According to the research report titled, ‘Global Vegan Food Market Size study, by Product Type (Dairy Alternative, Meat Substitute and Others), by Distribution Channel (Offline and Online), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global vegan food market was worth USD 15.24 billion in 2020 and is anticipated to record an annual growth rate of 9.6% over 2021-2027, thereby accumulating USD 28.95 billion by the end of the forecast duration.
 

Increasing adoption of vegan diet owing to its health benefits, surging prevalence of chronic diseases, and rising product launches with innovative ingredients are boosting the progression of global vegan food market.
 

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In September 2021 for instance, a well-known chocolate and cocoa product manufacturer The Hershey’s Company introduced the vegan chocolate bar with oats and rainforest alliance approved cocoa as its major ingredients.
 

Rising cognizance about animal cruelty, positive influence of social media platforms, and  growing demand for environmentally friendly production and consumption of food products is augmenting the overall industry outlook.
 

On the contrary, insufficiency of Vitamin-B12 in these products and lack of awareness regarding the benefits of vegan diet are likely to hamper the remuneration scale of the marketplace in the forthcoming years.
 

In terms of product type, the market is split into meat substitute, dairy alternative, and others, whereas bifurcation of global vegan food market based on distribution channel includes online and offline.
 

Speaking of the geographical landscape, regions like North America, Europe, Asia Pacific, and Latin America are considered to understand the dynamics of the industry sphere. Among these, North America presently holds a significant market share creditable to rapid increase in the number of lactose intolerant people and high concentration of established companies across the region.
 

Meanwhile, Asia Pacific market is projected to expand substantially over 2021-2027, owing to surging research & development activities, growing incidents of chronic diseases, and improving standard of living in the region.
 

Eden Foods Inc., Vitasoy International Holdings Ltd., VBites Foods Ltd., Danone S.A., Tofutti Brands Inc., Plamil Foods Ltd., Daiya Foods Inc., Beyond Meat Inc., Amy’s Kitche Inc., and The Archer – Daniels- Midland Company are the major players enlisted in global vegan food market report.