Veganism has reached its all-time high peak in 2023, and this trend shows no signs of declining. On the other hand, the consumption of fast food is skyrocketing. Together, these factors are set to propel the vegan fast food market to progress at a CAGR of 4.1% through 2034.
The market is anticipated to soar from its present value of US$ 18,943.20 million in 2024 to a staggering US$ 28,198.30 million by 2034, relying on the noticeable switch from animal- to plant-based food
With the US, UK, Germany, and Japan emerging as major manufacturers, these factors will probably lead to a consistent 4.5% CAGR increase in the market for vegan fast food.
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The global market for vegan fast food is expanding as a result of changes in lifestyle and growing knowledge of health and human well-being. Vegetarian cuisine is becoming more popular as people’s perceptions of other people and the environment change.
One of the primary causes fueling the growth of the vegan fast-food industry is a rise in the number of students living in shared homes or rented rooms. Furthermore, as knowledge grows, businesses focus on providing new, inventive vegan fast food options to attract customers. To attract customers, certain fast-food restaurants, such as Burger King, are offering plant-based fast food. These reasons are expected to drive growth in the global vegan fast-food business.
Certain constraints and limitations are expected to stifle the demand for vegan fast food. Fast food-related obesity is expected to stifle growth during the projection period. Nonetheless, rising demand for vegan fast food due to several health benefits such as aiding in the categorization of plaque and fat in arteries, as well as untapped potential in new markets, provide exciting growth chances.
Key Takeaways
The US is expected to have a share of 30.2% of the vegan fast-food market share.
Rising disposable incomes are likely to support the expansion of the vegan fast-food business in North America over the forecast period.
The China vegan fast-food market is expected to grow at a rate of 3.5% throughout the forecast period.
The increasing penetration of global companies in the region is projected to promote vegan fast food market growth.
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Competitive Landscape
Global players are expected to see an increase in demand for vegan fast food, primarily from the food and beverage industries, in order to improve existing product portfolios and increase the use of vegan ingredients in processed food products and beverages, all with the goal of attracting the vegan population. Companies are attempting to provide personalised flavours in order to meet the diverse needs of food and beverage manufacturers. They are focused on providing vegan fast food that meets the needs of vegan fast-food makers, such as organic and natural food products.
Key Segments
By Product Type:
- Dairy Alternatives
- Meat Substitutes
By End-User:
- Takeout
- Dine-in
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
Partnerships, and Collaborations
In September of 2020, Planterra Foods and the NFL’s Denver Broncos announced a three-year partnership. Through this partnership, the OZO brand is expected to be recognised as the official plant-based fast food of the Denver Broncos. The company is likely to be able to raise brand recognition and customer interest using this tactic.
Beyond Meat Food Co. Ltd., a 100% owned subsidiary of Beyond Meat, has signed a contract with Jiaxing Economic & Technological Development Zone in September 2020 to design and develop production facilities (China). China is the site of a state-of-the-art plant being constructed to manufacture Beyond Meat-branded vegetarian alternatives.
Product Launches
In October 2020, the Impossible Burger, Impossible Foods’ signature product, is expected to be introduced to the Canadian vegan fast food market, significantly expanding the company’s presence there. The company’s wares can be purchased in any of the roughly 600 Sobeys family stores, or through the retailer’s grocery delivery service. The company’s retail footprint can then be expanded as a result.
In September 2020, Beyond Meat is anticipated to introduce Beyond Meatballs to supermarkets across the United States. There is a need in the market for convenient and healthy plant-based fast food, and this item is expected to fill that void.
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