North America Packaged Vegan Food Market size is expected to be at USD 5.94 Billion in 2024 and is foreseen to increase to USD 9.78 Billion by 2029, recording a CAGR of 10.47% throughout the foreseen period (2024 to 2029)
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 preferred over meat. Vegans worldwide 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 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.
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 outlook period. Despite the increasing use of packaged vegan foods, there is no adequate regulation associated with the labelling 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.
IMPACT OF COVID-19 ON NORTH AMERICA PACKAGED VEGAN FOOD MARKET
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.
This Research Report on North America Packaged Vegan Food Market is segmented and sub segmented into following categories
North America Packaged Vegan Food Market By Type
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 flavoured 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.
North America Packaged Vegan Food Market By Region
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.
KEY PLAYERS IN NORTH AMERICA PACKAGED VEGAN FOOD MARKET
Key Players In North America Packaged Vegan Food Market Are WhiteWave Foods, Tofutti Brands, Plamil Foods, Beyond Meat, Amy’s Kitchen
RECENT HAPPENINGS IN THE MARKET
Frequently Asked Questions
The packaged vegan food market in North America is experiencing significant growth, driven by increasing consumer demand for plant-based alternatives to meat, dairy, and other animal-derived products. It encompasses a wide range of products, including plant-based meat substitutes, dairy alternatives, snacks, frozen meals, and convenience foods.
Several factors are driving the growth of the packaged vegan food market in North America, including rising awareness of the environmental and ethical implications of animal agriculture, growing concerns about health and wellness, and changing consumer preferences for sustainable and cruelty-free food options.
While the packaged vegan food market in North America is growing rapidly, challenges such as competition from conventional meat and dairy products, concerns about taste and texture among mainstream consumers, and the need for greater transparency and labeling standards within the plant-based food industry could impact market growth.
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