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Vegan foods have gained immense popularity among customers across the world as consumers are growing more health conscious and want to make better lifestyle and dietary choices. Vegan foods are also known as plant-based foods and do not include any type of animal or dairy products, such as meat, eggs, and milk.
According to an article published in September 2023 by the World Animal Foundation, 88 million people across the world follow a vegan diet, with three-quarters of vegans being females. This scenario is expected to add momentum to the growing trend of veganism, which will further fuel the growth of the vegan food industry.
Fortune Business Insights has stated that the market for vegan food is predicted to touch a valuation of USD 61.35 billion by 2028, displaying a CAGR of 12.95% during the forecast period of 2021-2028. The market reached the valuation of USD 23.31 billion in 2020 and USD 26.16 billion in 2021.
Danone S.A. is a France-based multinational food corporation that supplies healthy products customized according to its customers’ nutritional requirements and eating patterns. The company is one top 10 vegan food brands in the market. It offers high-quality and fresh dairy as well as plant-based foods and beverages. The company first introduced its plant-based foods and drinks after acquiring White Wave in April 2017.
February 2021: Danone announced that it had acquired Follow Your Heart, a pioneer of plant-based foods. This acquisition helped the company expand its plant-based product portfolio, including brands, such as So Delicious and Silk.
Conagra Brands is a U.S.-based consumer packaged goods holding firm. The company provides a wide range products foods and beverages under brands, such as Earth Balance, Armour Star, Frontera, Glutino, and others. It also has vegan brands, such as M Marie Callender's, Birds Eye, EVOL, Healthy Choice, and Gardein.
July 2020: Conagra Brands announced the launch of new plant-based snack & meal options. The COVID-19 pandemic had forced people to cook more at home, which helped the firm introduce many new plant-based snacks and meals. The new product range included Gardein ultimate plant-based jerky and Birds Eye meatless lasagna along with Gardein plant-based proteins.
Upfield Holdings is a Dutch food company that makes food spreads, margarine, and plant-based foods under different vegan food brands. The company is considered one of the top plant-based brands that offers customers natural, delicious, and nutritious foods. Some of its brands include ProActiv, Rama, Violife, Country Crock, and Flora, among many others.
July 2021: Upfield launched a plant-based cheese brand named Violife in the Middle East. The new brand offered an allergen-free and effective option to the conventional dairy products and was made available in boxes, grated, and slices. The cheese came in two flavors – cheddar and mozzarella.
Nestle S.A. is a well-known food manufacturer based in Switzerland that sells almost 2,000 products in approximately 186 countries. One of the key strategies that the company uses to accelerate its growth is entering emerging market early and before the competitors, and develop a robust image by selling food items that carry a lot of appeal to the vast local population. The company has various brands that provide plant-based products. These brands include Milo, Wunda, KitKat Vegan, Sensational Vuna, and Garden Gourmet Veggie.
May 2021: Nestle revealed that it had launched a vegan milk brand called ‘Wunda’, a pea-based milk brand that will be an alternative to conventional milk. The product was launched in the Netherlands, France, and Portugal.
Daiya Foods is a Canadian food company that produces alternatives for dairy products. It makes vegan foods, such as vegetable crust pizzas, gluten-free pizzas, dairy-free dressings, and cheesecakes.
January 2022: Daiya Foods revealed that it had entered a sales and distribution partnership with Hyundai Green Food, one of the top food catering companies in South Korea. Through this partnership, Hyundai Green Food would look into the sales and distribution of Daiya’s range of high-end plant-based foods.
The Kellogg Company is an American multinational food company that produces cereals and convenience foods, such as toaster pastries, crackers, and other snacks. The company has over 100 years of experience selling high-quality foods to its customers. It also offers original plant-based products under brands, such as MorningStar Farms, Pure Organic, and Bear Naked. Kellogg has also launched several vegan products for its customers.
April 2021: Kellogg launched Chick’n Tenders, a plant-based meat alternative that tastes like chicken meat but is made from plants. The new product was launched in the U.S. to cater to the growing demand for vegan products.
Impossible Food Inc. is another American firm that supplies plant-based alternatives to meat products. The company introduced its first Impossible Burger in 2016, which was made from plants, to supply sustainable vegan products to its customers.
May 2022: Impossible Food Inc. launched brand-new vegan products in Europe; two of its latest products – Impossible Sausage Patties and Impossible Chicken Nuggets – were made available in the U.K.
ITC Limited is an India-based conglomerate that has its operations in different industry verticals, such as hotels, packaging, FMCG, and paperboard & specialty papers. The firm has more than 200 manufacturing plants, with its products being made available across 7 million retail stores.
January 2022: ITC revealed that it had officially penetrated the plant-based meat industry by launching its own plant-based nuggets and burger patties. The company was aiming to offer these products through e-commerce, retail, and food service stores in major Indian cities.
Beyond Meat is a Los Angeles-based manufacturer of plant-based meat alternatives and offers vegan ground beef, chicken, meatballs, sausages, and other meat products. The company unveiled its first plant-based beef product named Beyond Beef Crumbles in 2014.
October 2022: Beyond Meat introduced its plant-based steak, which looks, cooks, and tastes like meat. The new product mimics the original expensive cut of beef to help customers satisfy their meat cravings.
Axiom Foods is one of the world’s first, biggest, and most innovative producers of Whole Grain Brown Rice (WGBR) and allergen-friendly foods. The company frequently collaborates with end-users in the food & beverage, nutraceuticals, and specialty foods sectors to develop protein & beverage solutions and meat extenders & analogues.
December 2020: Axiom revealed that it had launched a new version of the VegOtein TX texturized pea protein for processed and vegan meats. The new version of protein claimed to help decrease the need for stabilizers and gums, such as soy and wheat gluten.
What does the future for the vegan food industry look like?
The industry is expected to grow at a robust pace in the coming years due to the rising demand for meat substitutes among health-conscious customers. Many consumers are trying to make eco-friendly lifestyle and dietary choices, and switching to veganism is one of them. As more people begin to familiarize themselves with vegan foods, their demand is expected to grow exponentially.