The number of vegan consumers continues to grow
Technavio's latest market research report estimates significant growth of 19.6 billion euros between 2021 and 2026. The market is expected to register a CAGR of 12.25% over this period. The report provides detailed information on the current market scenario, trends, drivers and the overall market environment.
The vegan food market is segmented on the basis of products, including dairy substitutes, meat substitutes and others, as well as geographical regions such as North America, Europe, APAC, South America and the Middle East & Africa.
Vegan consumers on the rise
One of the main driving forces behind the expansion of the vegan food market is the growing number of people adopting a vegan lifestyle. Veganism, which focuses on the elimination of animal exploitation and cruelty in various industries, including food and clothing, has gained a lot of ground. People are adopting veganism for health, ethical and environmental reasons. Notably, catering outlets are also catering to this growing consumer segment by incorporating vegan recipes into their menus. The report highlights that the global vegan population reached almost 79 million in January 2021, indicating an increase of 3% over the previous year. This upward trend among vegan consumers is expected to drive growth in the vegan market throughout the forecast period.
New product launches and standardization
New product launches play a central role in the growth of the vegan food market. Successful launches not only contribute to revenue growth, but also help companies build a strong consumer base and gain a competitive edge in the marketplace. For example, recent vegan product launches, such as breaded fish-free fillets and dairy-free ice cream flavors, have generated considerable consumer interest. However, one of the challenges facing the market is the lack of product standardization guidelines. Varying regulations and legislation in different countries impact on packaging and labeling processes, resulting in higher production costs for vendors. Addressing this challenge through uniform regulations will be essential for sustained growth in the vegan food market.
According to the report, the vegan food market is set for significant growth, thanks to the growing number of vegan consumers worldwide. The report highlights the dairy alternatives segment as a major contributor to market growth due to rising demand. In addition, the market is fragmented, and suppliers need to strengthen their positions in fast-growing segments while maintaining their presence in slower-growing segments. Launching new products and solving standardization challenges are crucial to market expansion. By leveraging market research reports such as Technavio's, companies can gain valuable insights into the vegan food market, identify growth opportunities and develop strategies for their market entry and expansion plans.
See vegan products from La Compagnie du Mochi :
- The must-have iced mochi Mango passion
- The irresistible iced mochi Lychee
- The unique iced mochi Raspberry Pistachio
- The unforgettable iced mochi Frosted lemon
