A new market report by consumer goods research firm Technavio found that new vegan packaged goods will exhibit a compounded annual growth rate (CAGR) of 11-percent between 2016 and 2020. The report analyzed current market trends and revealed that the United Kingdom—which experienced a 360-percent growth of its vegan population in the past decade—is responsible for 20-percent of new vegan products launched in 2015 in Europe. Analysts identified three trends—the health benefits of veganism, the growing concern toward animal cruelty and welfare, and the increased focus on environmental protection—as factors contributing to the growing vegan packaged goods industry. “A new wave of consumers, especially millennials aged between 20 and 34 years, prefer vegan foods, owing to their concern toward animal welfare and environment-friendly food products,” Technavio’s lead analyst Manjunath Reddy said. According to a recent report compiled by market intelligence agency Mintel, foods labeled “vegan” have increased by 257-percent since 2010. Additionally, several market research firms worldwide have predicted substantial growth in specific vegan sectors, with plant-based milk, meat, and egg replacement markets expected to reach $35 billion, $5.2 billion, and $1.5 billion, respectively, in the coming years.
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