Packaged vegan food is a vegan diet which does not include anything of animal product e.g. meat, eggs, dairy products, and all other animal-derived ingredients. As a result, vegan foods are perceived to be safer and healthier and hence are preferred more over meat. Vegans across the world avoid eating animal foods for environmental, ethical or health reasons. Packaged vegan food are prepared using plant-based ingredients that provide phytochemicals without including any of the animal-based ingredients. It has negligible fat and cholesterol and is known for providing several nutritional and health benefits, such as boosting the body's defensive enzyme.
Market Size and Forecast:
Changing eating habits and rising health awareness of the global population, combined with the ongoing trend of veganism and the growing concern towards animal rights are some of the significant factors boosting the market growth. The packaged vegan food market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by product into dairy, meat, bakery and confectionery, and others. Among these segments, the segment for dairy is anticipated to hold the leading share in the market on account of widening of customer base in dairy products such as cheese, yogurt, and ice cream. Further, with the introduction of flavoured vegan dairy alternatives and its availability in several food stores has resulted in the increase in demand for nutritious and tasty dairy products.
Factors Impacting the Growth:
Expanding Health Awareness to Boost the Market Growth
Chronic health disorders, such as diabetes and obesity are constantly increasing owing to the growing consumption of animal-based food products. Owing to such a factor, the requirement for numerous plant-based products has increased severely among the consumers, which on the other hand, has led to a rise in the demand for packaged vegan food. Moreover, plant-based products help maintain the body cholesterol and blood pressure levels and therefore lowers the risk of getting cancer.The International Agency for Research on Cancer (IARC), a WHO agency, has classified processed meat as a carcinogen and stated that eating 50 grams of processed meat every day increased the risk of colorectal cancer by 18%. Additionally, with the contemporary introduction of the vegan concept and its associated health benefits such as providing nourishment and boosting protective enzymes in the body, makes the packaged vegan food, a top preference for consumer. This is anticipated to significantly expand the market.
On the basis of regional analysis, the packaged vegan food market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market for packaged vegan food in North America is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market packaged vegan food. Moreover, rising consumer preference for healthy and nutritional food along with the convenience of easy handling and consumption of packaged food products by busy working people as well as lot of concern over animal slaughtering and its negative impact on the environment further increases the product demand.
The market in Asia Pacific is predicted to grow at the highest rate during the forecast period as a result of increasing health awareness among consumers owing to rise in number of diabetes and heart patients. Additionally, several food companies are keen on expanding their business, especially in countries such as China and India on account of immense growth opportunities. Furthermore, growing trend for adopting vegan lifestyle further raise the demand for packaged vegan food.
The packaged vegan food market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Danone S.A.
- The WhiteWave Foods Company
- Beyond Meat
- Tofutti Brands, Inc.
- Dr. McDougall's Right Foods
- Vegan Made Delights
- Edward & Sons Trading Co.
- Galaxy Nutritional Foods, Inc.
- Amy's Kitchen
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