The Business Research Company’s latest report on 'Vegan Food Global Market Report 2021 - COVID-19 Growth And Change' an overview of the vegan food market trends, is out. According to the report the global vegan food market is expected to 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 global vegan food market is spread across Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. And the major companies in the segment include Amy's Kitchen, VITASOY International Holdings Ltd., Beyond Meat, Tofutti Brands, Plamil Foods Ltd., Danone S.A., Vbites Foods Ltd., Eden Foods Inc., Whitewave Foods Company Inc, Sun Opta Inc., Pascual Group, Blue Diamond Growers, Archer Daniel Midland Company, Earth's Own Food Company Inc, Panos Brand LLC., Hain Celestial Group Inc., Organic Vallet Corporative, Living Harvest Food Inc., Morningstar Farms, MGP Ingredients Inc., Sonic Biochem Extractions Limited, ADM, Dupont, The Nisshin Oillio Group, Schouten Europe, Memphis Meats, Alpha Foods, Corbion Biotech Inc., Famleigh Inc., Alpro.
According to the United States Environmental Protection Agency, in 2018, total gross U.S. greenhouse gas emissions were 6,676.6 million metric tons of carbon dioxide equivalent (MMT CO2 Eq). Increasing concern about the environment among people is driving the growth of the vegan market. And as per the vegan food market trend the market is expected to reach $22.27 billion in 2025.
A quick overview of the vegan market trend
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.
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 US-based food production company, for the production of cell-based vegan animal meat. Since 2016, other major players such as Tyson Foods., a US-based processor and marketer of chicken, beef, and pork, are also investing in Memphis Meats in order to support cell-based meat production.
The global vegan food market is segmented -
1) By Product Substitute: Dairy Alternative, Meat Substitute, Others
2) By Distribution Channel: Online, Offline
3) By Source: Wheat, Soy, Oats, Almond, Others
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