According to a new report, the global vegan food market could reach $31.4 billion by 2026.
The report—titled Vegan Food Market by Product Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026—is authored by Allied Analytics LLP and published by Research and Markets.
According to the report, the global vegan food market was valued at $14.2 billion in 2018. In order to reach $31.4 billion, the market will need to register a Compound Annual Growth Rate (CAGR) of 10.5 percent between 2019 and 2026.
Consumer demand for vegan food has increased drastically in recent years and experts predict that it will continue to grow. Demand for vegan meat, in particular, is popular with a variety of consumers—regardless of diet.
Experts predict that the global vegan meat market alone could be worth $6.5 billion by the year 2026. Analysts at UBS recently predicted that the U.S. vegan meat and protein market could reach $85 billion by the year 2030.