Packaged Vegan Foods Market - Global Industry Analysis, Size, Share, Growth, Trends, Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 02/08/2018 -- Consumers focusing on cutting down the animal based dairy products have started preferring packaged vegan food. Packaged vegan food are prepared without the use of any animal based ingredients resulting in low fat and cholesterol. Increasing number of people are now a days turning vegan because of their love and compassion toward animals and the environment.
One of the major driving factor of packaged vegan food is the health benefits that it offers such as it helps to avoid diseases like heart attack and diabetes. The vegan diet does not include anything of animal product thus it is perceived to be healthier and hence is preferred over meat. The packaged vegan food are prepared using plant based ingredients that provide phytochemicals.
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These phytochemicals help in boosting protective enzyme in the body. Moreover in place of dairy products and meat, one can consume nuts and whole grains which help in improving the cardiovascular health. Consuming a low fat vegan diet helps in reducing the risk of obesity, lung cancer, gall stones, osteoporosis, gout, colon cancer and breast cancer. Another driving factor for the packaged vegan food in the market is growing concern toward animal welfare and cruelty. Animal activists are fighting worldwide against animal cruelty in the dairy and meat industries which is one of the motivational factor for the people to turn vegan. Increased focus on environmental pollution is also a main factor more consumers being inclined for packaged vegan foods.
Researches indicate that over 51% of global greenhouse gas emissions are caused by animal agriculture. The animal excrements emits gases which include hydrogen sulfide, nitrous oxide, methane and ammonia. Ammonia and hydrogen sulfide poisons the air while nitrous oxide and methane are the main contributors for global warming.
The major challenge that the packaged vegan food market faces is the lack of definitive regulations associated with vegan food labelling. However, with a standard definition of vegan foods, the manufacturers and retailers \would be in a position to offer a wider range of vegan products. This would basically help the consumers in trusting the brands and help in forming their purchasing decision. In APAC there is no definite law for vegan food labeling. According to the EU Food Information Regulation there has been no definite definition for food label with "suitable vegan".
Since vegan diet favors animal rights as a result people are adopting it because of their ethical concerns toward environment and animal. The concern for animal welfare have led more people to prefer vegan food. Thus there is rise in consumption of plant based foods owing to potential health benefits. Packaged vegan food has found widespread acceptance among the consumers due to its fitness-conscious western society and is gradually gaining grounds in developing economies. Thus as the number of health conscious people are increasing who prefer to consume non-dairy beverages due to nutritional profile and also due to lactose intolerance leading to wide market opportunity of packaged vegan products market.
Packaged vegan food markets is segmented based on type. This are basically vegan dairy alternatives, packaged vegan meals and meat alternatives, vegan bakery and confectionery products and other packaged vegan foods. Whereas packaged vegan dairy alternatives segment dominates the market as because it is readily available in supermarkets and other specialty health food stores. The demand for flavored vegan dairy alternatives is rising gradually due to the demand for tasty, nutritious and lactose free product worldwide.
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Geographically the market is bifurcated into Europe, North America, Asia Pacific, Middle East and Africa and Latin America.
The key players of packaged vegan food market are Amy's Kitchen, Beyond Meat, Plamil Foods, Tofutti Brands and WhiteWave Foods among others.