The vegan market consists of the sale of vegan products and related services for consumption purposes. Vegan products include food and beverages produced without the use of animal ingredients or animal-derived ingredients. Vegan food products include fruits and vegetables, legumes such as peas, beans, plant protein-based tofu and plant protein-based meat.
The global vegan market is expected to grow from $14.80 billion in 2019 and to $15.12 billion in 2020 at a growth rate of 2.13%. The slow growth in 2020 is mainly due to the economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to grow and reach $20 billion in 2023 at CAGR of 9.79%.
