The vegan diet has gained tremendous popularity in recent years. Environmental and ethical concerns are the primary factors driving the uptake of this diet. Vegans do not consume meat, eggs, and dairy products as well as avoid products produced or manufactured using animal-origin raw materials. They even exclude products with trace amounts of animal products, such as some types of wines and white sugar refined with animal byproducts.
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The National Health Portal India claims a vegan diet offers several health benefits over an omnivorous diet, such as a reduced risk of heart attacks, strokes, and cancer. Some consumers are switching to a vegan diet in light of its perceived health benefits. The rising prevalence of obesity and associated health risks have also seen people turn to a vegan diet.
Veganism — A Lifestyle Choice Not Limited to Just Food
Veganism is not limited to merely edibles, and vegans even seek cosmetics, clothing, and medicines that exclude animal-derived substances in manufacturing. The vegan food market share is expected to grow with the rising vegan movement globally, with more and more people switching to this lifestyle.
Organizations such as PETA (People for the Ethical Treatment of Animals) are constantly channelizing efforts to raise awareness regarding animal rights and animal cruelty, which has increased the number of people shifting to a vegan diet. This shift is translating to demand for vegan foods. As per the Vegan Society, the demand for vegan food has grown over 980% in the last decade. The global vegan food market is currently in the growth stage and expected to witness steady growth during the forecast period.
The consumption of vegan food has increased in the U.S., New Zealand, Australia, the U.K., Sweden, Israel, Ireland, Canada, Austria, and Germany over the last couple of years. Thus, these countries register the most significant demand in upcoming years. The meat and animal food products market in Sweden and the U.S. has seen a sudden drop down in consumption in the past few years. India is a prominent country for the vegan food market and pegged as the global leader. A little over one-third of the country’s population is vegetarian for religious or ethical beliefs, and some portion of this population is likely to switch to veganism in the coming years, according to US National Library of Medicine National Institutes of Health.
Over 60% of the global population is lactose intolerant. This population is opting for vegan substitutes for dairy products, and vegan cheeses, yogurts, and ice creams have garnered significant attention among the non-vegan population. Thus, rising consumption among the lactose intolerant is augmenting the vegan food market value.
Plant-based cheese captures a prominent share among all-vegan dairy substitutes. The availability of a plethora of options drives the consumption of these products, with a variety of products available for different individual tastes.
Tofu, Seiten, Quorn, and TVP are some of the meat substitutes garnering a significant value share, primarily due to their similar taste and healthy ingredients. Several restaurants and food chains are including one or more of these options in their menu selection to cater to the expanding vegan population
Prevalence of Animal-Borne Diseases: The rising number of animal-borne diseases such as Swine Flue and their high incidence has seen an increasing number of people switching to a plant-based diet.
Environmental Concerns: The decomposition of animal bones and skin causes land pollution and, eventually, water pollution in the case of rainwater runoff that merges with the sea. Additionally, improper disposal of animal carcasses leads to the rampant spread of diseases. Most importantly, the meat industry is a significant contributor to greenhouse gas emissions. In the industry, agriculture production, land use, and indirect deforestation all contribute to greenhouse gas emissions.
As per the Centers for Disease Control and Prevention (CDC), swine flu infected nearly 61 million people in the U.S. and amounted to 12,469 fatalities. Worldwide, up to 575,400 people died from pandemic swine flu from 2009 -2010.
Europe to Dominate the Vegan Food Market
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In Western Europe, Germany, France, and the U.K. are witnessing a decline in the per capita consumption of meat, and key players in the meat substitute space, such as Cauldron Foods and Quorn Foods, are observing rising competition. Europe presents a significant opportunity in the vegan food market, with participants focusing on expansion and capacity enhancements to sustain competition and capture larger market shares.
The rising prevalence of obesity in Europe is overseeing the transition to veganism among the populace. As per the WHO, approx. 10–30% of the regional population is obese. In the U.K., an increasing number of people are switching to a vegan diet to tackle obesity, which is accelerating the consumption of vegan meat substitutes.
The consumption of vegan foods is rising in tandem with the vegan movement and rising awareness regarding health and the environment in France and Europe, making these countries emerging markets for vegan foods.
North America to Follow the Trend in Europe
North America is also following the trends in Europe and is expected to help the global vegan food market share to grow. High awareness of animal rights drives the market growth in the region. The high prevalence of lactose intolerance among the U.S. population also propels the consumption of vegan dairy alternatives. Companies operating the meat and animal products market are witnessing a decline in revenue. For instance, Cal Maine Foods, Inc., a dairy and meat products provider, recorded a USD 74-million downfall in revenue in 2017.
Asia-Pacific’s Vegan Food Market in the Growth Phase, Led by India
India is a prominent market for vegan foods, as a significant share of the country’s population does not consume meat and eggs. The country’s large population further provides a large consumer base to target. China and Bangladesh are also witnessing a change in eating habits, primarily due to the health benefits associated with a vegan diet. The region’s rising per capita income also contributes to the growth momentum.
Veganism has been garnering significant attention in recent years. Many celebrities and athletes have switched to a vegan diet, which is influencing their fans. Social media platforms particularly fuel this trend as followers can see what public figures eat, which directly prompts the shift to veganism among a lot of consumers.
Vegan food manufacturers have taken cognizance of the expanding consumer base and evolving demands. Innovation is a prime approach pursued by many, with players experimenting with different packaging styles and flavors. Increasing marketing activities are expected to augment the market value in the coming years.
Key market participants are channelizing efforts to offer innovative products. For instance, Danone has introduced two Greek low-fact yogurts in various flavors, including vanilla, strawberry, blueberry, mixed berry, and peach. Additionally, the increasing demand for flavored food presents an opportunity for the introduction of new products. Some of the most noteworthy players in the global vegan market are listed below.
|Market Size||USD in Billion By 2030|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
|Segments Covered||by Product Type (Dairy Alternatives, Meat Substitutes), Distribution Channel (B2B, B2C)|
|Geographies Covered||North America, Europe, Asia-Pacific, LAME and Rest of the World|
|Key Companies Profiled/Vendors||Archer Daniels Midland Company , Amy’s Kitchen, Inc, Beyond Meat , Daiya Foods, Inc, Plamil Foods Ltd , Tofutti Brands, Inc, Danone S.A, VBites Foods Ltd , Vitasoy International Holdings Ltd, Eden Foods, Inc,|
|Key Market Opportunities||Growing Prevalence Of Food & Beverages Industry Helps To Grow Vegan Food Market Share|
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