Increasing demand for vegan food due to its health benefits is driving the growth of the vegan food products market where vegan sauces & spreads are expected to witness significant growth during the forecast period. North America leads the market with a share of over 36% by 2021. Hidden Valley, Kite Hill, Dean’s Ranch, Daiya, and Violife are some of the popular brands for vegan sauces & dips in the US.
Newark, Nov. 13 2022 (GLOBE NEWSWIRE) — According to The Brainy Insights, market of vegan food products growing at a CAGR of 10.4% from 2022-2030. The market is driven by shifting consumer preferences towards vegan food products due to rising health concerns. Some studies show that animal products, especially milk and its derivatives are not good for health because humans cannot digest them as they age.
Market growth is also supported by increasing awareness of the benefits offered by vegan food products. This product is rich in protein, fiber, and antioxidants, and is low in saturated fat, so it can be consumed by women suffering from PCOD and those who are lactose intolerant. Further, increasing product launches by major players as well as small companies across the globe are expected to boost the market.
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All the big companies like Nestle, Kraft Heinz, Danone, and General Mills Inc. has entered this market and offers a wide range of products. For example, General Mills Inc., offers vegan cereal, cheese, and ice cream, among others. Danone offers vegan milk, cheese, yogurt, cream, etc.
Meat & seafood is the largest & fastest growing product segment in the global market. Vegetarian consumers also choose plant-based meat and seafood because they cannot eat real meat products. Thus, the growth for this product category is not only because of the vegan population but also because of vegetarians. Further, product innovation in this category is likely to bode for segment growth.
The expansion of plant-based meat products in the HoReCa segment is also expected to boost vegan food consumption globally. In September 2021, McDonald’s introduced McPlant, a plant-based burger in the UK. The burger has been developed in collaboration with Beyond Meat. It consists of a vegan patty on a sesame bun, with vegan sauce & vegan toppings, and is available at over 200 McDonald’s.
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1. General Mills Inc.
2. Kraft Heinz
4. VITASOY International Holdings Limited
5. Amy’s kitchen
6. VBites Foods Limited
7. Eden Foods Inc.
9. Daiya Foods Inc.
10. Tofutti Brands Inc.
11. Plamil Pangan Ltd.
• Product insight
o Meat & Seafood
o Ice Cream and Frozen Novelties
o Prepared food
• Channel Distribution Insights
o North America
o Asia Pacific
o Central & South America
o Middle East & Africa
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About the report:
The global vegan food products market is analyzed by value (USD Million). All segments have been analyzed on a global, regional, and country basis. The study included an analysis of more than 30 countries for each section. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical insights into the market. This study includes porter’s five style model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, which aims to provide actionable insights through data analytics to companies to improve their business acumen. We have powerful forecasting and estimation models to meet our clients’ goals of high quality output in a short period of time. We provide custom reports (client specific) and syndicate reports. Our repository of syndicated reports is diverse across all categories and subcategories within the domain. Our customized solutions are tailored to meet the requirements of clients whether they want to expand or plan to launch new products in the global market.