Vegan Ingredients Market
Vegan Ingredients Market Forecasts to 2030 - Global Analysis By Type (Dairy substitutes, Nutrients & Supplements, Staple food, Specialty food, Food additives and Other Types), Buyers Type, Claim, Sales Channel, End User and By Geography
According to Stratistics MRC, the Global Vegan Ingredients Market is growing at a CAGR of 5.6% during the forecast period. Vegan ingredients are substances that are derived from plants or minerals and do not involve any animal-derived components or by-products. Common vegan ingredients include fruits, vegetables, grains, legumes, nuts, seeds, herbs, spices, plant-based oils, and certain additives derived from non-animal sources. Vegan ingredients are used in various food, beverage, cosmetic, and household products to provide texture, flavor, nourishment, and other desired properties without compromising the principles of veganism.
According to Gallup Poll, published in 2020, 23% of Americans reported eating less meat in 2019 as compared to 2018.
Market Dynamics:
Driver:
Ethical and animal welfare concerns
Increasing awareness about the ethical implications of animal agriculture has led many consumers to reconsider their dietary choices. Vegan ingredients offer a cruelty-free option, allowing consumers to enjoy food without contributing to animal exploitation. Moreover, by choosing plant-based ingredients, consumers can reduce their ecological footprint and contribute to the preservation of natural resources and biodiversity, thereby propelling this market further.
Restraint:
High cost
Organic and sustainably grown vegan ingredients often require higher labor and farming practices, which can drive up production costs. The lack of economies of scale can lead to higher costs associated with smaller production volumes and less streamlined supply chains. Furthermore, some vegan ingredients necessitate specialized processing techniques or equipment, adding to the overall expenses, which significantly hampers this market expansion.
Opportunity:
Innovations in product development
As consumer demand for vegan products continues to rise, manufacturers are investing in research and development to create innovative plant-based alternatives. Advances in food science and technology have enabled companies to utilize ingredients to create products that not only satisfy the cravings of meat-eaters but also appeal to vegetarians and vegans. Furthermore, there is a growing focus on sustainable and environmentally friendly ingredients and packaging solutions, which drives this market.
Threat:
Limited education
Many consumers lack comprehensive knowledge about plant-based diets, which can lead to misconceptions and hesitations about adopting a vegan lifestyle. Without proper education and exposure to these alternatives, consumers may perceive veganism as restrictive or unappealing, hindering the uptake of vegan products. Moreover, the absence of education about the ethical, environmental, and health implications of animal agriculture and the benefits of plant-based diets further deter market growth.
Covid-19 Impact
The COVID-19 pandemic has had several negative impacts on the vegan ingredient market, both directly and indirectly. The economic downturn resulting from the pandemic has impacted consumer purchasing power, leading to changes in spending habits and preferences. Many consumers have become more price-sensitive, opting for cheaper alternatives or reducing discretionary spending on specialty vegan products. Furthermore, the decline in tourism and travel has affected sales of vegan products in airports, hotels, and other travel-related outlets, which is impeding this market.
The nutrients & supplements segment is expected to be the largest during the forecast period
The nutrients & supplements segment is estimated to hold the largest share due to a wide array of products tailored to meet the dietary needs of individuals adhering to a vegan lifestyle. This segment focuses on providing plant-based alternatives rich in essential vitamins, minerals, and other nutrients typically sourced from animal products. Furthermore, as awareness of the health and environmental benefits of veganism continues to rise, the nutrients and supplements segment is poised for significant growth within the broader vegan ingredient market.
The specialty stores segment is expected to have the highest CAGR during the forecast period
The specialty stores segment is anticipated to have highest CAGR during the forecast period due to the unique needs and preferences of vegan consumers by offering a diverse range of plant-based products specifically curated to align with their lifestyle choices. Customers can find an extensive selection of vegan alternatives to traditional animal-derived ingredients, as well as a variety of vegan-friendly snacks and convenience foods. Moreover, specialty stores may offer personalized assistance and guidance to customers, helping them navigate the complexities of vegan cooking and meal planning, thereby driving this segment’s expansion.
Region with largest share:
Asia Pacific commanded the largest market share during the extrapolated period owing to a confluence of factors including shifting dietary preferences, increasing health consciousness, and growing awareness of environmental sustainability. Countries such as India, China, Japan, and South Korea are witnessing a significant rise in the adoption of plant-based diets, driven by factors such as urbanization, rising disposable incomes, and exposure to global food trends. Moreover, the Asia Pacific region is witnessing investments and collaborations aimed at fostering innovation in vegan ingredients, which is propelling this region’s growth.
Region with highest CAGR:
North America is expected to witness highest CAGR over the projection period, owing to a surge in demand for plant-based alternatives across various food categories. Canada and Mexico are also witnessing notable shifts in consumer preferences towards plant-based diets, driven by similar factors such as health consciousness and sustainability concerns. Furthermore, the presence of a diverse culinary landscape in these countries is contributing to the development and adoption of a wide variety of vegan ingredients and products, thereby driving this region’s size.
Key players in the market
Some of the key players in the Vegan Ingredients Market include Cargill, Incorporated, BENEO GmbH, Kerry Group, Beyond Meat, Impossible Foods, DuPont de Nemours, Inc., Puris, Archer Daniels Midland Company (ADM), Roquette Frères, Sensient Technologies Corporation, Firmenich SA and Tate & Lyle PLC.
Key Developments:
In February 2024, Cargill and food tech leader ENOUGH, are expanding their current partnership to further innovate nutritious and sustainable alternative meat and dairy solutions consumers crave.
