Product ID: SQMIG30I2353
Report ID:
SQMIG30I2353 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
61 |
Figures:
75
In 2023, North America accounted for the largest revenue share in the global vegan food market at 40%, primarily driven by growing environmental and animal welfare concerns for food occupational, lactose intolerance and high Demand for dairy alternatives in the US. More impacts are observed, as National Digestive Disease Information Clearing House estimates affect 30–50 million Americans are affected due to lactose intolerance. Plant-based foods are poised to dominate the United States and Canada, due to positive consumer sentiment due to social media campaigns and increase of advertisements on television channels.
Asia-Pacific is poised to emerge as the fastest growing regional market, with a CAGR of 12.5% during the forecast period, driven by rising consumer awareness of healthcare and significant growth potential for key market players expansion in this region results due to consumer health awareness. According to a report from Nutritional Outlook, demand for plant-based foods is growing in Asia Pacific, with investment in the sector increasing by 30% to about $372 million by 2022. It should be noted that these investments are not confined to one country but are spread across the region. Sales are expected to increase, with China, Japan and Australia as the major contributors to regional growth.
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Product ID: SQMIG30I2353