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Vegan Food Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Vegan Food Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The vegan food market has expanded rapidly in recent years. It is expected to grow from $24.58 billion in 2023 to $27.8 billion in 2024, reflecting a compound annual growth rate (CAGR) of 13.1%. This growth during the historical period can be attributed to heightened awareness of health and wellness, increasing concerns regarding the environmental effects of animal agriculture, ethical considerations related to animal welfare, rising disposable incomes, the globalization of veganism, and government support.
What Are The Forecasts For The Global Vegan Food Market Size And The Predicted Annual Growth Rates?
The vegan food market is projected to experience rapid growth in the coming years, reaching $42.86 billion by 2028 at a compound annual growth rate (CAGR) of 11.4%. This growth during the forecast period is expected to be driven by the increasing influence of social media, the prevalence of food allergies, vegan activism and movements, and the expansion of retail offerings.
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What Are The Major Factors Driving The Growth Of The Vegan Food Market?
Growing environmental concerns among the population are driving the expansion of the vegan food market. The rearing and breeding of livestock, including pigs, hens, cows, and goats, contribute to the greenhouse effect. Livestock agriculture, particularly with cows, releases greenhouse gases that trap heat in the atmosphere, leading to a rise in overall temperatures. The high demand for animal meat necessitates extensive animal farming practices. Therefore, an increase in the number of consumers opting for vegan food reduces the demand for excessive animal farming, which in turn helps lower greenhouse gas emissions in the environment.
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Which Major Market Players Are Propelling the Vegan Food Market?
Key players in the vegan food market include Amy's Kitchen, VITASOY International Holdings Ltd., Beyond Meat, Tofutti Brands Inc., Plamil Foods Ltd., Danone S.A., Eden Foods Inc., Whitewave Foods Company Inc., Sun Opta Inc., Pascual Group, Bhlue Diamond Growers, Archer Daniel Midland Company, Earth's Own Food Company Inc., Panos Brand LLC., Hain Celestial Group Inc., Organic Vallet Corporative, Living Harvest Food Inc.
What Trends Are Shaping the Future of the Vegan Food Market Size?
Leading companies in the vegan food market are concentrating on innovative offerings such as plant-based chicken-style products to better serve their current consumers. These products are created from various plant-based ingredients, including soy, pea protein, jackfruit, and wheat protein, and are designed to replicate the taste and texture of real chicken.
What Is the Segmentation of the Global Vegan Food Market?
1) By Product Substitute: Dairy Alternative, Meat Substitute, Other Product Substitutes
2) By Source: Wheat, Soy, Oats, Almond, Other Sources
3) By Distribution Channel: Online, Offline
Regional Insights: Asia-Pacific's Dominance in the Vegan Food Market
Asia-Pacific was the largest region in the market in 2023. Western Europe was the second-largest region in the market report. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Is The Definition Of The Vegan Food Market?
The primary product substitutes in the vegan food market include dairy alternatives, meat substitutes, and other product substitutes. Dairy alternatives are items that replace traditional dairy products such as milk, cheese, and butter. These alternatives are derived from various sources, including wheat, soy, oats, and almonds, and are available through both online and offline distribution channels.
The Vegan Food Global Market Report 2024 from The Business Research Company includes the following key information:
. Market size data for both historical and future periods
. Analysis of both macro and microeconomic factors that have impacted the market over the past five years
. Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
. Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Vegan Food Market Report: Trends, Opportunities, Strategies, and More
The Vegan Food Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into vegan food market size, vegan food market drivers and trends, vegan food competitors' revenues, and vegan food market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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Oliver Guirdham
The Business Research Company
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