Market Research Report
PACKAGED VEGAN FOODS MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|PACKAGED VEGAN FOODS MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 110 Pages
Delivery time: 2-3 business days
The global packaged vegan foods market is projected to grow at a CAGR of 9.74% during the forecast period.
The cautiousness regarding the ill-effects of meat-based products on health is leading consumers in making a shift towards a safer diet. Considering the potential of the meat substitute market, tycoons like Kellogg's, Conagra Brands Inc., and The Campbell Soup Company have invaded the market by acquiring small meat substitute companies. For instance, Campbell Soup Company acquired the Pacific Foods of Oregon LLC for USD 700 million in 2017, with expectations of strengthening Campbell's health and well-being portfolio in the growing natural and organic category, thus promoting market growth.
As per World Health Organization, people consuming an average of ¼-pound of red meat per day raise their risk of developing colon cancer by 17% during their lifetime, and unfortunately, this is just one of the ailments associated with consumption of meat. With the help of extensive awareness campaigns and publicity, the North American population has upgraded its knowledge regarding the cons of meat consumption. Also, the working-profile people have no time to spare on instant cooking and simultaneous consumption, be it vegetarian or meat. Packaged vegan foods emerged as a complete remedy. The convenience of easy handling and healthy food simultaneously was well appreciated. U.S. Department of Agriculture's statistics concludes that the U.S. cattle commercial slaughter and inventories in 2015 were 28.7 million head, which is the lowest rate it has been in more than a decade.
Increasing awareness against animal cruelty has led to a rise in the number of people following vegan habits in the North American region. Owing to this, the demand for Vegan products has gone up ranging throughout the application segments. Rivalry among leading market players like Amy's Kitchen Inc., Beyond Meat, Tofutti Brands, Annie's Homegrown, Inc. and Danone S.A. to capture the market is continuous and therefore, they are focusing on gaining significant market shares in specific realms of the packaged vegan foods market.