Packaged Vegan Food Market Trends

Growth Drivers

Increasing Health Awareness to Boost the Market Growth

Chronic health disorders, such as diabetes and obesity are constantly increasing owing to the growing consumption of animal-based food products. Owing to such a factor, the requirement for numerous plant-based products has increased severely among the consumers, which on the other hand, has led to a rise in the demand for packaged vegan food. Moreover, plant-based products help maintain the body cholesterol and blood pressure levels and therefore lowers the risk of getting cancer.The International Agency for Research on Cancer (IARC), a WHO agency, has classified processed meat as a carcinogenand stated that eating 50 grams of processed meat every day increased the risk of colorectal cancer by 18%.  Additionally, with the contemporary introduction of the vegan concept and its associated health benefits such as providing nourishment and boosting protective enzymes in the body, makes the packaged vegan food, a top preference for consumer. This is anticipated to significantly expand the packaged vegan food market.

Growing Concerns Towards Animal Rights and Welfare to Drive the Market Growth

A large number of people across the world are shifting towards veganism which is a practice of abstaining from the usage of animal products owing to their love and consideration toward animals and the environment. The ethical concerns regarding the consumption of meat and rising animal exploitation has led more people to prefer vegan food which is fuelling the growth of packaged vegan food market. According to the World Economic Forum, nearly 1.5 billion pigs are killed to feed for making pork, ham and sausages and half a billion sheep are taken to the abattoir every year. Further, owing to growing consumer demand for plant-based food, the market for vegan and other vegetarian food products is expanding rapidly with an array of innovative product options. On the back of these, the market is predicted to grow over the forecast period.

Restraints

Limited Definite Regulations to Hamper the Market Growth

Despite the growing usage of packaged vegan food, there are lack of proper regulations associated with labelling of packaged vegan food. Further, the constraints with preservation of these food products may negatively affect the market growth. This is estimated to hinder the growth of packaged vegan food market in the future.