VEGAN FOOD MARKET ANALYSIS

Market Challenges And Opportunities

Global Vegan Food Market Drivers:

Growth of obese population is fostering market growth

According to OECD, obesity levels are expected to be particularly high in the U.S., Mexico, and England, where 47%, 39%, and 35% of the population respectively are projected to be obese in 2030. Obese people are highly prone to lifestyle disorders such as cancer, cardiovascular disease, and diabetes. For this reason, consumers are looking for vegan diet. According to recent studies, 30% of Americans are not only leaving meat off their plates but are also seeking out plant-based meat alternatives.

Rising environmental concern and growing awareness regarding animal welfare to propel market growth

The demand for vegan products has grown rapidly across the globe, as consumers are becoming aware of their health benefits and environmental implications. The growing demand for healthy foods and the emergence of innovative plant-based products are expected to contribute to growth of the vegan food market during the forecast period.

Global Vegan Food Market Opportunities:

Growing concern among consumers about the ethical treatment of animals, wide availability of vegan products through different distribution channels, and the rising prevalence of chronic diseases are key factors expected to serve significant growth opportunities over the forecast period.

Increasing number of vegan restaurants are projected to bring lucrative growth opportunities. According to the HappyCow, at the end of 2019 a little over 2600 vegan restaurants were listed; and by early 2022 the restaurant count had climbed up to 3400. That’s a 25% jump! In other words, every 4 restaurants, new one opened.

Global Vegan Food Market Restraints:

Wide availability of substitutes to hinder market growth

Substitutes like low-fat meat are gaining popularity in the market. For instance, lean meat has gained prominence in the market owing to the growing health-conscious consumer worldwide. This is expected to limit the adoption of vegan food among consumers, thus hindering market growth.

High price of vegan food

The prices of plant-based foods are comparatively high and hence, adoption is slow amongst consumers. This factor is expected to hamper the market growth. However, increasing disposable income of consumers along with the growing adoption of healthy lifestyle will provide significant growth opportunities for key players in the market.