Increasing demand for vegan food owing to its health benefits is propelling vegan food product market growth where vegan sauces & spreads are expected to witness significant growth during the forecast period. North America led the market with a share of more than 36% in 2021. Hidden Valley, Kite Hill, Dean’s Ranch, Daiya, and Violife are some of the popular brands of vegan sauces & dips in the US.
Newark, Nov. 13, 2022 (GLOBE NEWSWIRE) -- According to The Brainy Insights, the vegan food products market is growing at a CAGR of 10.4% from 2022-2030. The market is driven by shifting consumer preference to vegan food products owing to rising concern for health. Several studies suggest that animal-based products, especially milk and its derivatives are not good for health as humans are unable to digest them as they grow old.
The market growth is also supported by increasing awareness about the benefits offered by vegan food products. These products are rich in protein, fibers, and antioxidants, and low in saturated fats, hence can be consumed by women suffering from PCOD and lactose intolerant people. Further, increasing product launches by leading players as well as small companies across the globe are expected to boost the market.
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All big companies like Nestle, Kraft Heinz, Danone, and General Mills Inc. have entered this market and offer a wide range of products. For instance, General Mills Inc., offers vegan cereal, cheese, and ice cream, among others. Danone offers are wide of vegan milk, cheese, yogurt, cream, etc.
Meat & seafood is the largest & fastest growing product segment in the global market. Vegetarian consumers are also opting for plant-based meat & seafood as they can’t eat real meat products. Thus, the growth for this product category is not only because of the vegan population but also because of vegetarians. Further, product innovation in this category is likely to bode well for segment growth.
The expansion of plant-based meat products in the HoReCa segment is also expected to boost the consumption of vegan food globally. In September 2021, McDonald introduced McPlant, a plant-based burger in the UK. The burger has been developed in partnership with Beyond Meat. It consists of a vegan patty on a sesame bun, with vegan sauce & vegan topping, and is available in more than 200 McDonald’s.
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