Major players in the vegan market are Amy’s Kitchen, Vitasoy International Holdings Ltd., Beyond Meat, Tofutti Brands, Plamil Foods Ltd., Danone S.A., Vbites Foods Ltd., Eden Foods Inc., Whitewave Foods Company Inc. and Sun Opta Inc.
The global vegan food market is expected grow from $14.44 billion in 2020 to $15.77 billion in 2021 at a compound annual growth rate (CAGR) of 9.2%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $22.27 billion in 2025 at a CAGR of 9%.
The vegan market consists of the sale of vegan products and related services for consumption purposes.Vegan products include food and beverages produced without the use of animal ingredients or animal-derived ingredients.
Vegan food products include fruits and vegetables, legumes such as peas, beans, plant protein-based tofu and plant protein-based meat.
One of the trends in the vegan market is the production of meat through cell-based technology.The cell-by -cell identical meat is produced in factories without involving the killing of animals.
Production of cell -based meat involves feeding the animal cells with nutrients and proteins thus, eliminating the need for dependence on animals for meat. Following the trend, in 2019, Memphis Meats, a U.S.A based cell-based meat start up, received investments from Cargill, a U.S.A based food production company, for the production of cell-based vegan animal meat. Since 2016, other major players such as Tyson Foods., an U.S.A. based processor and marketer of chicken, beef, and pork, are also investing in Memphis Meats in order to support the cell -based meat production.
Vegan food products lack certain nutrients.Vegan products do not contain any animal ingredients or animal-derived ingredients.
Vegan food doesn’t contain an adequate amount of high-quality protein and fats, vegan and vegetarian diets lack in many very important minerals, such as calcium, iron, and zinc.According to a study published in 2020 by BMC Medicine, vegans have a higher fracture risk as compared to meat-eaters, fish eaters, and vegetarians.
The strongest associations were observed for hip fractures, for which fish eaters, vegetarians, and vegans all had higher risks.This is due to an inadequate calcium intake in a vegan diet.
Therefore, the lack of essential nutrients factor impacts the growth of the vegan market.
An increase in the concern about the environment among the population is driving the growth of the vegan market.Rearing and breeding of livestock such as pigs, hens, cows, goats in farms contributes to the greenhouse effect.
Greenhouse gases are released from agriculture of livestock such as cows and the gases released block the atmospheric heat from escaping which increases the overall temperature.The demand for animal meat requires excess practice of animal farming.
Thus, increase in the number of consumers for vegan food, eliminates the demand for excessive animal farming, following a decrease in emission of greenhouse gases in the environment. According to the United States Environmental Protection Agency, in 2018, total gross U.S. greenhouse gas emissions were 6,676.6 million metric tons of carbon dioxide equivalent (MMT CO2 Eq). Thus, an increase in the concern about the environment among the population is driving the growth of the vegan market.
In December 2018, Unilever is a British-Dutch transnational consumer goods company co-headquartered in London, acquired The Vegetarian Butcher for an undisclosed amount.The acquisition fits with Unilever’s strategy to expand its portfolio into plant-based foods that are healthier and have a lower environmental impact.
The Vegetarian Butcher is a food and beverages company working towards the production of plant-based meat production and is headquartered in the Netherlands.
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