In December 2023, Kerry Group plc announced plans to acquire part of the global lactase enzyme business belonging to Chr. Hansen Holding A/S and Novozymes A/S. The acquisition would boost Kerry’s enzyme technology to create lactose-free and reduced-sugar dairy products.
In September 2023, Cargill and Solidaridad announced a strategic global partnership across five countries to improve farmer livelihoods, increase use of climate-friendly farming practices, and improve conservation and responsible land use.
Types Covered:
• Dairy substitutes
• Nutrients & Supplements
• Staple food
• Specialty food
• Food additives
• Other Types
Buyers Types Covered:
• Household & Residential
• Food Processors & Manufacturers
• HoReCa (Hotel/Restaurant/Catering)
• Other Buyers Types
Claim Covered:
• Organic
• Non-GMO
• GMO
Sales Channels Covered:
• Specialty Stores
• Direct Sales
• Modern Trade
• Small Groceries
• Convenience Store
• Other Sales Channels
End Users Covered:
• Food & beverages
• Nutraceuticals
• Cosmetics & Personal Care
• Agricultural
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Vegan Ingredients Market, By Type
5.1 Introduction
5.2 Dairy substitutes
5.3 Nutrients & Supplements
5.4 Staple food
5.5 Specialty food
5.6 Food additives
5.7 Other Types
6 Global Vegan Ingredients Market, By Buyers Type
6.1 Introduction
6.2 Household & Residential
6.3 Food Processors & Manufacturers
6.4 HoReCa (Hotel/Restaurant/Catering)
6.5 Other Buyers Types
7 Global Vegan Ingredients Market, By Claim
7.1 Introduction
7.2 Organic
7.3 Non-GMO
7.4 GMO
8 Global Vegan Ingredients Market, By Sales Channel
8.1 Introduction
8.2 Specialty Stores
8.3 Direct Sales
8.4 Modern Trade
8.5 Small Groceries
8.6 Convenience Store
8.7 Other Sales Channels
9 Global Vegan Ingredients Market, By End User
9.1 Introduction
9.2 Food & beverages
9.3 Nutraceuticals
9.4 Cosmetics & Personal Care
9.5 Agricultural
9.6 Other End Users
10 Global Vegan Ingredients Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Cargill, Incorporated
12.2 BENEO GmbH
12.3 Kerry Group
12.4 Beyond Meat
12.5 Impossible Foods
12.6 DuPont de Nemours, Inc.
12.7 Puris
12.8 Archer Daniels Midland Company (ADM)
12.9 Roquette Frères
12.10 Sensient Technologies Corporation
12.11 Firmenich SA
12.12 Tate & Lyle PLC
List of Tables
1 Global Vegan Ingredients Market Outlook, By Region (2021-2030) ($MN)
2 Global Vegan Ingredients Market Outlook, By Type (2021-2030) ($MN)
3 Global Vegan Ingredients Market Outlook, By Dairy substitutes (2021-2030) ($MN)
4 Global Vegan Ingredients Market Outlook, By Nutrients & Supplements (2021-2030) ($MN)
5 Global Vegan Ingredients Market Outlook, By Staple food (2021-2030) ($MN)
6 Global Vegan Ingredients Market Outlook, By Specialty food (2021-2030) ($MN)
7 Global Vegan Ingredients Market Outlook, By Food additives (2021-2030) ($MN)
8 Global Vegan Ingredients Market Outlook, By Other Types (2021-2030) ($MN)
9 Global Vegan Ingredients Market Outlook, By Buyers Type (2021-2030) ($MN)
10 Global Vegan Ingredients Market Outlook, By Household & Residential (2021-2030) ($MN)
11 Global Vegan Ingredients Market Outlook, By Food Processors & Manufacturers (2021-2030) ($MN)
12 Global Vegan Ingredients Market Outlook, By HoReCa (Hotel/Restaurant/Catering) (2021-2030) ($MN)
13 Global Vegan Ingredients Market Outlook, By Other Buyers Types (2021-2030) ($MN)
14 Global Vegan Ingredients Market Outlook, By Claim (2021-2030) ($MN)
15 Global Vegan Ingredients Market Outlook, By Organic (2021-2030) ($MN)
16 Global Vegan Ingredients Market Outlook, By Non-GMO (2021-2030) ($MN)
17 Global Vegan Ingredients Market Outlook, By GMO (2021-2030) ($MN)
18 Global Vegan Ingredients Market Outlook, By Sales Channel (2021-2030) ($MN)
19 Global Vegan Ingredients Market Outlook, By Specialty Stores (2021-2030) ($MN)
20 Global Vegan Ingredients Market Outlook, By Direct Sales (2021-2030) ($MN)
21 Global Vegan Ingredients Market Outlook, By Modern Trade (2021-2030) ($MN)
22 Global Vegan Ingredients Market Outlook, By Small Groceries (2021-2030) ($MN)
23 Global Vegan Ingredients Market Outlook, By Convenience Store (2021-2030) ($MN)
24 Global Vegan Ingredients Market Outlook, By Other Sales Channels (2021-2030) ($MN)
25 Global Vegan Ingredients Market Outlook, By End User (2021-2030) ($MN)
26 Global Vegan Ingredients Market Outlook, By Food & beverages (2021-2030) ($MN)
27 Global Vegan Ingredients Market Outlook, By Nutraceuticals (2021-2030) ($MN)
28 Global Vegan Ingredients Market Outlook, By Cosmetics & Personal Care (2021-2030) ($MN)
29 Global Vegan Ingredients Market Outlook, By Agricultural (2021-2030) ($MN)
30 Global Vegan Ingredients Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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