The prevalence of plant-based food and meat alternatives have observed to be constantly rising across countries like New Zealand, United States, Canada, Sweden and Germany. According to studies, in 2018, the demand for plant-based meat grew 37% compared to last two years. The most demanded form of plat-based meats across United States included burgers followed by nuggets, strips and cutlets. Rising demand for plant-based food and meat alternatives is influencing investment across the industry. According to the Good Food Institute, the investment in the plant-based meat, egg, and dairy alternative companies in the first quarter of 2020 across United States accounted for US$ 741 Mn. However, in 2018, the total investment in the plant-based market in the country accounted for US$ 673 Mn, out of which venture capital was the most common source of funding, representing 43% of the total investment. The other type of investment in the plant-based food market involved individual investments and corporate investments. These investments have encouraged indigenous food companies across the country to establish their presence in the vegan food market. For instance, in April 2020, Blue Horizon Ventures declared planned investments in four plant-based food companies including Alpha Foods, Love Raw, Veestro, and The Live Kindly Co. The company aims to invest in these companies to specifically support a healthy and sustainable food consumption practice. Moreover, the major companies investing in these plant-based food manufacturing companies are impact investors who strategically focuses on investments that have a social impact. For instance, companies like New Crop Capital and Stray Dog Capital amongst others are investing in the market to popularize vegan food culture and simultaneously monetize on the growing demand of plant based food and alternatives. Thus, the growing investment by these corporate investors in the plant-based food manufacturing companies is driving the growth of the vegan food market across the globe.
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The outbreak of the covid-19 pandemic has positively affected the vegan food market owing to the growing preference of a large section of population to consume meet alternatives so as to refrain from getting infected through unpredicted diseases. The current health emergency situation has led consumers to become more conscious about their lifestyle choices and thoughtful food consumption. According to studies, the sales of the plant-based meat increase by 264% in the United States since March 2020. This was primarily owing to the changing food consumption pattern among individuals to avoid health risks associated with the consumption of meat. In a similar instance, after the wide outbreak of the coronavirus across China, the country banned the trade of animals for consumption in the country. This initiative by the Chinese Government encouraged companies to enter the market and offer innovative vegan food options. For instance, Beyond Meat entered the Chinese market through Starbucks in April and recorded a jump in its share by 49%. Additionally, KFC also launched its plant-based fried chicken in the country to take advantage of the growing trend of plant-based meat alternative among individuals across the country. Similar investments towards product innovations is anticipated to contribute towards the growth of the global vegan food market over the forecast period.
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The detailed research study provides qualitative and quantitative analysis of vegan food market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Global Vegan Food Market:
- By Product Type
- Dairy Alternatives
- Milk
- Yogurt
- Cream
- Margarine
- Cheese
- Frozen Desserts
- Others
- Meat Substitutes
- Sausages
- Nuggets
- Patties
- Others
- Snacks & Meals
- Nutrition & Protein Bars
- Fruit Snacks
- Pizza
- Others
- By Vegan Sources Type
- Almond
- Oat
- Soy
- Cashew
- Coconut
- Peas
- Pulses
- Others
- By Business Model
- B2B
- B2C
- By Distribution Channel
- Online
- Manufacturer’s Website
- E-Commerce Websites
- Offline
- Supermarkets and Hypermarkets
- Specialty Stores
- Convenience Stores
- Others
- By Region
- North America
- U.S
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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