NEW YORK, Feb. 14, 2023 /PRNewswire/ — Major players in the market are Amy’s Kitchen, Vitasoy International Holdings Ltd., Beyond Meat, Tofutti Brands, Plamil Foods Ltd., Danone S.A., Vbites Foods Ltd., Eden Foods Inc., Whitewave Foods Company Inc, Sun Opta Inc.
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The global vegan food market will grow from $16.05 billion in 2022 to $18.27 billion in 2023 at a compound annual growth rate (CAGR) of 13.8%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The vegan food market is expected to grow from $29.19 billion in 2027 at a CAGR of 12.4%.
The vegan food market consists of sales of vegan fruits and vegetables, legumes such as vegan peas, vegan beans, plant protein-based tofu, and plant protein-based meat.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Vegan foods are foods that are produced without the use of animal ingredients or animal-derived ingredients.
Asia Pacific was the largest region in the vegan food market in 2022.Western Europe was the second-largest region in the vegan food market.
The regions covered in the vegan food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
An increase in concern about the environment among the population is driving the growth of the vegan market.Rearing and breeding livestock such as pigs, hens, cows, and goats on farms contributes to the greenhouse effect.
Greenhouse gases are released from the agriculture of livestock such as cows, and the gases are released to block the atmospheric heat from escaping, which increases the overall temperature.The demand for animal meat requires the excess practice of animal farming.
Thus, an increase in the number of consumers of vegan food eliminates the demand for excessive animal farming, following a decrease in greenhouse gas emissions in the environment.According to the United States Environmental Protection Agency, a US-based independent executive agency for the environment, in 2020, total greenhouse gas emissions were 5,981 million metric tons of carbon dioxide equivalent.
Thus, an increase in concern about the environment among the population is driving the growth of the vegan market.
Certain vegan food products lack certain nutrients.Vegan products do not contain any animal ingredients or animal-derived ingredients.
Vegan food doesn’t contain an adequate amount of high-quality protein and fats.Both vegan and vegetarian diets lack many very important minerals, such as calcium, iron, and zinc.
According to a study published in 2020 by BMC Medicine, vegans have a higher fracture risk as compared to meat-eaters, fish-eaters, and vegetarians.The strongest associations were observed for hip fractures, for which fish eaters, vegetarians, and vegans all had higher risks.
This is due to an inadequate calcium intake in a vegan diet. Therefore, the lack of essential nutrients impacts the growth of the vegan market.
One of the trends in the vegan market is the production of meat through cell-based technology.The cell-by-cell identical meat is produced in factories without involving the killing of animals.
Production of cell-based meat involves feeding the animal cells with nutrients and proteins, thus eliminating the need for dependence on animals for meat.For instance, in October 2022, a US-based pet food manufacturer introduced the cellular-based meat broth topper for dogs known as chicken broth topper, which will replace factory-framed products with cruelty-free cell-based meet to challenges related to the low quality and contamination of pet food.
Other major players such as Tyson Foods., an U.S.A. based processor and marketer of chicken, beef, and pork, are also investing in Memphis Meats in order to support the cell -based meat production.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The vegan food research report is one of a series of new reports that provides vegan food statistics, including global market size, regional shares, competitors with vegan food share, detailed vegan food segments, market trends and opportunities, and any further data you may need to thrive in the vegan food industry. This vegan food research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
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