The Packaged Vegan Food market is anticipated to grow with a CAGR of 9.8% over the forecast period of 2019-2028. Vegan food is a type of food that does not include anything that is obtained from animals and is mostly plant-based. Since the introduction of veganism, vegan food is gaining wide popularity among people, especially animal lovers over the last few years. Various companies such as the cosmetics industry, food, and beverage industry, the fashion industry, and many others have invested in vegan products to gain popularity among strict vegans. Packaged vegan food is another booming segment in the food industry due to the rising number of vegans across the globe. The growing awareness about animal abuse, an increasing number of vegan-based products for a healthy diet, increasing obesity rates, and growing lifestyle changes across the globe are expected to drive the market immensely in the forecast period. Furthermore, increasing chronic diseases such as heart diseases, blood pressure, diabetes, etc., has inclined various people to shift towards began a diet that may propel the market growth in the forecast period.

Top Driver: Increasing Awareness About Animal Abuse and Healthy Benefits of Veganism is Expected to Anticipate the Market Growth

The Vegan food is obtained from plant-based sources, which are a major concern for animal lovers and people who are against animal abuse. Various dairy products and other animal-based food items are obtained using artificial methods such as the use of chemicals to obtain more yield from the animals. Various people consider these methods as animal abuse and hence are inclined towards veganism. The rising popularity of the vegan diet for weight loss and healthy diets is expected to propel the market growth in the future. Since most of the vegan food does not contain fats or carbs, vegan food is a widely accepted diet for weight loss. Hence the packaged vegan food is expected to witness growth in the forecast period.

The Vegan Diary Products are Expected to be the Largest Market Segment Attributed Towards Growth  

Based on type, the market is segmented into Vegan Dairy products, Dessert, Snacks, Tofu, Others. The vegan dairy products are expected to have the largest market share owing to the growing acceptance of vegan dairy products to substitute animal-based dairy products. Moreover, key players are investing in research and development to form innovative product ideas for the market. On the basis of distribution, the market id segmented into online and offline. The offline distribution segment accounted for the largest market owing to the increasing number of supermarkets and hypermarkets.

North America to Hold the Largest Market Share

North America is expected to be the largest growing segment owing to the increasing awareness about veganism and its benefits in chronic diseases such as heart diseases, blood pressure. Etc. The growing cases of obesity are expected to contribute to the market share in the region. The Asia Pacific witnessed the highest growth in the forecast period owing to the rising urbanization and inclination of people towards a healthy lifestyle. Europe shows steady growth in the forecast period.

Players to Invest in R&D for Innovative Products in the Vegan Packaged Food

The global Packaged Vegan Food market is expected to grow with a significant CAGR due to presence of various companies including The Archer Daniels Midland Company, Amy’s Kitchen, Beyond Meat, Daiya Foods, Inc., Plamil Foods Ltd., Tofutti Brands, Inc., Danone S.A., VBites Foods Ltd, VITASOY International Holdings Ltd., Eden Foods, Inc. and others which are developing new products to drive the market growth.

Various key players are into research and development to produce an innovative vegan-based product that can be challenging for new entrants in the market. The huge demand for different flavors and tastes has lead the manufacturer to make experimental products in terms of taste and widen their product portfolio.

Scope of the Report

By Product

• Vegan Dairy products
• Dessert
• Snacks
• Tofu
• Others

By Distribution

• Offline
• Online

By Region

• North America
• Europe
• Asia Pacific
• Rest of the World

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.