Packaged Vegan Foods market size is forecast to reach $14.3 billion by 2026, growing at a CAGR of 8.2% during the forecast period 2021-2026. The vegan diet does not contain anything sourced from animals, because of which it is considered to be nutritious food and preferable over meat. Phytochemicals are plant-based ingredients which are the primary chemicals of packaged vegan foods, like dairy alternatives and confectionery products. These phytochemicals when consumed regularly helps to boost immunity by stimulating various protective enzymes in the human body. This is the primary reason behind the rapid adoption of vegan food, worldwide. Additionally, the growing concern regarding animal welfare and cruelty is motivating a lot of people to turn to vegan diet. This is set to further enhance the overall market development of the Packaged Vegan Foods Market for the period 2021-2026.
Packaged Vegan Foods Market Segment Analysis – By Type
Dairy alternatives segment held the largest share in the Packaged Vegan Foods Market in 2020 and is estimated to grow at a CAGR 7.4% during the forecast period 2021-2026. This is because consumers are becoming aware of the ailments caused from products sourced from animals, primary of which is dairy. Dairy alternatives in the form of almond milk and soy milk is gaining a lot of traction in the market as they are the ideal alternatives which are available readily in supermarkets. The Vegan bakery & confectionery products are also getting a lot of attention because these products are particularly made using vegan ingredients and come with a lot of nutritional value which help to curb obesity, high blood sugar and cholesterol, even for consumers with a sweet tooth. Vegan bakery & confectionery products are estimated to register the higher CAGR over the period 2021-2026.
Packaged Vegan Foods Market Segment Analysis – By Distribution Channel
Hypermarkets/Supermarkets held the largest share in the Packaged Vegan Foods Market in 2020 and is estimated to grow at a CAGR of 7.7% during the forecast period 2021-2026. This is owing to the exhaustive lineup of products that hypermarkets are able to put on display under one roof. This makes the buying experience convenient for consumers. Additionally, supermarkets also hold the potential to provide discount coupons when bought in more than usual quantity, which is a win-win situation for consumers. However, online sales channels are gaining a lot of traction with internet penetration a lot of sub-urban and rural areas of different economies. Consumers can procure their products from the comfort of their home and millennials are majorly attracted to online shopping than the more conventional ways. Online sales channels are estimated to register the higher CAGR over the period 2021-2026.
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Packaged Vegan Foods Market Segment Analysis – By Geography
North America dominated the Packaged Vegan Foods Market with a major share of 38.1% in 2020. This is attributed to the growing number of consumers turning to vegan diet after being aware of the ill-effects of meat-based products on health. Moreover, majority of the working population have less time to spare on preparation and consumption, because of which they are turning to packaged vegan foods to fulfil their nutritional needs. All these factors are propelling the growth of the market in this region.
However, Europe is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the rising inclination towards bakery and confectionery products which are absolutely vegan. The inclination towards ready-to-eat vegan snacks in the form of bars and wraps throughout this region is another factor that is driving the growth of the market in this region.
Packaged Vegan Foods Market Drivers
Growing inclination towards plant-based meat substitutes
Consumers across the globe have become very well aware with the help of different government initiatives in the form of awareness campaigns and publicity, regarding the ill effects of over consumption of meat. Various health ailments like high cholesterol, blood sugar, obesity, high blood pressure, thereby leading to cardiac arrest, are all caused due to excessive meat consumption. This cautiousness is compelling consumers to switch to vegan products which are significantly healthy and equally nutritious. The convenience of easy handling and healthy food simultaneously is leading consumers to adopt a packaged vegan foods. Thus, increasing the growth of the Packaged Vegan Foods Market during the forecast period 2021-2026.
Increasing awareness regarding animal cruelty
Consumers have been increasingly aware regarding animal cruelty in the recent past. Every year in the U.S., the hens across many industrial farms are compelled to lay up to 30 times more eggs than they would naturally. On the other hand, numerous new-born calves are forcefully separated from their mothers within 12 hours so that they start lactating. This kind of practice is torturing to both the mother and her calf. They end up calling for each other for days at a stretch. Pertaining to issues like, animal activists all over the globe are trying hard to inflict knowledge among consumers, so that they are convinced enough to switch to vegan diet. Thus, increasing the growth of the Packaged Vegan Foods Market during the forecast period 2021-2026.
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Packaged Vegan Foods Market Challenges
Regulations surrounding vegan food labelling
With the industry trying to capitalize on the ethical sentiments of consumers, the underlying concern is regarding the clarity of claims that various market competitors are posing. There has been widespread media coverage regarding contamination of vegan products with animal sources, over the recent past. Vegetarian products require a strong regulatory framework in order to keep the confidence of consumers in check or else it is set to hinder the growth of the market during the forecast period 2021-2026.
Packaged Vegan Foods Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Packaged Vegan Foods Market. In 2020, the Packaged Vegan Foods Market share is consolidated by the top ten players present in the market. The Packaged Vegan Foods Market, top 10 companies are Amy’s Kitchen, Danone S.A., Beyond Meat, Plamil Foods and Tofutti Brands among others.
Key Takeaways
North America dominated the Packaged Vegan Foods Market in 2020 owing to the growing number of consumers turning to vegan products after becoming aware of ill-effects caused by over consumption of meat. The Packaged Vegan Foods market scope for different regions will be provided in the final report.
Growing inclination of consumers towards ready-to-eat vegan products coupled with ethical concerns surrounding animal cruelty are likely to aid the market growth of the Packaged Vegan Foods Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Packaged Vegan Foods Market report.
Labeling of vegan food is becoming a concern with disparity occurring in the nutritional and ingredients claimed by key competitors which is poised to create the hurdles for the Packaged Vegan Foods Market.