North America Packaged Vegan Food Market size was at USD xx.xx million in 2021 and is foreseen to increase to USD xx.xx million, recording a CAGR of xx% throughout the foreseen period 2021-2026.
Vegan food is a diet that does not include any animal products, e.g., meat, eggs, dairy products, and all other ingredients of animal origin. Therefore, vegan foods are perceived as safer and healthier and are therefore preferred over meat. Vegans around the world avoid eating animal foods for environmental, ethical, or health reasons. Packaged vegan foods are prepared with plant-based ingredients that provide phytochemicals without including any of the animal ingredients. It contains a negligible amount of fat and cholesterol and is known to provide several health and nutritional benefits, such as strengthening the body's defensive enzymes.
For More Information: Download Sample Report
Market Drivers and Restraints:
Chronic health conditions, such as diabetes and obesity, are on the rise due to increased consumption of animal foods. Due to such a factor, the demand for many herbal products has increased dramatically among consumers, which on the other hand has led to an increase in demand for packaged vegan foods. Additionally, herbal products help maintain body cholesterol and blood pressure levels and thus reduce the risk of cancer. The International Agency for Research on Cancer (IARC), a WHO agency, has classified processed meat as a carcinogen and said that eating 50 grams of processed meat each day increased the risk of colorectal cancer by 18%. Also, with the contemporary introduction of the vegan concept and its associated health benefits such as nutrition and stimulation of protective enzymes in the body, packaged vegan food is a consumer preference. This should greatly expand the North American market. Large numbers of people around the world are turning to veganism, a practice of refraining from using animal products out of love and consideration for animals and the environment. Ethical concerns regarding meat consumption and the increasing exploitation of animals have led more people to prefer vegan foods, which is driving the growth of the North American packaged vegan food market.
According to the World Economic Forum, nearly 1.5 billion pigs are slaughtered as feed to make pork, ham and sausages, and 500 million sheep are slaughtered each year. Additionally, due to growing consumer demand for plant-based foods, the market for vegan foods and other vegetarian products is growing rapidly with a range of innovative product options. Based on these, the market is foreseen to grow during the outook period. Despite the increasing use of packaged vegan foods, there is no adequate regulation associated with the labeling of packaged vegan foods. Furthermore, limitations related to the preservation of these food products can adversely affect market growth. This is estimated to hamper the growth of the regional packaged vegan food market in the future.
The North American packaged vegan foods market has been segmented according to type and distribution channel. The type segment is divided into dairy alternatives, packaged meals, meat alternatives, baked goods and confectionery, and others.
The vegan dairy alternative is likely to dominate the market due to the increasing adoption of these products by consumers. Additionally, these packaged vegan dairy alternatives are available in retail stores, supermarkets, and hypermarkets. In addition to this, the demand for flavored vegan dairy alternatives has increased in recent years, which is driving the growth of packaged vegan dairy alternatives. According to the Good Food Institute (GFI), vegan yogurt, spreads, cheese, and ice cream are becoming increasingly popular. The distribution channel is fragmented between the online and offline distribution channels.
The offline distribution channel is expected to have the largest market share in the local packaged vegan food market during the foreseen period. This is mainly due to the wide availability of packaged food products in the offline channel, such as retail stores and hypermarkets. Many retailers are taking key initiatives to push packaged vegan food to market. For example, Walmart is urging its suppliers to meet the growing demand for plant-based foods.
There is no evidence that Coronavirus can be transferred from food or food packaging. The lockdown condition raised due to this pandemic has resulted in the decreased production and sales. The demand for food is generally inelastic and its effect on overall consumption is likely to be small, although diets may change. There is the possibility of a disproportionate decrease in animal protein consumption. In the wake of the coronavirus pandemic, countries around the world have begun to implement a series of policy measures aimed at preventing the spread of the disease.
The North America Packaged Vegan Food Market has been divided by geography into the United States, Canada, Mexico, and others. The North America region dominated the global packaged vegan food market with a share of 35.63% in 2018. According to the Plant-Based Foods Association (PBFA) and Good Food Institute study, food sales of vegetable origin in the United States grew 8.1% during the past year and reached USD 3.1 billion. Factors such as the growth of the vegan population, increasing internet and smartphone penetration, increasing demand for healthy products, and changes in consumer lifestyles have led the North American region to dominate the global market in the coming years. In the United States, animal rights groups have gained popularity and the way that animals are treated in the production of products has resulted in a shift in consumer preferences in the area.
Amy’s Kitchen had the largest share of the North America Packaged Vegan Food Market in terms of sales and revenue in 2020.
Prominent players in the North America Packaged Vegan Food Market include WhiteWave Foods, Tofutti Brands, Plamil Foods, Beyond Meat, Amy’s Kitchen, and among others.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Dairy Alternatives
5.1.3 Packaged meals and meat alternatives
5.1.4 Bakery and confectionery product
5.1.5 Y-o-Y Growth Analysis, By Product
5.1.6 Market Attractiveness Analysis, By Product
5.1.7 Market Share Analysis, By Product
5.2 Distribution Channel
5.2.2 Supermarkets and Hypermarkets
5.2.3 Natural and Organic Stores
5.2.5 Y-o-Y Growth Analysis, By Distribution Channel
5.2.6 Market Attractiveness Analysis, By Distribution Channel
5.2.7 Market Share Analysis, By Distribution Channel
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Product
18.104.22.168 By Distribution Channel
6.1.4 Market Attractiveness Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Product
188.8.131.52 By Distribution Channel
6.1.5 Market Share Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Product
18.104.22.168 By Distribution Channel
6.2 United States
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Amy's Kitchen
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Beyond Meat
8.3 Plamil Foods
8.4 Tofutti Brands
8.5 WhiteWave Foods
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures