New Jersey Vegan Products Market Size, Share & Trends Analysis Report By Product {Food (Ready Meals, Cereal, Confectionery, Bakery Products, Snacks), Beverages}, By Distribution Channel (Offline, Online), And Segment Forecasts, 2021 - 2028

Report Overview

The New Jersey vegan products market size was valued at USD 190.2 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 16.1% from 2021 to 2028. The increasing awareness among millennials pertaining to health benefits offered by the vegan diet and the growing health-conscious population are driving the market. The outbreak of COVID-19 has increased the penetration of online retailers in the food industry, including the vegan food market. Many brands and food manufacturers have been creating a marketplace for consumers to make it contactless and safe in these circumstances. There are various online vegan marketplaces that provide doorstep delivery services in New Jersey.

Vegan food emerged as the largest product segment in the market in 2020. Rising awareness regarding various health benefits of consuming plant-based food products has widened the consumer base of this industry. Plant-based products help maintain blood pressure levels and lower the risk of heart disease.

Furthermore, growing awareness regarding animal wellbeing and animal cruelty in the food industry has been encouraging people to shift from animal-based to plant-based food products. According to The Vegan Society, the number of U.S. consumers identifying as vegan grew from 1% to 6% from 2014 to 2017. These products are Googled three times more than gluten-free products.

In addition, manufacturers in the market have introduced a number of quality food items in different flavors with attractive packaging solutions. This is also likely to contribute to market growth. Among such products, plant-based cheese accounts for the largest share among dairy alternatives.

Furthermore, retail stores, grocery shops, and supermarkets & hypermarkets have been increasing shelf spaces for vegan products such as bakery, confectionery, and other snacks as they witness a shift in consumer behavior toward vegan foods and products.

Distribution Channel Insights

The offline segment held the largest revenue share of over 85.0% in 2020 and is expected to maintain its lead over the forecast period. The offline distribution channel is projected to retain its position throughout the forecast period owing to the high consumer inclination toward shopping grocery products from supermarkets and convenience stores, where they can be physically examined to ensure product quality.

Moreover, the wide availability of both premium and private label brands at these stores encourage consumers to purchase products through these channels. Major players in the industry are opening new stores in the region to cater to a larger number of customers. For instance, in December 2020, Aldi announced the opening of a new store in Monmouth Junction.

The online segment is projected to register the fastest growth from 2021 to 2028. Benefits offered by the online channel, including shopping from the comfort of one’s home, doorstep delivery, free shipping, and discounts, are mainly attracting millennials and the younger generation to opt for this channel. Furthermore, increasing familiarity and rising dependence of generation X, millennials, and generation Z on the internet and e-commerce are the major factors expected to drive the sales of vegan products through the online channel in the coming years.

Product Insights

The food segment held the largest revenue share of over 50.0% in 2020 and is expected to maintain its lead over the forecast period. Factors such as nutritional advantages of vegan meals, rising awareness of animal cruelty, increased product launches, and higher celebrity and athlete endorsements, including by Lewis Hamilton and Ava DuVernay, are expected to spur the demand for vegan products.

Moreover, due to hectic schedules and lack of time for cooking, consumers are opting for meal kits to enjoy vegan foods. Various companies have been altering their menus and adding vegan options including farm-fresh, non-GMO, seasonal, and nut-free. For instance, Purple Carrot delivers ready meal kits created with a variety of fresh, high-quality ingredients.

The beverages segment is expected to witness the fastest growth from 2021 to 2028. Vegan beverages have become quite popular among millennials due to their fondness for healthy and dietary drinks, which has led to an increase in the demand for low-calorie/plant-based beverages.

The growing inclination toward healthy and low-fat diets has also pushed the adoption of vegan beverages among consumers. According to a Brisan Group poll conducted in the U.S. in February 2020, 79% of consumers purchase these beverages because of the vitamins and nutrients included in them, while 51% choose these drinks because of their low fat and cholesterol content.

Key Companies & Market Share Insights

The New Jersey market for vegan products has been characterized by the presence of a large number of regional and several international players. These manufacturing companies have been launching new products owing to the rising demand for vegan products among vegetarian and health-conscious consumers across New Jersey. For instance, in August 2021, General Mills announced the launch of an animal-free dairy cheese brand called Renegade Creamery. The cheeses contain dairy proteins, whey, and casein and are produced using fermentation techniques rather than using animal-derived ingredients. With this initiative, General Mills plans to enter the cheese category. Some prominent players in the New Jersey vegan products market include: -

• General Mills, Inc.

• Conagra Brands, Inc.

• The Hain Celestial Group, Inc.

• Blue Diamond Growers

• Eden Foods, Inc.

• Nature's Path Foods

• EcoFarms

• Against the Grain Gourmet

• PACIFIC FOODS OF OREGON, LLC.

• Cereal Partners Worldwide S.A.

New Jersey Vegan Products Market Report Scope 

Segments Covered in the Report

This report forecasts revenue growth at the regional level and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the New Jersey vegan products market report on the basis of product and distribution channel:

• Product Outlook (Revenue, USD Million, 2016 - 2028)

  • Food

    • Ready meals

    • Cereal

    • Confectionery

    • Bakery Products

    • Snacks

    • Others

  • Beverages

• Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)

  • Offline

  • Online