LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global packaged vegan foods market to grow at a CAGR of close to 11% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global packaged vegan foods market for 2016-2020 In addition, the report discusses the major drivers influencing market growth and the challenges faced by packaged vegan food manufacturers and the market. It also examines key emerging trends and their influence on the current as well as future markets.
According to Manjunath Reddy, a lead analyst at Technavio for food research, “A new wave of consumers, especially millennials aged between 20 and 34 years, prefer vegan foods owing to their concern toward animal welfare and environment-friendly food products. During the last 10 years, the number of vegans in the UK rose by more than 360%. The UK accounts for roughly 20% market share of all vegan food and drink products that were launched in Europe in 2015.”
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Technavio’s food and beverage analysts highlight the following three factors that are contributing to the growth of the global packaged vegan foods market:
- Health benefits of veganism
- Growing concern toward animal cruelty and welfare
- Increased focus on environmental protection
Health benefits of veganism
The vegan diet strongly favors animal rights. People are adopting vegan diets because of ethical concerns toward animals, and the environment. Veganism has become a style of living and philosophy. The vegan diet does not include anything of animal origin, whether it is food, clothing or accessories. A vegan diet is perceived to be healthier and hence is prefered over meat. Packaged vegan foods are prepared using plant-based ingredients that provide phytochemicals. These phytochemicals aid in boosting protective enzymes in the body. Instead of dairy products and meat, consuming nuts and wholegrains help in improving the cardiovascular health.
According to a study published by American Diabetes Association in 2006, consuming a low-fat vegan diet helps in improving the glycemic control as well as aids in reducing the cardiovascular risk factors in people with type 2 diabetes. Also, as per the American Dietetic Association, people following a vegan diet have a reduced risk of obesity, gall stones, kidney stones, lung cancer, colon cancer, adult-onset diabetes, osteoporosis, gout, and breast cancer.
“With a steady rise in veganism, the market for packaged vegan foods will have a lot of potential during the forecast period. Packaged vegan food has found widespread acceptance in the fitness-conscious western societies and is slowly gaining ground in the developing economies as well,” says Manjunath.
Growing concern toward animal cruelty and welfare
Most people across the world have become vegan either permanently or temporarily because of their compassion toward animals and the environment, and to improve their personal health and wellbeing. Animal activists worldwide are fighting against animal cruelty. Animal cruelty in the meat, dairy, and egg industries is the key motivational factor for people to turn vegans. The cramped conditions in which chickens are kept and the slaughtering of animals while they are still conscious are among the major concerns.
To increase egg production, chickens are not only housed in tight cages but also kept awake under the bright light throughout the day. It is anticipated than around 25 billion animals are slaughtered by the global meat industry every year. Due to these concerns, people all over the world have now started embracing veganism.
Increased focus on environmental protection
According to a report published by the Worldwatch Institute, over 51% of global greenhouse gas emissions are caused by animal agriculture. It has been found from various studies that the farmed animals produce 130 times more excrement in comparison to the human population, Also, the animal excrement emits gases, which include hydrogen sulfide, methane, nitrous oxide, and ammonia. Hydrogen sulfide and ammonia poison the air around farms while methane and nitrous oxide are the main contributors to global warming.
Forests are being bulldozed to create space for factory farms as well as crops to feed farmed animals. This results in soil erosion and it also contributes heavily to species extinction and habitat loss. In addition, raising animals for food also requires large amounts of food and raw materials. Therefore, with more awareness about how the meat addiction is harming the earth, governments and animal welfare organizations all over the globe are promoting veganism as a way of life to protect the environment.
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