RICHMOND, Va. (Vegan AF) - In a recent research report released by Research and Market, it is forecast that the global vegan food market will double from $14.2 billion in 2018, to $31.4 billion by 2026. This would represent a compounded annual growth rate (CAGR), of 10.5%.
China, in particular, is expected to see strong growth in the dairy-alternative market in the coming years. This is largely due to the fact that the disposable income for the Chinese has been on the rise. Other regions experiencing high demand for plant-based products are Europe and North America.
As the global demand for vegan food, beverages, and apparel-related items continue to grow at a rapid pace, you can expect companies to continue to innovate and launch more animal-free products for consumers worldwide.
Photo Credit: Canva Pro