The IMARC Group has produced a report titled “Vegan Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. It concludes that the global vegan food market is expected to show a Compound Annual Growth Rate (CAGR), the annualized average rate of revenue growth between two given years, of 9.7% during 2023-2028. Another conclusion is that the Global Vegan Food Market Size is expected to be growing consistently every year.
The authors of the report have identified that 60% of the Global Vegan Food Market share of sources is Soy, 10% oats, 10% wheat,10% almond and the remaining 10% others.
According to the authors, one of the key factors driving the global vegan food market is the growing consumer concern towards cruelty against animals for producing food items. It also mentions the rising incidences of chronic diseases as one of the primary factors boosting the sales of vegan food “as it helps in maintaining the blood glucose levels and minimizing the risks of stroke, obesity, cholesterol and cancer.” They also say that the “Sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of vegan food products.”
The report covers the following companies: Amy’s Kitchen, Inc., Beyond Meat, Inc., Daiya Foods, Inc., Danone SA, Eden Foods, Inc., Plamil Foods Ltd., Archer Daniels Midland Company, Tofutti Brands, Inc., VBites Foods Limited, and Vitasoy Australia Products Pty Ltd.
