How big is the vegan food market?

Is vegan food a growing market?

‘Explosive growth’

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. … Their partnerships with restaurants, fast-food chains, and global food manufacturers are making vegan options more accessible to the masses.

How big is the meatless market?

Demand for vegan meat has soared, with retail sales of plant-based meat alternatives reaching $7B in 2020 — an increase of 27% from 2019, according to one report.

How fast is the vegan market growing?

Global Vegan Food Market is Expected to Grow at a CAGR of 11.4% during 2021-2026. 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).

Who is the vegan consumer?

According to a 2016 survey, people from the Asia Pacific region are the most likely to follow a vegan diet. A survey of U.S. adults found that about 60 percent of consumers considered a vegan diet to be healthy, and 12 percent of Americans under the age of fifty years identified as vegan or vegetarian in 2016.

What are vegan consumers looking for?

Plant-based consumers are likely to reach for whole food protein sources like beans and whole grains, according to Mintel. Nearly two-thirds (63%) would like more meat alternatives made with whole foods (e.g., vegetables).

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How much is the plant-based meat market worth?

A total of 57% of U.S. households purchased plant-based food in 2020, up from 53% in 2019. Plant-based meat had $1.4 billion in sales, growing 45% overall compared to 2019 and making up 2.7% of all U.S. retail packaged meat sales. Refrigerated plant-based meat sales saw the highest growth percentage, up 75% in 2020.

How big is the alternative protein industry?

The Protein Alternatives market in the US was estimated at US$1.1 billion last year, currently accounting for a 40.46% share in the global market. China, the world second-largest economy, is forecast to reach an estimated market size of US$351.4 million in the year 2027 trailing a CAGR of 9.5% through 2027.

How much is the meat industry worth?

The market value of the meat industry is expected to rise from 838 billion U.S. dollars in 2020 to over one trillion dollars by 2025.