Vegan Food Market Is Estimated To Witness High Growth Owing To Rising Health Consciousness Among The Consumers
The Vegan Food Market is estimated to be valued at Us$ 17987.14 Mn in 2023 and is expected to exhibit a CAGR Of 8.8% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vegan foods are plant-based foods that are intended to exclude all animal products including meat, dairy, eggs or honey. These vegan food products offer various health benefits like low cholesterol, reducing heart disease risks and provide essential vitamins and minerals. Some of the popular vegan food items include meat alternatives, dairy alternatives, vegan snacks and vegan desserts among others.
Market key trends:
One of the major trends driving the growth of the vegan food market is rising health consciousness among consumers. People are increasingly becoming aware about the health risks associated with animal-based products like obesity and heart diseases. According to various health studies, a plant-based vegan diet helps maintain a healthy body weight, reduces bad cholesterol levels and lowers blood pressure. More consumers are switching to a vegan diet for health reasons which is fueling the demand for vegan food products globally.
Porter's Analysis
Threat of new entrants: The threat of new entrants into the vegan food market is low. High capital investments are required for R&D, machinery and brand building.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes. Buyers can easily shift to substitutes like plant-based or vegetarian food items.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are several suppliers of raw materials available.
Threat of new substitutes: The threat of new substitutes is high. Plant-based and vegetarian foods pose a threat to vegan foods.
Competitive rivalry: High as all major players aim to strengthen their presence through continuous product innovation.
SWOT Analysis
Strengths: Rising health awareness among consumers, strong nutritional profile of vegan food.
Weaknesses: Limitation in taste and variety compared to animal-based foods, expensive than conventional food.
Opportunities: Growing vegan population, potential in developing regions.
Threats: Pushback from food producers, rise of plant-based substitutes.
Key Takeaways
The Global Vegan Food Market Size is expected to witness high growth, exhibiting CAGR of 8.8% over the forecast period, due to increasing health consciousness among consumers. Rising prevalence of lifestyle diseases have prompted people to shift to a plant-based diet.
Regional analysis: North America dominates the global vegan food market and is expected to grow at a CAGR of 7.5% during the forecast period. Increasing vegan population and experimentation in vegan cuisine in the US and Canada are driving growth in the region. Asia Pacific is expected to be the fastest growing market registering a CAGR of 11.2% owing to growing health awareness in major countries like India and China.
Key players operating in the vegan food market are Hain Celestial, SunOpta Inc., WhiteWave and Others. These players aim to strengthen their presence through continuous product innovation and new product launches catering to the evolving tastes of vegan consumers. They have focused on mergers and acquisitions to expand their global footprint.
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