Vegan Food Market size to grow by USD 20.03 billion from 2022 to 2027, The market share growth by the offline segment will be significant during the forecast period. - Technavio

NEW YORK, Nov. 29, 2023 /PRNewswire/ -- The vegan food market is expected to grow by USD 20.03 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 12.07% during the forecast period. A growing number of vegan consumers is notably driving the vegan food market. However, factors such as a lack of product standardization guidelines may impede market growth. The market is segmented by distribution channel (offline and online), product (dairy alternative, meat alternative, and eggs and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The Free sample report is available in PDF format 

Key Segment Analysis

• The market share growth by the offline segment will be significant during the forecast period. Offline distribution channels in markets that generate revenue from the sale of products through hypermarkets, supermarkets, club stores, convenience stores, and independent retailers. Moreover, producers of vegans' goods are marketed through specialty shops and retail outlets like hypermarkets, supermarkets, convenience centers, clubs, or department stores. Hypermarkets and supermarkets offer a wide range of brands and storage units (SKUs) at competitive prices. In addition, department stores serve as a unique shopping solution. The main reason why consumers are choosing to shop for vegan foods in department stores is the fact that they can buy all their products under one roof.

To know additional highlights and key points on various market segments and their impact in coming years, View the PDF Sample Report.

Geographical Market Analysis 

• North America is estimated to contribute 40% to the growth of the global market during the forecast period. In North America, the US, Canada, and Mexico are amongst the world's biggest producers of vegan food. The growth of the region's vegan food market is driven by a growing number of vegans, as well as an increase in awareness about the benefits of veganism. The rising income of people and the high level of consumption expenditure are also supporting market development in this region.

Company Insights

 The vegan food market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including Amys Kitchen Inc., Bega Cheese Ltd., Beyond Meat Inc., Blue Diamond Growers, Danone SA, Earths Own Food Co. Inc., Eden Foods Inc., First Grade International Ltd., Fresh Start, Living Harvest Foods, Maple Leaf Foods Inc., Organic Valley, Otsuka Holdings Co. Ltd., PANOS Brands LLC, Ripple Foods PBC, Saputo Inc., SunOpta Inc., The Hain Celestial Group Inc., Tofutti Brands Inc., and VBites Foods Ltd.

View the PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

Related Reports:

The packaged vegan foods market is estimated to grow at a CAGR of 14.92% between 2022 and 2027. The size of the market is forecast to increase by USD 25,695.71 million. 

The vegan eggs market size is estimated to grow at a CAGR of 8.28% between 2022 and 2027. The market size is forecast to increase by USD 910.56 million.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Distribution Channel

Market Segmentation by Product

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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