The global New Jersey Vegan Products market size is expected to be worth around US$ 726.3 million by 2030, according to a new report by Vision Research Reports.
The global New Jersey Vegan Products market size was valued at US$ 200.2 million in 2020 and is anticipated to grow at a CAGR of 17.0% during forecast period 2021 to 2030.
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New Jersey Vegan Products Market (By Product: Food, Beverages; By Distribution Channel: Offline, Online) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
|Market Size||US$ 726.3 million by 2030|
|Growth Rate||CAGR of 17.0% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Distribution Channel|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||General Mills, Inc.; Conagra Brands, Inc.; The Hain Celestial Group, Inc.; Blue Diamond Growers; Eden Foods, Inc.; Nature’s Path Foods; EcoFarms; Against the Grain Gourmet; PACIFIC FOODS OF OREGON, LLC.; Cereal Partners Worldwide S.A.|
The increasing awareness among millennials pertaining to health benefits offered by the vegan diet and the growing health-conscious population are driving the market. The outbreak of COVID-19 has increased the penetration of online retailers in the food industry, including the vegan food market. Many brands and food manufacturers have been creating a marketplace for consumers to make it contactless and safe in these circumstances. There are various online vegan marketplaces that provide doorstep delivery services in New Jersey.
growing awareness regarding animal wellbeing and animal cruelty in the food industry has been encouraging people to shift from animal-based to plant-based food products.
By Distribution Channel Analysis
The offline segment held the largest revenue share of over 85.0% in 2020 and is expected to maintain its lead over the forecast period. The offline distribution channel is projected to retain its position throughout the forecast period.
the wide availability of both premium and private label brands at these stores encourage consumers to purchase products through these channels. The online segment is projected to register the fastest growth from 2021 to 2028. Benefits offered by the online channel, including shopping from the comfort of one’s home, doorstep delivery, free shipping, and discounts, are mainly attracting millennials and the younger generation to opt for this channel.
By Product Analysis
The food segment held the largest revenue share of over 50.0% in 2020 and is expected to maintain its lead over the forecast period.
Factors such as nutritional advantages of vegan meals, rising awareness of animal cruelty, increased product launches, and higher celebrity and athlete endorsements, including by Lewis Hamilton and Ava DuVernay, are expected to spur the demand for vegan products.
due to hectic schedules and lack of time for cooking, consumers are opting for meal kits to enjoy vegan foods. Various companies have been altering their menus and adding vegan options including farm-fresh, non-GMO, seasonal, and nut-free.
- General Mills, Inc.
- Conagra Brands, Inc.
- The Hain Celestial Group, Inc.
- Blue Diamond Growers
- Eden Foods, Inc.
- Nature’s Path Foods
- Against the Grain Gourmet
- PACIFIC FOODS OF OREGON, LLC.
- Cereal Partners Worldwide S.A.
- By Product
- Ready meals
- Bakery Products
- By Distribution Channel
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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