“Vegan fine dining market to grow at a lucrative rate over the forecast period”, says Visiongain
31 October 2019
Visiongain has launched a new Consumer Goods report Vegan fine dining market Report 2019-2029 Forecasts by Product Type (Meat Substitutes (Tofu & Tofu Ingredients, Tempeh, Textured Vegetable Protein (TVP), Seitan, Quorn, Others) Dairy Alternatives (Cheese, Dessert, Snacks), by Source (Soy, Wheat, Mycoprotein, Others), by Distribution Channel (Offline, Online), PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
The global Vegan fine dining market is expected to grow at a lucrative rate during the forecast period. The key factors driving the market include growing health concerns among consumers, increasing awareness regarding the health benefits of vegan products, increasing consciousness regarding animal welfare, and urbanization. Furthermore, social campaigns and promotions have also positively influenced sales of vegan products among consumers. However, regulatory concerns regarding the approval of these products may be a cause of concern for the growth of vegan fine dining market over the forecast period. Geographically, North America spearheaded the market owing to the availability of products and high demand in the region. Europe also captures a significant share in the market. Over the past 5 years, the share of meat-free plant based products has increased significantly and there was a 200 per cent increase in product launches in this category over the past years.
According to the statistics published by Forbes, the number of Vegans in the U.S. has reached to 6% in 2017 from 1% in the previous year. Furthermore, there has been a rise in the number of vegan fine dining restaurants and outlets in the past few years. Of the total 24,000 vegetarian eateries in the country, over 1,000 restaurants serve vegan food exclusively. The number of people concerned about health ailments due to excessive meat consumption, growing environmental cost of dairy and meat, and animal welfare concerns are factors responsible for this rise. Consumers are slowly embracing the idea of plant-based dining experience. The growing demand coupled with rising vegan consumer base has opened significant opportunities for start-ups and existing players. For instance, in April 2019, U.S. based plant based food manufacturer, Veggie Grill opened 50 more shops in the country.
Key players such as The Archer Daniels Midland Company, Amy’s Kitchen, Beyond Meat, Plamil Foods Ltd., Daiya Foods, Toffuti Brands, and Danone S.A are currently dominating the market. Key players are focusing on new product launches, promotions, and strategic alliances in order to expand their portfolio and strengthen their position in the market. For instance, in April 2019, U.K. based food company, Linda McCartney Foods, launched meat-free salads produced with pea protein. To cater to the growing demand for plant-based burgers, Australia based food chain, Beyond Burger launched plant a plant based burger, Grill’d in 2019. Earlier in 2017, Danone invested over USD 50 million in plant product segment. This initiative would help the company expand its product portfolio and strengthen its position in the market. Some of the other companies operating in the market include Eden Foods, Vitasoy International Holdings Ltd., VBites Food Ltd., Abbot’s Butcher “Chorizo”, Road’s End Organics, VEGA One, Earth Balance, and So Delicious Dairy. These players are focussing on introducing novel products to carve their position in the global Vegan fine dining market.
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