According to a new report by Expert Market Research, ‘Global Vegan Food Market Report and Forecast 2020-2025’, the Vegan Food market size was valued at $14.2 billion in 2018 and is expected to reach $31.4 billion by 2026, registering a CAGR of 10.5% from 2020 to 2025.

Competitive Landscape & Supplier Analysis:

Amy’s Kitchen
Danone S.A (EPA: BN)
The Archer Daniels Midland Company (NYSE: ADM)
Daiya Foods Inc.
Tofutti Brands Inc. (OTCMKTS: TOFB)
Ripple Foods Inc.
Earth’s Own Food Company Inc.
Others
Growing awareness about animal health and animal cruelty in the food industry has been encouraging people to shift from animal-based to plant-based food products. According to The Vegan Society, from 2012 to 2017, the meat-free food demand grew by 987%. The product is Googled three times more than gluten-free and vegetarian products

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Vegan Food Market size is likely to witness steady gains in the forecast period owing to changing consumer perceptions towards vegetarian diets as well as its potential benefits in regulating cholesterol and insulin levels. Vegan is a type of vegetarian diet that excludes meat, dairy, eggs and all other- animal derived ingredients such as honey, collagen & gelatin Increasing consumer conciseness related to potential benefits of vegan food such as lower level of cholesterol, insulin, stress & anxiety inducing hormones such as adrenaline and cortisol is changing consumer perceptions on animal derived products which may foster vegan food market growth.

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Increase in obesity rates all over the world, growth in health problems such as heart diseases, high blood pressure, diabetes, asthma, and others, have uplifted the overall health consciousness among consumers. This has resulted in increase in demand for different types of healthy food products including vegan food products. Moreover, over the past couple of years, there has been a surge in number of vegan population around the globe specifically in developed regions such as North America and Europe. This set of population is either lactose intolerant or highly conscious about the food intake. Thus, surge in number of vegan population coupled with rise in number of health conscious consumers drives the demand for vegan food products.

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