- Increase in obese population, surge in disposable income, and rise in the trend of health and wellness among the target customers have boosted the growth of the global vegan food market
PORTLAND, Oregon, Dec. 3, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Vegan Food Market by Product Type (Dairy Alternative, Meat Substitute and others) and Distribution Channel (Offline and Online): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global vegan food industry was pegged at $14.2 billion in 2018 and is estimated to reach $31.4 billion by 2026, registering a CAGR of 10.5% from 2019 to 2026.
Driving factors for the market–
Rise in obese population, surge in disposable income, and increase in the trend of health and wellness among the target customers have boosted the growth of the global vegan food market. However, wide availability of substitutes impedes the growth to certain extent. On the contrary, innovation in taste and flavor of dairy alternative beverages, and untapped developing markets are expected to create lucrative opportunities in the near future.
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Dairy alternative segment to portray the fastest growth–
Based on type, the dairy alternative segment is projected to register the fastest CAGR of 10.0% during the forecast period. This is due to rise in number of lactose intolerant population as well as vegan population. However, the meat substitute segment dominated the global vegan food market in 2018, contributing to more than two-fifths of the market. This is attributed to rise in popularity amongst health-conscious consumers since it is gluten & cholesterol free, and an excellent source of protein, iron, calcium, amino acids and other micro-nutrients.
Offline segment dominated the market–
Based on distribution channel, the offline segment held the largest share in 2018, contributing to more than three-fourth of the global vegan food market. This is attributed to the increase in adoption of supermarket and hypermarket in both the mature and emerging markets. On the other hand, the offline segment is projected to manifest the fastest CAGR of 11.6% during the study period. This is due to the surge in rate of internet penetration across the globe.
Europe region to dominate the market, North America to follow–
The global vegan food market across the Europe region held the largest share in 2018, accounting for more than one-third of the market. The region is expected to dominate the market throughout the forecast period. This is due to increase in health awareness and growth in adoption of vegetarianism. Moreover, North America contributed to the second largest share in 2018. However, Asia-Pacific region is expected to register the fastest CAGR of 11.8% during the forecast period. This is due to rise in health & fitness consciousness and innovative product launches by companies.
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Major market players
- Whitewave Foods Company Inc
- Hain Celestial Group Inc
- Sun Opta Inc.
- Pascual Group
- Bhlue Diamond Growers
- Archer Daniel Midland Company
- Living Harvest Food Inc
- Earth's Own Food Company Inc
- Panos Brand LLC.
- Harvest Food Inc.
- Organic Valley Corporative
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SOURCE Allied Market Research