition to data on capacity and production, price and cost information, company profiles, product images, specifications, and contact information, the report includes information on the major market participants. The Vegan Food market is examined for trends, size, and value at the global, regional, and corporate levels in this report. This study examines the global market for Vegan Food using historical data and future projections.
Vegan Food Market Segmentation:
The market is divided into three product categories: dairy alternatives, meat substitutes, and others. With a 74.8% market share in 2020, the Dairy Alternative Segment dominated the vegan food industry. About 65% of people worldwide suffer from lactose intolerance, which is a major factor in the demand for dairy substitutes. The availability of a wide range of products, including cheese, yoghurt, ice cream, and snacks, has attracted non-vegetarians, expanding this market's consumer base. The market is flooded with producers of a wide range of tasty, high-quality foods that are all packaged attractively. The segment will almost certainly expand as a result of this. The market for dairy alternatives' largest market share was held by plant-based cheese.
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Vegan Food Market Key players:
- Danone SA, (France)
- Eden Foods, Inc. (Michigan)
- Plamil Foods Ltd. (Folkestone, Kent, England)
- Archer Daniels Midland Company (Chicago)
- Tofutti Brands, Inc. (U.S)
- VBites Foods Limited, (U.K)
- Vitasoy Australia Products Pty Ltd. (Australia)
- Blue diamond growers (Sacramento, CA)
COVID-19 Impact on Vegan Food market:
The COVID-19 outbreak has had a significant impact on the Vegan Food market. Due to the global economic downturn and a labour shortage, the development of Vegan Food production facilities has been halted. The pandemic of COVID-19 has resulted in a significant and long-term decrease in production utilisation. Furthermore, travel restrictions and facility closures have hampered staff visits, limiting the growth of the Vegan Food market in 2020. However, given the high demand for Vegan Food, the market effects of COVID-19 are expected to be transient. The industry is expected to fully recover by early 2021.
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