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What is the target market for vegan food?
Plant-Based Consumer Profile Younger consumers who value fresh, healthy foods and are open to trying new products, including Generation Z adults and Millennials. Parents of young children who care about making healthy home-cooked meals and spending quality time together as a family.
What is vegan trend?
Veganism is most commonly thought of as a diet. A vegan diet is one that consists exclusively of plant-based foods. Eggs, milk, meat, and even less obvious products like honey are off the menu. Some vegans avoid these products in order to maintain ethical consistency across their consumer choices.
Is the vegan food industry growing?
The global vegan food market is expected to grow from $14.44 billion in 2020 to $15.77 billion in 2021 at a compound annual growth rate (CAGR) of 9.2\%. The market is expected to reach $22.27 billion in 2025 at a CAGR of 9\%.
What is the size of the vegan market?
The Vegan Food market size was valued at $14.2 billion in 2018 and is expected to reach $31.4 billion by 2026, registering a CAGR of 10.5\% from 2019 to 2026. Vegan food products are generally dairy free or meat free food products that are derived or processed from plant-based sources.
How large is the vegan food market?
The plant-based food market was valued at $29.4 billion in 2020. This means if BI’s predictions are correct, the market will soar by 451 percent. Major plant-based meat and dairy brands like Beyond Meat, Impossible Foods, and Oatly are driving some of this growth.
Why is vegan food trendy?
Vegan and flexitarian diets are more popular due to innovation in the plant-based industry as well as rising awareness of issues around animal agriculture. Vegans were once stereotypically thought of as hippies, pictured sitting around eating nothing but lettuce in flower crowns. …
How big is the vegan market?
How big is the vegan industry?
The global vegan food market reached a value of US$ 17 Billion in 2020. Looking forward, the market is expected to grow at a CAGR of 11.4\% during (2021-2026).
How many vegans are in the world?
Number of Vegans In The World 2020 Based on the most recent United Nations estimates the world population in 2021 is 7.9 billion. Therefore, as of January 2021, the total number of vegans in the world is approx 79 million.
How big is the vegan market in India?
According to rough estimates, there were around 500 million vegetarians in India in 2020 and of these, only one per cent are strict vegans. So, the total number of vegans in India is around five million.