Consumers focusing on cutting down the animal based dairy products have started preferring packaged vegan food. Packaged vegan food are prepared without the use of any animal based ingredients resulting in low fat and cholesterol. Increasing number of people are now a days turning vegan because of their love and compassion toward animals and the environment.
One of the major driving factor of packaged vegan food is the health benefits that it offers such as it helps to avoid diseases like heart attack and diabetes. The vegan diet does not include anything of animal product thus it is perceived to be healthier and hence is preferred over meat. The packaged vegan food are prepared using plant based ingredients that provide phytochemicals. These phytochemicals help in boosting protective enzyme in the body. Moreover in place of dairy products and meat, one can consume nuts and whole grains which help in improving the cardiovascular health. Consuming a low fat vegan diet helps in reducing the risk of obesity, lung cancer, gall stones, osteoporosis, gout, colon cancer and breast cancer. Another driving factor for the packaged vegan food in the market is growing concern toward animal welfare and cruelty. Animal activists are fighting worldwide against animal cruelty in the dairy and meat industries which is one of the motivational factor for the people to turn vegan. Increased focus on environmental pollution is also a main factor more consumers being inclined for packaged vegan foods.
Researches indicate that over 51% of global greenhouse gas emissions are caused by animal agriculture. The animal excrements emits gases which include hydrogen sulfide, nitrous oxide, methane and ammonia. Ammonia and hydrogen sulfide poisons the air while nitrous oxide and methane are the main contributors for global warming.
The major challenge that the packaged vegan food market faces is the lack of definitive regulations associated with vegan food labelling. However, with a standard definition of vegan foods, the manufacturers and retailers \would be in a position to offer a wider range of vegan products. This would basically help the consumers in trusting the brands and help in forming their purchasing decision. In APAC there is no definite law for vegan food labeling. According to the EU Food Information Regulation there has been no definite definition for food label with “suitable vegan”.
Since vegan diet favors animal rights as a result people are adopting it because of their ethical concerns toward environment and animal. The concern for animal welfare have led more people to prefer vegan food. Thus there is rise in consumption of plant based foods owing to potential health benefits. Packaged vegan food has found widespread acceptance among the consumers due to its fitness-conscious western society and is gradually gaining grounds in developing economies. Thus as the number of health conscious people are increasing who prefer to consume non-dairy beverages due to nutritional profile and also due to lactose intolerance leading to wide market opportunity of packaged vegan products market.
Packaged vegan food markets is segmented based on type. This are basically vegan dairy alternatives, packaged vegan meals and meat alternatives, vegan bakery and confectionery products and other packaged vegan foods. Whereas packaged vegan dairy alternatives segment dominates the market as because it is readily available in supermarkets and other specialty health food stores. The demand for flavored vegan dairy alternatives is rising gradually due to the demand for tasty, nutritious and lactose free product worldwide.
Geographically the market is bifurcated into Europe, North America, Asia Pacific, Middle East and Africa and Latin America.
The key players of packaged vegan food market are Amy’s Kitchen, Beyond Meat, Plamil Foods, Tofutti Brands and WhiteWave Foods among others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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