GLOBAL VEGAN FOOD INDUSTRY TO EXCEED $91 BILLION BY 2027

Awareness of the health benefits of plant-based diets is one of the drivers of the vegan food industry’s exponential growth.

Because of rising ‘consumer demand,’ the global vegan food industry is expected to exceed $91 billion by 2027. The plant-based food market is expected to grow at a CAGR of 18.1% over the next five years, from $40.1 billion to $91.9 billion, according to a new report.

According to Research And Markets analysts, “several factors,” including research into the health benefits of plant-based diets, are driving interest in vegan food.

Beyond Meat, Daring Foods, and Impossible Foods are among the market leaders.

The vegan food industry is booming

“Every year, new developments in the vegan sector emerge, paving the way for a global transition to a much more just, safe, and sustainable food system,” according to the report.

“The vegan industry experienced its most active growth in 2021, and many signs point to this as the start of a global race for new vegan products.”

The new analysis also hails vegan food for ‘reducing the risk of zoonotic disease and antibiotics’ as well as the ability to ‘feed more people with fewer resources’.

It also boasts the environmental benefits of vegan food – which it describes as a ‘vast opportunity to help humans achieve net-zero emissions’.

Vegan Cheese

Vegan cheese products are a key sector in the plant-based food market, which is expected to grow at an exponential rate. According to a recent report, the industry will exceed $7 billion in the next five years, growing at a nine percent CAGR.

According to Market Data Forecast, key drivers of growth include concerns about animal welfare and a growing awareness of the health consequences of consuming animal products.