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Rising demand for vegan food spurring opportunities for market growth
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Thursday, 16 September, 2021, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Popularity of vegan diets can be attributed to popularity of veganism and rising focus on sustainable living. As per market research, these factors will create conducive environment for the expansion of the plant based milk market. The report also forecasts the sales of plant-based milk to increase at 8.8% CAGR between 2021 and 2031.
Concerns about the humane treatment of animals have also had a significant influence in the gradual shift toward vegan diets. The market for plant-based milk is predicted to expand as a result of these factors.
Consumers have become more appreciative of and inclined toward plant-based products, such as juices and other plant-based beverages, as health and wellness concerns have grown, due to the rise in prevalence of obesity, diabetes, and cardiovascular diseases.
Plant-based goods contribute to healthy eating habits by providing higher nutritional content, vitamins, minerals, and healthy fats. Veganism is gradually becoming more popular. Some of the countries have been identified to represent the trend from the fore at global forums.
For instance: In 2016, Singapore earned the spot of second-most vegan friendly Asian city by PETA Asia. Singapore was also titled the top 6th vegan city in the world by Happy Cow.
Hong Kong was listed in the top 10 vegan friendly countries by Peta Asia in 2020. According to a vegan business platform, Eco Warrior Princess, roughly 25% -70% of Hong Kong residents consume vegan meals.
Thailand witnessed the launch of several vegan restaurants and food outlets recently such as Veganerie, Vistro, May Veggie Home, and Swees among others.
Key Takeaways from the Plant-based Milk Market Study:
•US is estimated to account for more than 80% of the North America market in 2021, supported by consumer awareness regarding nutritional foods.
•According to Analysis, China is estimated to account for more than 60% of the Asia Pacific market in 2021, supported by easy availability of raw materials.
•The UK is a high potential market in Europe, accounting for over 9.4% value share, supported by the popularity of clean label trends.
•Sales via online retail are expected to grow at 10.8% CAGR through 2031.
Sustainability of Plant-based Milk Production to Increase its Appeal
Plant-based milk is popular among customers because of benefits it provides in terms of sustainability, nutrition, and convenience. Consumers now demand food and beverages that are good for both their bodies and environment.
There are various concerns with conventional dairy products, including inhumane livestock rearing and addition of pesticides and chemicals to dairy milk, among others. Because of its vegan origins and branding as a health product, demand for plant based milk such as oat milk is likely to increase.
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