Global Packaged Vegan Foods Market Research to grow at a CAGR of 10.16% during the period 2016-2020
The report, titled “Global Packaged Vegan Foods Market 2016-2020” presents a detailed evaluation of the global packaged vegan foods market. It offers qualitative insights into the market dynamics and competitive landscape of the packaged vegan foods industry.
With the increasing health consciousness among consumers, the market is expected to tread along a healthy growth track. As per the findings of the report, the global packaged vegan foods market is expected to exhibit an impressive CAGR of 11% during the forecast period of 2016 to 2020. The increasing animal activism is prompting a large number of people worldwide to shift towards veganism, which in turn is propelling the growth of the global market. Moreover, increasing initiatives by animal rights organizations to spread awareness regarding the benefits of veganism are providing a significant push to the market.
However, the lack of definitive regulations associated with vegan food labeling is limiting the widespread adoption of packaged vegan foods. Furthermore, most of the vegan foods do not offer wholesome nutrition. As a result, people following a vegan diet can develop nutritional deficiencies. This, along with the threat of contamination due to unhygienic handling and storage of raw materials, is restraining the growth of the global packaged vegan foods market. Nevertheless, with the growing media buzz and celebrity endorsements for promoting veganism, the global market is expected to gain considerable momentum in the forthcoming years. Moreover, the declining global consumption of red meat is providing immense growth opportunities to players in the market.
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On the basis of product, the global packaged vegan foods market is segmented into vegan dairy alternatives, vegan bakery and confectionary products, packaged vegan meals and meat alternatives, and others. Due to easy availability, the vegan dairy alternatives segment will continue to dominate the market in terms of revenue until 2020. Owing to the rising demand for nutritious, tasty, and lactose-free products, the rising uptake of flavored and unsweetened vegan dairy alternatives is contributing to the growth of this segment.
The global packaged vegan foods market is a highly dynamic arena owing to the continuously changing consumer demand and preferences. Companies in the market are competing fiercely on the basis of quality, distribution, price, promotion, and product differentiation. Production innovation is a commonly adopted strategy to ensure product differentiation and stay relevant in the market. The key players in the market are Plamil Foods, Whitewave Foods, Amy’s Kitchen, Tofutti Brands, and Beyond Meat. Other prominent companies in the market are Annie’s Homegrown, Dr. McDougall’s Right Foods, Galaxy Nutritional Foods, Barbara’s Bakery, The Bridge, Edward & Sons, and Vegan Made Delight.
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