Global Vegan Fast Food Market to witness a surge in its valuation with a considerable growth rate by 2026.
Research Reports
Dec 29, 2020
Growing awareness about following a vegan diet is the critical factor accountable for this market’s growth. North America, Europe, and the Asia Pacific have a large percentage of the vegan population. Raising awareness about animal health and animal unkindness in the food industry has inspired people to shift from animal-based to plant-based food products. Besides, manufacturers in the market have presented several quality food items in diverse flavors with smart packaging solutions. This is also likely to donate to segment growth. Among such products, plant-based cheese accounted for the major share in the dairy alternatives. The growing product portfolio and rising cases of lactose intolerance are predictable to fuel its request. Vegan food is a method of eating without animal products such as poultry, meat, and seafood. It has slowly become a lifestyle in line with the times. Fast food refers to popular food and beverages rapidly supplied by commercial enterprises, eaten immediately, and sensibly priced to meet people’s daily needs. Vegan fast foods include dairy alternatives, meat substitutes, and others.
“Offline segment dominates the Distribution Segment”
The offline segment was the major distribution channel and is probable to maintain its supremacy over the forecast period. This segment includes convenience stores, specialty stores, hypermarkets, and supermarkets. The rising number of supermarkets and hypermarkets have increased complete product sales. Furthermore, consumers prefer shopping from brick-and-mortar grocers due to easy access and availability. However, the online channel is estimated to see the highest CAGR from 2019 to 2026 due to the rising penetration of the internet because of the wide usage of smartphones and other such devices.
Growth Drivers
Increasing awareness about the benefits of a Vegan Diet
Rising consciousness about the welfares of following a vegan diet is a crucial feature expected to fuel the global vegan fast foods market’s development. Additional factors, such as growing consciousness about animal health and animal cruelty in the food industry, have been inspiring people to change from animal-based to plant-based food products and are accountable for the market’s growth. The increasing occurrence of obesity due to the ingesting of fast food might hamper market development.
Changing the taste preferences of consumers
Shifting consumer taste preferences is identified as one of the main factors driving the fast-food market growth. Consumers’ taste likings are subjective by reasons such as cultural and ethnic diversity. Most of the sales generated from fast-food channels are due to the shortage of time-related to urban routine. Fast-food operators are posing a variety of new products on their menus. Hence, the alteration in consumer taste favorites is making an optimistic influence on the development of the market. As consumers through countries are viewing interest in experimenting with fast food, vendors are concentrating on increasing their business into various terrestrial areas.
Restraint
Several fast foods are rich in calories as they include substantial amounts of mayonnaise, cheese, oil, salt, and fried meat, thus comprising high-fat content (Schlosser). Extreme ingesting of fatty constituents results in an unstable diet. Proteins and vitamins are generally optional for daily consumption rather than large amounts of carbohydrates or fat. Due to the fat content, fast foods are concerned with poor health and severe numerous health issues such as obesity and circulatory diseases. Additionally, strong empirical indication displays that fast foods are also detrimental to hungriness, breathing system function, and central nervous system function (Schlosser) which is a big challenge in the growth of the market.
“Asia Pacific dominates the Global Vegan Fast Food Market”
Asia Pacific vegan fast food market demand is predicted to witness the fastest growth during the forecasted period led by China, India, and Japan. Growing demand for vegan fast-food alternatives such as chips, muffins, chocolates, biscuits, bakery items, soymilk ice cream & shakes may boost market share. The Asia Pacific held the major share of vegan customers worldwide, with over 8.5% of people subsequent vegan diets in 2016 owing to increasing consumer consciences on the side effects of non-vegan products on human health. Altering consumer opinions towards healthy food habits and growing awareness on musculoskeletal health due to an increase in diseases such as osteosarcoma and osteoporosis may trigger market share.
Global Vegan Fast Food Market: Competitive Landscape
Some of the leading players operating in the Global Vegan Fast Food Market are Amy’s Kitchen, Danone S.A., The Archer Daniels Midland Company, Daiya Foods Inc. Tofutti Brands Inc. Ripple Foods Inc., Earth’s Own Food Company Inc., and other prominent players.
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