PORTLAND, Oregon, Dec. 3, 2019 /PRNewswire/ -- Allied Market
Research recently published a report, titled, "Vegan Food
Market by Product Type (Dairy Alternative, Meat Substitute
and others) and Distribution Channel (Offline and Online): Global
Opportunity Analysis and Industry Forecast, 2019-2026".
According to the report, the global vegan food industry was pegged
at $14.2 billion in 2018 and
is estimated to reach $31.4
billion by 2026, registering a CAGR of 10.5% from
2019 to 2026.
Driving factors for the market–
Rise in obese population, surge in disposable income, and
increase in the trend of health and wellness among the target
customers have boosted the growth of the global vegan food market.
However, wide availability of substitutes impedes the growth to
certain extent. On the contrary, innovation in taste and flavor of
dairy alternative beverages, and untapped developing markets are
expected to create lucrative opportunities in the near future.
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https://www.alliedmarketresearch.com/request-sample/6197
Dairy alternative segment to portray the fastest
growth–
Based on type, the dairy alternative segment is projected to
register the fastest CAGR of 10.0% during the forecast period. This
is due to rise in number of lactose intolerant population as well
as vegan population. However, the meat substitute segment dominated
the global vegan food market in 2018, contributing to more than
two-fifths of the market. This is attributed to rise in popularity
amongst health-conscious consumers since it is gluten &
cholesterol free, and an excellent source of protein, iron,
calcium, amino acids and other micro-nutrients.
Offline segment dominated the market–
Based on distribution channel, the offline segment held the
largest share in 2018, contributing to more than three-fourth of
the global vegan food market. This is attributed to
the increase in adoption of supermarket and hypermarket in
both the mature and emerging markets. On the other hand, the
offline segment is projected to manifest the fastest CAGR of 11.6%
during the study period. This is due to the surge in rate of
internet penetration across the globe.
Europe region to dominate
the market, North America to
follow–
The global vegan food market across the Europe region held the largest share in 2018,
accounting for more than one-third of the market. The region is
expected to dominate the market throughout the forecast period.
This is due to increase in health awareness and growth in adoption
of vegetarianism. Moreover, North
America contributed to the second largest share in 2018.
However, Asia-Pacific region is
expected to register the fastest CAGR of 11.8% during the forecast
period. This is due to rise in health & fitness consciousness
and innovative product launches by companies.
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Major market players
- Whitewave Foods Company Inc
- Hain Celestial Group Inc
- Sun Opta Inc.
- Pascual Group
- Bhlue Diamond Growers
- Archer Daniel Midland Company
- Living Harvest Food Inc
- Earth's Own Food Company Inc
- Panos Brand LLC.
- Harvest Food Inc.
- Organic Valley Corporative
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application areas.
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SOURCE Allied Market Research