Global Vegan Food Market Trends And Strategies Of Major Players In The Vegan Food Market 2021-2030

The vegan market consists of the sale of vegan products and related services for consumption purposes. Vegan products include food and beverages produced without the use of animal ingredients or animal-derived ingredients. Vegan food products include fruits and vegetables, legumes such as peas, beans, plant protein-based tofu and plant protein-based meat.

Global Vegan Food Market Size And Drivers:

The global vegan food market is expected grow from $14.44 billion in 2020 to $15.77 billion in 2021 at a compound annual growth rate (CAGR) of 9.2%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $22.27 billion in 2025 at a CAGR of 9%. An increase in the concern about the environment among the population is driving the growth of the vegan market.

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Trends In The Global Vegan Food Market

One of the trends in the vegan market is the production of meat through cell-based technology. The cell-by -cell identical meat is produced in factories without involving the killing of animals. Production of cell -based meat involves feeding the animal cells with nutrients and proteins thus, eliminating the need for dependence on animals for meat. Following the trend, in 2019, Memphis Meats, a U.S.A based cell-based meat start up, received investments from Cargill, a U.S.A based food production company, for the production of cell-based vegan animal meat. Since 2016, other major players such as Tyson Foods., an U.S.A. based processor and marketer of chicken, beef, and pork, are also investing in Memphis Meats in order to support the cell -based meat production.

Global Vegan Food Market Segments:
The global vegan food market is further segmented –
By Product Substitute: Dairy Alternative, Meat Substitute, Others
By Distribution Channel: Online, Offline
By Source: Wheat, Soy, Oats, Almond, Others
By Geography: The global vegan food market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

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Vegan Food Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides vegan food market overviews, analyzes and forecasts market size and growth for the global vegan food market, vegan food market share, vegan food market players, vegan food market segments and geographies, vegan food market’s leading competitors’ revenues, profiles and market shares. The vegan food market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.