Analysis of Vegan Ingredients Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Veganism is an emerging lifestyle majorly followed by consumers these days due to the popularity of forging all types of animal food products in their diet. The voluntary adoption of a vegan diet is increasing across the globe. As per a survey done to know the age-wise vegan population in the U.S. in 2021.
Another significant reason for people to choose a vegan diet is their instinct to prevent the exploitation of animals. The emotional attachment to the animals has paved a way for ethical consideration behind consumer choices. These are key factors that raised the demand for vegan ingredients across industries such as cosmetics, medicine, and food.
The market is globally anticipated to rise with a CAGR of 5.6% in the forecast period. The research in vegan products is not only limited to seeking alternatives for animal-based food but it’s going beyond that to find more about health benefits and the proportion of intake.
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The demand for vegan foods is growing as more people voluntarily adopt a radical lifestyle change. A vegan logo or label indicates if a raw ingredient or processed food product is made entirely of plants or whether it has been around since the early 1990s. There are numerous labels for vegan ingredients on the market, and each label has a unique registration procedure, certification type, on-site certification requirements, and registration fee.
“Certified vegan logo” is one of the prominent labels in American arcades. Vegan awareness organization is a key institute dealing with quality control measures and associated with the certifications of vegan brands. The key promotional strategies by vegan brands remained focused on the nutritional gains for end consumers.
Companies target gym enthusiasts and through locations like sports events, Gyms, and clubs’ companies promote their products via sponsorships or partnerships. This niche-specific customer targeting is essentially assisting companies to raise product sales and penetration.
Owing to health and wellness reasons many people are switching to a plant-based diet where people are concerned with their nutrition and protein intake too. To meet the requirements of both tastes and preferences of meat lovers, companies are investing in research on plant-based meat products. Often plant-based products mimic animal products in terms of health benefits, textures, and taste.
Unlike conventional times when tofu was majorly treated as a meat substitute, today manufacturers are coming up with other plant-based alternatives. Seitan, wheat gluten, potato starch, Lentils, Beans, Seeds, and nuts are popularly used ingredients for making plant-based meat. Moreover, Tempeh is a soy substitute introduced as a replacement for chicken-like meats. Similarly, new vegan ingredients introduced in the market are plant-based clean meats that taste similar to beef.
These replacement meats are setting a trend in the vegan ingredients consumer market. However only major downside for plant-based ingredients is that will lose out on the Omega three fatty acids which are available in only animal protein options.
To respond to altering needs and innovations in vegan food companies have started to integrate the change into their production. Starbucks has recently added plant-based vegan menus to its portfolio. Furthermore, Burger King comes up with Impossible Foods Inc., a company dealing with vegan substitutes for meat.
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Asian region nations lead in terms of vegan population. A country like India has a majority share of the vegan population. European nations like the United Kingdom are one of the leading countries with market share in 2020. The popularity of vegan ingredients and substitutes is high in the North American market. The awareness of vegan ingredients in Asian countries is slowly rising with an increase in the availability of replacements in the market.
The key players in the market are the agro-based companies that provide cereal grains. Kellogs provides vegan ingredients under the brand division Morningstar Farms. Beyond Meat, Gardein, Tofurky, Trader Joe’s, Simply Balanced, Sweet Earth Natural Foods, and Lightlife are some of the companies that provide meat substitutes with vegan ingredients.
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This market is anticipated to gain growth with a CAGR of 5.6% in the forecast period.
The market has high growth potential due to an increase in the number of people adapting to veganism, and a rise in demand for vegan baking ingredients.
Manufacturers find the most opportunities in the vegan ingredients market as ethical concerns over the use of animal ingredients are creating growth opportunities.
Asian countries have major population as vegan.
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