Vegan Sour Cream Market Insights
Vegan Sour Cream consumption has seen a rapid spike across the globe owing to changes in consumer preferences. The demand for vegan sour cream has drastically augmented mainly because of consumers' inclination toward a more vegan and vegetarian diet. Vegan sour cream is normally composed of plant-based ingredients, making it more suitable for the lactose-intolerant population. Frequent factors draw consumers' attention to the vegan category, primarily owing to health and environmental concerns and low-fat and dairy alternatives. With the rising demand for plant-based diets, awareness about the health benefits of vegan diets is also growing. With the food segment being one of the fastest-growing sectors globally, approximately around 800 companies are majorly engaging in the production of plant-based foods, removing animal protein-based products. The sudden outbreak of the COVID-19 pandemic has augmented the food business market in terms of production and distribution.
Regional Analysis
Europe dominated the global vegan sour cream market as a growing number of consumers in the region are inclined toward vegan products. The growing consumer preference toward organic and genetically modified (GM) free products and a growing number of flexitarians, vegetarian, and vegan diets are projected to boost the demand for the plant-based food market.
Asia-Pacific is a new revenue pocket for the vegan sour cream market. The rising spending capacity of the population in China, Japan, and South-East Asian countries generates an opportunistic market for the existing players. Growing awareness among consumers about plant-based ingredients is driving the growth of the market in the region.
Market Segmentation
The Global Vegan Sour Cream Market has been segmented into the Source, Category, and Distribution Channel
Based on the Source, The Global Vegan Sour Cream Market has been segmented into Soy, cashew, Coconut, and Others. The Soy segment accounted for the largest market share and is expected to grow at a moderate pace during the estimated period. It is free from lactose and cholesterol and has a low saturated-fat content due to which the mainstream consumers prefer soy-based vegan sour cream.
Based on the Category, The Global Vegan Sour Cream Market has been segmented into Plain and Flavored. The Plain segment accounted for the largest market share and is expected to grow at a moderate rate during the estimated period. Plain vegan sour cream is a type of product made without the use of additional flavors.
Based on the Distribution Channel, The Global Vegan Sour Cream Market has been segmented into Store-Based and Non-Store-Based. The Store-based is the majority of vegan sour cream is sold through store-based retailers. This segment has been additionally divided into supermarkets & hypermarkets, specialty stores, and others. The supermarkets & hypermarkets segment dominated the market during the imminent period.
Key Players
Some of the key vegan sour cream market players are Forager Project LLC (US), The Dairy-Free Co. (US), Earth Island (Canada), DAIYA FOODS INC. (Canada), Follow Your Heart (US), The Kroger Co. (US), Kite Hill (US), WayFare Health Foods (US), Tofutti Brands Inc (US), and Good Karma Foods Inc. (US)
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