Packaged Vegan Food Market value was expected to expand at a CAGR of 9.5% during the forecast period from 2022 - 2027.
Consumers converging on cutting down on animal-based dairy products have started favoring packaged vegan food. Packaged vegan food is prepared and deprived of the use of any animal-based ingredients ensuing in low fat and cholesterol. A growing number of people are nowadays turning vegan because of their love and consideration toward animals and the environment.One of the main drivers of processed vegan food is the health benefits it provides, such as helping to prevent diseases such as heart attack and diabetes. The vegan diet does not include anything of the animal product and is therefore considered to be safer and consequently favored over meat. Packaged vegan food is prepared using plant-based ingredients that provide phytochemicals. Such phytochemicals help to boost the body's defensive enzyme. Since a vegan diet favors animal rights, as a result, people are adopting it because of their ethical concerns toward the environment and animals. The concern for animal welfare has led more people to prefer vegan food.
Beyond Meat, an industry giant and a top competitor in the field of packaged vegan foods released its new product line of burgers by the name of "beyond burgers".
The idea is that these products have the same taste as that of actual meat burgers and have almost the same nutrients that the meat burgers have, but the subtle twist here is that these are entirely organic and natural.
Developments of the industry do not just mean the growth of companies in the industry. As mentioned earlier, the industry is heavily lead by activism.
12,000 animal rights protesters took part in a vegan march in the city of London holding anti-meat consumption signs such as "meat is murder". These protests are only a considerable upside for the packaged vegan foods market.
Packaged Vegan Food market is driven by the health benefits offered such as the avoidance of diseases like heart attack and diabetes and boosting of protective enzymes in the body and the growing concern towards animal welfare and cruelty. However, the growth of the market is restrained by the lack of definitive regulations associated with vegan food labeling. Increasing the consumption of environmentally friendly products is expected to drive the packaged vegan food market. Ethical concerns regarding the consumption of meat. Constant product development and experimentation are fueling the market forward. Problems regarding the preservation of packaged food can be a little restrained. Competitive and crowded market, with constant new developments.
Online Retailers
Hypermarket/Supermarket
Natural and Organic Stores
Out of this, the Hypermarket segment is expected to lead the market with a significantly high market share. The availability of a broad range of products under one roof, discount coupons, advertising, and the existence of major players such as Wal-Mart are primary factors for driving the segment. Consumers prefer to taste new types before buying them is increasing the demand for hypermarkets over other channels. Convenience stores also have an essential share of the sector.
The digital retailer's segment is the fastest growing and is increasing at a high CAGR in the forecast period. Expanding the use and penetration of the Internet in rural regions of developing nations is a primary driver of the segment. In addition, the growing young working population demanding easier access and an increasing number of online retailers and discounts will drive the online retailer segment in the forecast period.
By Product Type
Dairy Alternatives
Bakery and confectionery Ingredients
Packaged Meals
Meat Alternatives
The packaged vegan dairy alternative segment was the market leader and is expected to continue as one during the forecast period. Vegan dairy alternatives are readily available in supermarkets and specialty food stores in a wide range of blending styles and labels. When buying traditional vegetarian dairy alternatives, customers prefer a non-sweetened option over other dairy products. This is attributed to the fact that the sweetened version not only contains added sugar but is also relatively high in both carbohydrates and calories. Demand for flavored vegetarian dairy alternatives is increasing due to the growing demand for delicious, nutritious, blended, and lactose-free products among the millennial populace worldwide.
North America
Europe
Asia Pacific
Latin America
The Middle East and Africa
Rest of the World
Geographically, North America accounted for the bulk of market shares in 2018. With the USA being the top contributor, the North American region is expected to continue its dominance over the market in the forecast period. The growth of this Packaged Vegan Food Market is due to an increasing consumer preference for healthy and nutritious food, and a substantial increase in the number of people opting for veganism as a lifestyle. Moreover, the decrease in consumption of meat and poultry products is leading to increased demand for processed vegan foods, as people are now searching for healthier food to stay fit and prevent lifestyle-related illnesses such as diabetes and heart disease.
Key Players of Packaged vegan food Market:
Beyond Meat
Amy’s Kitchen
Plamil foods
Tofutti Brands
White wave foods
Annie's Homegrown
Barbara's Bakery
Dr. McDougall's Right Foods
Edward & Sons
Galaxy Nutritional Foods
Pacific Foods
The Bridge
Vegan Made Delight
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