DUBLIN, Nov 15, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Global Packaged Vegan Foods Market 2016-2020" report to their offering.
The report forecasts the global packaged vegan foods market to grow at a CAGR of 10.16% during the period 2016-2020. The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. One of latest trends in the market is media buzz and celebrity endorsements promoting veganism. Over the last few years, the word "vegan" has moved ahead from an obscure cultural curiosity to a word that is being discussed widely. With more celebrities adopting the vegan lifestyle, veganism as a concept has become mainstream. For example, Bill Clinton was named as PETA's 2010 Person of the Year owing to his efforts to promote the benefits of veganism after changing his eating habits and lifestyle to improve his health and wellbeing. In 2015, Beyoncé's was promoting the 22 Day Revolution on Good Morning America, about the health benefits of vegan diet. According to the report, one of the primary drivers in the market is growing concern toward animal cruelty and welfare. Most of the people across the world have become vegan either permanently or temporarily because of their compassion toward animals and the environment, and also to improve their personal health and wellbeing. Animal activists worldwide are fighting against animal cruelty. Animal cruelty in the meat, dairy, and egg industries is the key motivational factor for people to turn vegans. The cramped conditions in which chickens are kept and mulesing and slaughtering of animals while they are still conscious are among the major concerns. To increase egg production, chickens are not only housed in tight cages but also kept awake under the bright light throughout the day. It is anticipated than around 25 billion animals are slaughtered by the global meat industry every year. Due to these concerns, people all over the world have now started embracing veganism. Further, the report states that one major challenge in the market is lack of definitive regulations associated with vegan food labeling.