Demand for vegan food growing worldwide

Growing consumer preferences for plant-based food alternatives are driving demand for vegan food products across the globe, said Absolute Markets Insights. In its latest report, the Pune-based research firm revealed a growing number of consumers are now more inclined towards a healthy lifestyle. These group mainly prefer plant-based food products to provide for the nutritional content.
The global vegan food market was valued at US$ 10.66 billion in 2018 and expected to reach $27.98 billion by 2027, growing at a CAGR of 11.4% over the forecast period, the report said.

A global move to reduce meat consumption
Findings show that government bodies worldwide are also taking the initiative towards introducing vegan food items to reduce animal meat consumption. The action is mainly due to the health concerns and environmental issues associated with it. Also, industrialised animal agriculture is impacting the environment. Animal welfare is also enforcing the government across the globe to take measures for problems related to meat consumption and its adverse effects. In China, for example, its government has taken the initiative to reduce its citizens' meat consumption by 50%, in a move towards combating global warming, the research firm said. The on-going pandemic has further led to the implementation of stringent norms in the same regard. Thus, the burgeoning government initiatives and concerns related to health issues among the consumers are the major factors influencing the growth of the global vegan food market, the report cited.

Opportunity for vegan food suppliers
The outbreak of COVID-19 is impacting the global meat industry and thus offers a lucrative investment opportunity for the vegan food market participants, Absolute Market, said. The pandemic has spurred food and beverage companies to introduce plant-based food products that resemble animal meat in terms of taste and texture. For instance, Beyond Meat, a US-based producer of plant-based meat substitutes, manufactures products that simulate chicken, beef, and pork sausage, research revealed.
Other key findings include:
· North America accounted for the maximum share in the global vegan food market in 2018. This number is due to the high prevalence of lactose intolerance among the people and rising concern related to health issues.
· The Asia-Pacific market is poised to witness the highest growth over the forecast period. (Image from Pixabay)