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SAN FRANCISCO, Oct. 5, 2022 /PRNewswire/ — The global vegan food market size was estimated to reach USD 37.45 billion in 2030 and is anticipated to expand at a CAGR of 10.6% from 2022 to 2030, according to a new report by Grand View Research, Inc. Rising consumer preference for plant-based food owing to the growing animal cruelty and awareness regarding the health benefits of a vegan diet are the major factors expected to drive the industry’s growth.
Key Industry Insights & Findings from the report:
- Asia Pacific is expected to register the fastest CAGR over the forecast period owing to the growing demand for plant-based food and rising health consciousness among consumers.
- The yogurt segment is estimated to grow at the second highest CAGR over the forecast period. The rising preference for dairy-free products among millennials is expected to drive the segment’s growth.
- The vegan cheese segment is expected to expand at a significant CAGR over the forecast period. The increasing consumption of vegan cheese by lactose intolerant consumers is anticipated to contribute to the growth of the segment.
Read 100-page full market research report, “Vegan Food Market Size, Share & Trends Analysis Report By Product (Meat & Seafood, Creamer, Yogurt, Meals, Cheese, Butter), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.
Vegan Food Market Growth & Trends
The growth of the global vegan food industry is supported by growing veganism across the globe. Vegan food helps improve metabolism as it is rich in fiber. This has resulted in its increasing adoption which is anticipated to fuel the growth of the industry. Moreover, increasing initiatives by key players to launch plant-based food in both developed and developing countries are fueling market growth during the forecast period.
The meat & seafood segment is expected to register the fastest CAGR during the forecast period. The significant presence and high demand for plant-based meat in developing countries are expected to drive the growth of the segment. …
Full story available on Benzinga.com
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