Latest News- Vegan Food Market: Offline is expected to lead the Distribution Channel segment during 2024-2028

The Vegan Food Market is being driven by Growing number of vegan consumers

The Vegan Food Market is expected to grow at a CAGR of 15.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 29928.7 million. The global vegan food market is experiencing significant growth due to an increasing number of new product launches catering to the escalating demand for plant-based alternatives. Successful new product introductions not only boost a company's revenue but also expand its consumer base, enhancing market share and securing a competitive edge. For instance, Danone SA's recent launch of battered fishless fillets under the Birds Eye brand in the UK on May 31, 2022, underscores this trend. This strategic move is expected to bolster the company's presence in the vegan food sector and contribute to market growth. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Distribution Channel
  • Offline
  • Online
• Product
  • Dairy alternative
  • Meat alternative
  • Others
• Geography
  • North America
    • US
  • Europe
    • Germany
    • France
  • APAC
    • China
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing number of vegan consumers
• Health benefits of vegan food
• Rise of private-label brands

However, the market also witnesses some limitations, which are as follows:

• Lack of product standardization guidelines
• High price and limited awareness
• Stringent rules and regulations

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Market Scope in Vegan Food Market Research Report

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Research Analysis Overview

In the growing vegan food market, consumers seek meat substitutes and alternative dairy products for a healthier, plant-based diet. Weight loss and cardiovascular disease prevention are major motivators, as people become more health-conscious. Food chains respond with vegan meal sales, offering plant-based meat, cheese, milk, and more. Animal health and cruelty concerns also drive demand. Lactose intolerance and food intolerance networks promote dairy alternatives like plant-based milk and vegan cheese.

Market Research Overview

The global packaged foods and meats market encompasses vendors engaged in processing and packaging foods to ensure food safety and extend shelf life. According to Technavio, this market's size is determined by the consolidated revenue of the participating companies. It excludes equipment manufacturers and producers of packaged beverages, including alcoholic and non-alcoholic varieties. Factors fueling market expansion include the health benefits linked to the consumption of minimally processed plant-based foods, such as vegan meat substitutes and alternative dairy products, which are rich in essential nutrients like potassium, dietary fiber, folate, vitamin A, and vitamin C. Additionally, the vegan diet and plant-based lifestyle's growing popularity due to health consciousness, weight loss, and cardiovascular disease prevention contribute to market growth. Furthermore, the increasing demand for sustainable packaging and ethical considerations, such as animal cruelty-free production, add to the market's momentum.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/