Vegan Food Market to Witness Swift Growth Based on Increasing Awareness About Health Benefits Till 2025 | Million Insights

Meat substitutes accounted for a considerable market share, in 2018. Among different meat substitutes, Seitan is projected to grow with the highest CAGR owing to the presence of high protein content. Other meat substitutes such as tofu and tempeh have comparatively low protein content. Further, the introduction of various new products in developed regions such as Europe and North America over the past few years is also fueling the growth of meat substitutes. A British food brand, Linda McCartney Foods introduced meat-free sausages, in April 2019, it was made from pea protein. Various other companies such as Grill'd, Danone and others also followed a similar suit.

Meat substitutes accounted for a considerable market share, in 2018. Among different meat substitutes, Seitan is projected to grow with the highest CAGR owing to the presence of high protein content. Other meat substitutes such as tofu and tempeh have comparatively low protein content. Further, the introduction of various new products in developed regions such as Europe and North America over the past few years is also fueling the growth of meat substitutes. A British food brand, Linda McCartney Foods introduced meat-free sausages, in April 2019, it was made from pea protein. Various other companies such as Grill'd, Danone and others also followed a similar suit.

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Among different distribution channel, offline segment held the largest vegan food market share largely because of rise in sales of vegan foods through supermarkets/hypermarkets, convenience stores and specialty stores. However, growing number of millennials opting for plant-based products coupled with rise in e-commerce platforms is fueling the sales through online channels.

Further key findings from the report suggest:

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Million Insights has segmented the global vegan food market on the basis of product, distribution channel, and region:

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