Newark, NJ, Jan. 27, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global packaged vegan food market is expected to grow from USD 9.11 billion in 2018 to USD 15.1 billion by 2026, at a CAGR of 7.02% during the forecast period 2019-2026.
Packaged vegan food is a type of vegetarian diet that excludes meat, eggs, dairy products, and all other animal-derived ingredients. Many vegans also do not eat foods that are processed using animal products, such as some wines and refined white sugar. Vegan food companies are also putting a lot of effort into their vegan food packaging designs, to attract consumers. The aim is to create vegan food packaging is to reflect the superior taste of the food inside, as well as communicate to the consumer.
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Global Packaged Vegan Food Market Key Findings:
- The market is driven by the increase in the number of organized retailing outlets across the world. Also, the growing consumer preference for plant-based proteins is anticipated to boost the growth of the vegan cheese market
- The volatility in the raw material prices and erratic supply of raw materials is expected to hinder the market growth.
- The product segment is divided into vegan dairy alternatives, packaged vegan meals, meat alternatives, vegan bakery and confectionery products, and others. The packaged dairy alternatives segment is expected to hold the largest market growth in the global packaged food market over the forecast period.
- The distribution channel segmented into offline and online distribution channels. Offline distribution channel is growing significantly with the increase in the establishment of specialty stores, supermarkets, hypermarkets, and convenience stores across the world. This is encouraging retailers to sell ready-to-consume packaged vegan food such as vegan cheese. Several new retail chains are expanding their geographical presence. Thus, the growth of organized retailing is expected to fuel the packaged vegan food market growth during the forecast period.
- The regions analyzed for the global packaged vegan food market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. The North America region led the global packaged vegan food market with the market share of 35.63% in the year 2018. As per the study by Plant-Based Foods Association (PBFA) and the Good Food Institute, sales of plant-based food in the US went up by 8.1% during the past year and reached up to USD 3.1 billion.
- Factors such as growing vegan population, rising internet and smartphone penetration, and increasing demand for healthy products, and changing consumer lifestyle led the North America region to dominate the global packaged vegan food market in 2018.
- In the U.S., animal welfare rights groups have gained significant traction and how animals are treated in the production of products has caused a switch in consumer preferences across the region.
- Europe is one of the prominent region in the global packaged vegan food market, owing to the rising vegan population in the region. UK is one of the leading country in the packaged vegan food market, as more and more consumers are highly adopting the vegan diet in the country. Other factors such as increased ethical focus of the consumers mainly led by the millennial generation and the emergence of the ‘flexitarian’ consumers, are further boosting the growth of market in the Europe.
- Key players in the global packaged vegan food market are Amy's Kitchen, Beyond Meat, Plamil Foods, Tofutti Brands, WhiteWave Foods, Annie's Homegrown, Barbara's Bakery, Dr. McDougall's Right Foods, Edward & Sons, Galaxy Nutritional Foods, Pacific Foods, The Bridge, and Vegan Made Delight among others. Many companies have adopted key strategies such as merger and acquisition, geographical expansion, new product development, and innovation in product offering to gain a competitive advantage in the global packaged vegan food market. Established food companies and investors are focusing on the investment in the packaged vegan food market.
- In April 2019, Nestle SA launched a pea-based veggie patty called the Awesome Burger, under its plant-based brand, Sweet Earth, in supermarkets and restaurants. The company is currently selling the Awesome Burger at McDonald’s restaurants in Germany.
- In October 2019, Maple Leaf Foods Inc, the Canadian packaged meat producer, announced the launch of plant-based burgers and ground meat under its Lightlife brand.
- March 2018, Unilever, a global product corporation, launched a new vegan snack line to support urban farming initiatives.
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About the report:
The global packaged vegan food market is analysed on the basis of value (USD billion), volume (units), consumption (units), imports (units) and exports (units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of 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.
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