IndustryARC, in its latest report, predicts that Packaged Vegan Foods market size is forecast to reach $14.3 billion by 2026, growing at a CAGR of 8.2% during the forecast period 2021-2026. The vegan diet does not contain anything sourced from animals, because of which it is considered to be nutritious food and preferable over meat.
Phytochemicals are plant-based ingredients that are the primary chemicals of packaged vegan foods, like dairy alternatives and confectionery products. These phytochemicals when consumed regularly help to boost immunity by stimulating various protective enzymes in the human body. This is the primary reason behind the rapid adoption of vegan food, worldwide. Additionally, the growing concern regarding animal welfare and cruelty is motivating a lot of people to turn to vegan diet. This is set to further enhance the overall market development of the Packaged Vegan Foods Market for the period 2021-2026.
Consumers across the globe have become very well aware with the help of different government initiatives in the form of awareness campaigns and publicity, regarding the ill effects of over consumption of meat. Various health ailments like high cholesterol, blood sugar, obesity, high blood pressure, thereby leading to cardiac arrest, are all caused due to excessive meat consumption. This cautiousness is compelling consumers to switch to vegan products which are significantly healthy and equally nutritious. The convenience of easy handling and healthy food simultaneously is leading consumers to adopt a packaged vegan foods. Thus, increasing the growth of the Packaged Vegan Foods Market during the forecast period 2021-2026.
Increasing awareness regarding animal cruelty
Consumers have been increasingly aware regarding animal cruelty in the recent past. Every year in the U.S., the hens across many industrial farms are compelled to lay up to 30 times more eggs than they would naturally. On the other hand, numerous new-born calves are forcefully separated from their mothers within 12 hours so that they start lactating. This kind of practice is torturing to both the mother and her calf. They end up calling for each other for days at a stretch. Pertaining to issues like, animal activists all over the globe are trying hard to inflict knowledge among consumers, so that they are convinced enough to switch to vegan diet. Thus, increasing the growth of the Packaged Vegan Foods Market during the forecast period 2021-2026.
Regulations surrounding vegan food labelling
With the industry trying to capitalize on the ethical sentiments of consumers, the underlying concern is regarding the clarity of claims that various market competitors are posing. There has been widespread media coverage regarding contamination of vegan products with animal sources, over the recent past. Vegetarian products require a strong regulatory framework in order to keep the confidence of consumers in check or else it is set to hinder the growth of the market during the forecast period 2021-2026.
