NEW YORK, June 17, 2021 /PRNewswire/ -- Veganism continues to make further inroads in 2021, with more people open to experimenting with vegan products, finds new market intelligence from Fact.MR. Interest is not limited to buzzword categories such as vegan yogurt or vegan oatmeal, but across the value chain, such as vegan baking ingredients.
Fact.MR estimates vegan-based products to witness stellar demand in the ensuing decade 2021-2031.
Fact.MR Survey Finds Health Benefits & Animal Welfare as Top Two Motivators
'Health benefits' and 'animal welfare' remain top two factors boosting vegan adoption. The Fact.MR survey also found that COVID-19 induced lifestyle changes have accelerated vegan-diet adoption. 15% of respondents in Fact.MR survey agreed COVID-19 had forced them to reconsider their dietary and lifestyle choices.
Read Fact.MR Exclusive Article on Veganism in 2021 and Beyond
Millennials and younger consumers have been at the forefront of the vegan movement. This is concurrent with the findings of Fact.MR, with nearly 75% of consumers in 18-45 age bracket.
In addition to animal welfare and COVID-19 induced shift, health benefits of vegan diet continue to be a key driving factor.
Consumer focus on health and wellness is clearly visible in vegan categories, including vegan eggs, vegan oatmeal, and vegan yogurt.
According to Fact.MR's analysis, vegan protein sales are rising at nearly 14% y-o-y, whereas vegan oatmeal market is growing at 9% consistently.
The transition to vegan products is also visible in the lucrative supplements category.
Vegan supplements are increasingly capturing shelf space in North America and Europe. Fact.MR estimates vegan supplement sales to rise at 11% CAGR through 2031.
Fact.MR's analysis reveals that embracement of vegan is visible among various touchpoints in the entire value chain. Vegan proponents are not merely looking at a vegan end-product, but are also scrutinizing ingredients and raw materials.
This diligence and expectation has led to the rise of vegan ingredients, with niche companies providing a wide array of alternatives.
Specially, demand for vegan baking ingredients has continued to grow in the last five years. As per Fact.MR's estimates, 38 thousand tons of vegan baking ingredients were sold in 2019.
Concerns about Nutritional Imbalance Need to be Allayed
The Fact.MR study opines that while latest vegan statistics are encouraging, hesitancy and unawareness is widespread.
Concerns about nutritional imbalance, cost, and availability of products has meant that a sizeable percentage of consumers continues to give veganism a miss.
A survey by British Nutrition Foundation (BNF) found that nearly 61% of participants were unlikely to follow plant-based diets in 2021.
Another key challenge is retention – many consumers who are open to experimenting with a vegan diet find it difficult to commit for a sustained period of time. Although this subset of consumers still contributes to vegan economy as they adopt a flexitarian approach.
Lucrative and Emerging Hotspots for Vegan Lifestyle
Fact.MR's analysis identifies lucrative as well as emerging markets for vegan-based products.
According to the study, UK, Sweden, Austria, Germany, Sweden, and Switzerland are among the most vegan-friendly countries in Europe.
Australia, New Zealand, Israel, US, and India are among the other key markets for vegan products.
Fact.MR analysis on vegan-based products remains bullish, with most vegan-based products clocking in high growth rates in the next decade. Fact.MR expects vegan landscape to become increasingly competitive, with niche brands having the potential to grow significantly.
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