The global vegan food market is expected to reach a value of over 22 billion U.S. dollars in 2025. In 2021, the market size was close to 16 billion U.S. dollars. The compound annual growth rate is expected to be nine percent.
How much is the vegan market worth 2020?
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.
What percentage of the world is vegan 2020?
27. The total number of vegans in 2021 is around 79 million. Although it’s not easy to determine the exact number of vegans worldwide, vegan facts show that only 0.1–1% of the world population adheres to a plant-based diet.
Is the vegan food industry growing?
The global vegan food market size was valued at USD 12.69 billion in 2018 and is projected to expand at a CAGR of 9.6% from 2019 to 2025. … According to The Vegan Society, from 2012 to 2017, the meat-free food demand grew by 987%.
How big is the vegan meat industry?
30, 2021 /PRNewswire/ — The global plant-based meat market size is projected to reach USD 18.52 billion by 2028 expanding at a CAGR of 20.4%, according to a new report by Grand View Research, Inc.
Is vegan food a niche market?
“Although vegan food products lie in a niche market segment, it is growing rapidly due to the extensive adoption of veganism, globally. The other factors that contribute to the rising consumption of vegan food products are ecological footprint and abstinence from animal cruelty.”
How large is the plant-based food market?
Global retail sales of plant-based food alternatives may reach $162 billion by 2030 — up from $29.4 billion in 2020, according to a new report from Bloomberg Intelligence, “Plant-Based Foods Poised for Explosive Growth.” With that figure, the projected plant-based food market would comprise 7.7% of the global protein …
Do vegans live longer?
Many large population studies have found that vegetarians and vegans live longer than meat eaters: According to the Loma Linda University study, vegetarians live about seven years longer and vegans about fifteen years longer than meat eaters.
What country has the most vegans?
Israel has the highest percentage of vegans globally, with an estimated 5 to 8 percent of the entire population being vegan, an estimated 400,000 people and growing. Many of these vegans inhabit Tel Aviv.
Will the world go vegan?
Originally Answered: When will the world become 100% vegan? Its never going to happen. It’s also unsustainable. There isn’t enough land, water and other resources to grow enough vegetables to replace the protein provided by meat.
Who is the target market for vegan restaurant?
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.
Who is the target market for vegan products?
Vegan consumers usually like avoiding the use of all products be it household or personal care products that are animal-based. In short, they are attracted to cruelty-free products. So, being a vegan means cutting on all animal-based products and relying highly on plant products.
How much money does the vegan industry make?
Over the past few years, mainstream restaurants have embraced the next generation of realistic plant-based meat. According to the Plant Based Foods Association — a trade organization representing 52 leading plant-based brands — the vegan food industry contributes $13.7 billion to the U.S. economy each year.
How big is the fake meat market?
In 2020, the market value of plant based-meat worldwide was estimated to be worth 6.67 billion U.S. dollars. This figure is estimated to steadily increase over the next few years and reach roughly 16.7 billion in 2026.
How big is the fake meat industry?
[188 Pages Report] According to MarketsandMarkets, the plant-based meat market is estimated to be valued at USD 4.3 billion in 2020 and is projected to reach USD 8.3 billion by 2025, recording a CAGR of 14.0%, in terms of value.
Is plant-based meat profitable?
Vegan Meat Companies Set To Be More Profitable Than Meat Producers. … According to estimates, it may be more profitable than Tyson Foods, the largest meat producer in the nation.