Vegan Spaghetti Market to Witness a CAGR of Around 9%
According to latest research by Fact.MR, vegan spaghetti sales is likely to witness sturdy growth during 2021-2031. Demand for vegan spaghetti will witness steady recovery in short-term, with sanguine growth outlook in the long-run. Growing trend of population moving towards veganism to reduce level of cruelty borne by animals will mean limited opportunities in near future. However, consumption of vegan spaghetti serves as a rich source of minerals and vitamins for flexitarian population who are more conscious about healthy diet, further providing momentum to the global vegan spaghetti market.
What is Driving Demand for Vegan Spaghetti?
The demand for vegan spaghetti in routine dietary is likely to get a push by ever-increasing demand for more organic and natural food compared to that of synthetic food. Vegan spaghetti can be a potential substitute to vegan or conventional noodles owing to the fact that spaghetti has about 35% more protein than instant noodles and does not contain trans-fat nor cholesterol.
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Vegan/plant-based spaghetti has gained traction, as they provide enormous health benefits compiled with similar taste and texture of conventional spaghetti or noodles. Furthermore, trend of vegan food products consumption is upwelling the vegan spaghetti sale, which in turn has been compelling vegan spaghetti manufacturers to expand their distribution footprint and innovate their product offerings. However, Surging vegan population and increasing footfall of flexitarian or vegan consumer in restaurants is likely to be a lucrative avenue for vegan spaghetti manufacturers.
Increasing Food Allergies Likely to Augment Vegan Spaghetti Sales
The demand for convenience food products has resulted into the prevalence of numerous health issues and diseases. Vegan products are being increasingly sought-after to prevent and minimize the risk of obesity, type-2 diabetes and cardiovascular diseases accompanied with the consumption of conventional ready-to-eat convenience food products. In turn, inducing consumers to switch to plant-based eating patterns, owing to extensive health benefits and environmental friendly properties of plant based products.
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With the advent of COVID-19 pandemic, lockdown and shelter-at-home guidelines have meant restricted outdoor activities. However, sales for vegan spaghetti is likely to improve over the course of the assessment period owing to increase in number of online wellness clubs motivating vegan population to maintain health and immune. Furthermore, increasing food allergies from animal-based food products (mainly eggs, meat, and fish) and rising awareness on animal rights and safety is likely to advantage vegan spaghetti manufacturers by creating sustained opportunities in near future.
US and Canada Vegan Spaghetti Market Outlook
A recent study by VeganNews has revealed that the number of Americans following vegan/plant based diets is around 10 million which is nearly 3% of the population in United States. This is almost 300% increase over last 15 years. This suggests that the demand for vegan spaghetti is likely to leap and bound in the next couple of years with an upsurge in vegan population.
Demand for vegan spaghetti in US and Canada will be led by flexitarian population. Growing level of health consciousness among consumers and the expansion of veganism is likely to fuel the North American market. Furthermore, with the increasing evidence of food allergies, the US and Canada non-vegan (meat) spending is likely to reduce by 2022 and beyond, and this will continue to benefit vegan spaghetti manufacturing companies.
Europe Demand Outlook for Vegan Spaghetti
Germany, Italy, and France being the most visited countries in Europe, creating opportunities for vegan spaghetti manufacturers to supply ready-to-eat vegan spaghetti in form of convenience food products. European countries have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities. However, similar to US and Canada, European countries are also adapting the vegan lifestyle this is primarily due to the government imposed stringent regulations against animal cruelty. Furthermore, rising health and fitness spending in EU continues to drive demand for vegan spaghetti.
Who are the Key Manufacturers and Suppliers of Vegan Spaghetti?
At present, the market for vegan spaghetti is highly unorganized in few regions as the key market players engaged in the manufacturing of vegan spaghetti are predominantly focusing on emerging countries owing to the remunerative opportunities for vegan spaghetti market. However, the demand for vegan spaghetti is likely to swell in near future as manufacturers are continuously launching products which are appetizing and have different flavors in the vegan spaghetti market to meet the demand of rising flexitarian and vegan population. In turn, making it one of the most organized market as a source of vegan protein.
Some of the leading manufacturers and suppliers of vegan spaghetti include
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