Packaged Vegan Food Market Size Share Trends Growth Demand and Competitive Analysis Insights 2022-2029 | DataM Intelligence

Packaged Vegan Food Market Size Share Trends Growth Demand and Competitive Analysis Insights 2022-2029 | DataM Intelligence
DataM Intelligence
The Packaged Vegan Food Market is expected to grow at a CAGR of 11% during the forecast period 2022-2029.

Market Overview:

Packaged Vegan Food Market is valued at USD YY million in 2021 and is estimated to reach USD YY million by 2029, growing at a CAGR of 11% during the forecast period 2022-2029. 

Consumer options in the direction of the meals they consume are unexpectedly changing around the sector with factors along with changing life, vitamins, and monetary and sustainability worries. Much of these changing consumer preferences are moving purchasers in the direction of plant-based, animal-free meals.

Veganism evolved as the most important attribute of the boom of sustainable food production and intake timetable globally. Packaged vegan meals are packaging products that are organized without the use of any animal-primarily based elements resulting in low fats and ldl cholesterol. Consequently, a growing range of humans at present are turning vegan because of their love and compassion towards animals and the environment.

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Market Dynamics

The speedy boom in the vegan population is riding the Packaged Vegan Food Market

The swiftly growing vegan populace is using the market of packaged vegan meals. For instance, the number of U.S. Clients identifying as vegan grew from up to 6% to one percent between 2014 and 2017, an nearly 600% growth. Sales of plant-based total substitutes to animal-primarily based foods consisting of meat, cheese, milk, and eggs expanded by 17% during the last year, while the usual U.S.

Food sales multiplied by only 2%, according to an investigation from Nielsen and the Good Food Institute. Due to the developing trend of vegan people, manufacturers are generating attractive packaged vegan meals together with snacks, ready-to-eat food, etc., and packaging them with special packaging products which are made from components without animal materials. This, in flip, strengthens the market for packaged vegan meals.

Another important driving factor of Packaged Vegan Food Market is the health benefits that come with consuming vegan meals. Besides the ease blessings of processing and packaging, those products avoid illnesses like coronary heart assault and diabetes. Thus it’s far viewed to be more healthy and subsequently is favored over meat by way of many who have lifestyle illnesses which include obesity, diabetes, etc.

Some of the options for dairy and meat merchandise along with nuts and entire grains are packaged with a focal point on vegan as a promotion approach, which offers an aggressive facet to the food processors and producers. However, the excessive cost of packaged vegan ingredients and the danger of counterfeit can also hinder a few customers from shopping for this product which restrains the market enlargement to a degree.

Market Segmentation

By Type

  • Vegan Dairy Alternatives
  • Packaged Vegan Meals
  • Meat Alternatives
  • Vegan Bakery and Confectionery Products

By Distribution Channel

  • Offline
  • Online

Competitive Landscape

The global packaged vegan food market is fragmented with a large number of players providing various vegan-related products such as dairy and meat alternatives to consumers. The market competition is intense due to increasing innovation to find out more alternatives and growing consumer interest in vegetarian foods. Key players in the global packaged vegan food market are Amy’s Kitchen Inc., Dr. McDougall’s Right Foods, Beyond Meat Inc., Annie’s Homegrown, Plamil Foods Ltd. Ltd., Danone S.A., Tofutti Brand Inc., Barbara’s Bakery Inc., Edward & Sons Ltd., Galaxy Nutritional Foods Inc and others.

Beyond Meat Inc., Inc., On May 27, 2021, introduced its first-ever value 6- pack of its iconic Beyond Burger in Canada. This new product strategy is mainly focused on attracting more customers to vegan foods in Canada.

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