Author: Jeremy Cisneros Aguilar
Vegan Food Market Size Expected to Grow to Over USD 65 Billion by 2030
According to Precedence Research, in a report published earlier this year, the global vegan food market size was estimated at USD 26.83 billion in 2021. The vegan food industry is growing across North America, Asia Pacific region, Europe and Latin America. Europe has been the largest market for mix substitutes across the globe. France Germany and UK are the countries that have witnessed a high consumption of meat in the recent years, the global analyst firm said.
Drivers include concerns about obesity and health; About 30 to 70% of the individuals in the European Union countries are overweight. An increased awareness regarding the health and the growth of vegetarianism in Germany and France has led to a growth in the market, Precedence said.
The younger generation in Asia is becoming conscious about the climate and the association of the climate change with meat consumption, and in India there are many vegetarians but adopting an animal free diet is still relatively low.
The report states that North America is the largest consumer of the vegan food products across the globe. Many food chains like Domino’s and Starbucks are launching new products in the vegan industry.
Many vegan food manufacturers are producing innovative products in order to bring the varied consumers to purchase these products. The Middle East and Africa is in the developmental stages. There are many startups that are manufacturing vegan products in this market. An increasing awareness regarding the health is a significant factor which is propelling the demand for the vegan products in this region.
Read the Precedence Research press release here.