According to the latest market research study released by Technavio, the global packaged vegan foods market is expected to grow at a CAGR of more than 11% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global packaged vegan foods market based on product:
Global packaged vegan foods market share by product 2015
|
Vegan dairy alternatives |
47.78% |
|
Packaged vegan meals and meat alternatives |
23.70% |
|
Vegan bakery and confectionery products |
14.50% |
|
Other packaged vegan foods |
14.02% |
Source: Technavio
The top three contributing product segments are discussed below:
Global packaged vegan dairy alternatives market
In 2015, the vegan dairy alternatives accounted for around 48% share in the global packaged vegan foods market. These dairy alternatives are available in health food stores, hypermarkets, and supermarkets in a wide variety of blending profile and brands. Consumers buying vegan dairy products mostly prefer the unsweetened variant over the sweetened one, as the sweetened one not only contains added sugar but is also comparatively high in both carbohydrates as well as calories.
“The demand for flavored vegan dairy alternatives is rising among customers globally. This is due to the increase in demand for nutritious, blended, tasty, and lactose-free products. The consumers while purchasing flavored vegan dairy alternatives, prefer the variants that are prepared using natural flavoring agents and less amount of added sugar,” says Manjunath Reddy, a lead analyst at Technavio for research on food.
Consumers in North America and Europe predominantly prefer dairy alternative that is not only vegan and lactose-free but also gluten-free. For instance, Pacific Foods offers various dairy alternative products such as Organic Almond Original, Hemp Vanilla, and Organic Oat Original in these regions due to the rising demand from health-conscious vegan consumers.
Global packaged vegan meals and meat alternatives market
The demand for meat alternatives is highly influenced by factors such as health perception and animal welfare. Countries such as Germany and the US are the key markets for vegan meat alternatives globally. About 33% of consumers globally prefer vegan meat alternative products as they are healthier than meat products. Around 50% of consumers prefer them over red meat and half of them, who are trying to cut down their meat consumption switch to meat alternatives. Over the last few years, the meat alternatives launched with a vegan claim have grown two-fold. The prevailing trends such as the convenience in food products, the need for leisure time, and less preparation time has increased the demand for convenience ready meals and other food products among time-pressed consumers. For instance, studies indicate that more than 50% of the Americans feel the lack of time is preventing them from doing important things and is a much bigger problem than the lack of money. Hence, consumers prefer vegan ready meals, which are not only healthy and tasty but also increase their leisure time.
Global vegan bakery and confectionery products market
The packaged vegan bakery and confectionery market remains attractive because of the change in the consumption habits of consumers in North America and Europe. This is due to the continuous shift of the millennials, young consumers, toward healthy and nutritious bakery and confectionery products, in which animal ingredients are not used during baking. The vendors are concentrating on developing healthier version of products due to the increasing trend of health and wellness. For instance, Bunner’s Bakeshop, a Canada-based bakery, offers vegan baked savory snacks such as Veggie Pot Pie and Vegan Mac and Cheese. It also provides its products through online channels such as Amazon and Indigo. As the demand is increasing, there is also an increase in bakery stores and availability of vegan bakery items.
The top leading vendors operating in the global packaged vegan foods market are:
- Amy’s Kitchen
- Beyond Meat
- Plamil Foods
- Tofutti Brands
- WhiteWave Foods
Other prominent vendors in the market include Annie’s Homegrown, Barbara’s Bakery, Dr. McDougall’s Right Foods, Edward & Sons Trading Company, Galaxy Nutritional Foods, Pacific Foods, The Bridge, and Vegan Made Delight.
A more detailed analysis is available in the Technavio report titled, ‘Global Packaged Vegan Foods Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Soy Milk and Cream Market 2016-2020
- Global Almond Milk Market 2016-2020
- Global Quinoa Seeds Market 2016-2020
- Global Hemp-Based Foods Market 2016-2020
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