Increasing demand for vegan food owing to its health benefits is propelling vegan food product market growth where vegan sauces & spreads are expected to witness significant growth during the forecast period. North America led the market with a share of more than 36% in 2021. Hidden Valley, Kite Hill, Dean’s Ranch, Daiya, and Violife are some of the popular brands of vegan sauces & dips in the US.
Newark, Nov. 13, 2022 (GLOBE NEWSWIRE) — According to The Brainy Insights, the vegan food products market is growing at a CAGR of 10.4% from 2022-2030. The market is driven by shifting consumer preference to vegan food products owing to rising concern for health. Several studies suggest that animal-based products, especially milk and its derivatives are not good for health as humans are unable to digest them as they grow old.
The market growth is also supported by increasing awareness about the benefits offered by vegan food products. These products are rich in protein, fibers, and antioxidants, and low in saturated fats, hence can be consumed by women suffering from PCOD and lactose intolerant people. Further, increasing product launches by leading players as well as small companies across the globe are expected to boost the market.
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All big companies like Nestle, Kraft Heinz, Danone, and General Mills Inc. have entered this market and offer a wide range of products. For instance, General Mills Inc., offers vegan cereal, cheese, and ice cream, among others. Danone offers are wide of vegan milk, cheese, yogurt, cream, etc.
Meat & seafood is the largest & fastest growing product segment in the global market. Vegetarian consumers are also opting for plant-based meat & seafood as they can’t eat real meat products. Thus, the growth for this product category is not only because of the vegan population but also because of vegetarians. Further, product innovation in this category is likely to bode well for segment growth.
The expansion of plant-based meat products in the HoReCa segment is also expected to boost the consumption of vegan food globally. In September 2021, McDonald introduced McPlant, a plant-based burger in the UK. The burger has been developed in partnership with Beyond Meat. It consists of a vegan patty on a sesame bun, with vegan sauce & vegan topping, and is available in more than 200 McDonald’s.
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Key Players
1. General Mills Inc.
2. Kraft Heinz
3. Danone
4. VITASOY International Holdings Limited
5. Amy’s Kitchen
6. VBites Foods Limited
7. Eden Foods Inc.
8. SunOpta
9. Daiya Foods Inc.
10. Tofutti Brands Inc.
11. Plamil Foods Ltd.
Market Segmentation
• Product Insights
o Meat & Seafood
o Yogurt
o Cheese
o Butter
o Creamers
o Ice Cream and Frozen Novelties
o Ready Meals
o Others
• Distribution Channel Insights
o Offline
o Online
Regional Insights
o North America
US
Canada
Mexico
o Europe
UK
Germany
France
Spain
Italy
o Asia Pacific
China
Japan
India
South Korea
Philippines
Australia
New Zealand
o Central & South America
Brazil
o Middle East & Africa
South Africa
UAE
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About the report:
The global vegan food products market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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