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New Jersey Vegan Products Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The vegan products market in New Jersey was valued at USD 11.7 billion in 2021 and is projected to expand at a CAGR of 8.2% from 2022 to 2029. The growing trend of veganism, along with the rising health consciousness, is driving the demand for vegan products in the region. The increasing number of vegan restaurants, the emergence of vegan food festivals, and the growing availability of vegan products in supermarkets are some of the factors contributing to the growth of the vegan products market in New Jersey.
Moreover, the increasing demand for vegan food from millennials is propelling the market growth. According to a survey conducted by the Humane Research Council, in 2021, about 44% of millennials are vegan or vegetarian. The increasing trend of flexitarianism, which is the practice of consuming plant-based meals most of the time, is further driving the demand for vegan products. The rising popularity of plant-based meat is a major factor driving the market growth. Plant-based meat is becoming increasingly popular across the region due to its taste and texture, which is similar to that of conventional meat.
Furthermore, the rising demand for vegan products from tourists is boosting the growth of the market. According to the New Jersey Department of Tourism and Marketing, in 2020, New Jersey received around 100 million tourists. The rising number of tourists is expected to boost the demand for vegan products in the region.
In addition, the increasing number of new product launches is further supporting the growth of the market. For instance, in January 2021, Impossible Foods launched Impossible Pork and Impossible Sausage in the New Jersey market. The company is planning to launch more innovative vegan products in the near future. The rising trend of vegan food delivery services is also boosting the demand for vegan products in New Jersey. Additionally, the increasing number of vegan-friendly restaurants and cafes is further driving the market growth.
Product Insights
The dairy alternative segment is expected to dominate the market and accounted for a share of around 25.0% in 2022. The increasing consumer preference for vegan food products is driving the market growth of vegan dairy alternatives. According to a survey conducted by Plant Based Foods Association, in 2019, around 10 million Americans have adopted a vegan diet. Moreover, the growing consumer awareness regarding animal cruelty and health benefits of vegan food products are likely to propel the growth of the market.
The bakery segment is projected to expand at the fastest CAGR of 10.2% over the forecast period. The rising demand for vegan bakery items, such as cakes, cookies, breads, pastries, etc., is one of the major factors driving the market growth. Additionally, the increasing number of vegan bakeries in New Jersey is also contributing to the growth of the market. According to an article published by VegNews, in January 2020, New Jersey is increasingly becoming a hub for vegan bakeries. Furthermore, rising disposable income among consumers is anticipated to further drive the demand for vegan bakery items over the forecast period.
Distribution Channel Insights
The supermarkets and hypermarkets segment is anticipated to hold a major share of the vegan products market in New Jersey. This is mainly attributed to the increasing number of supermarkets and hypermarkets stocking vegan products. According to a survey by Vegan.com, in 2021, around 70% of supermarkets and hypermarkets in New Jersey stocked vegan products. In addition, the presence of organized retail outlets, such as supermarkets and hypermarkets, provides consumers with a wide variety of vegan products, which is driving the growth of the segment.
The online segment is anticipated to register the highest CAGR of 16.4% over the forecast period. This is mainly owing to the increasing number of e-commerce platforms providing vegan products. Additionally, various e-commerce companies, such as Amazon and Walmart, are offering vegan products in New Jersey, which is further driving the growth of the segment. Moreover, e-commerce provides convenience to customers, as they can compare prices and buy products online, which is expected to drive the segment growth.
Type Insights
The organic segment held the largest revenue share of 62.3% in the year 2020. The growing demand for organic vegan products across the country is a key factor driving the growth of the segment. The vegan population in the region is increasing, as more people are looking for health-conscious and natural food options. Furthermore, the rising awareness of the health benefits of consuming organic foods and the rising popularity of veganism has also propelled the demand for organic vegan products.
The non-organic segment is anticipated to expand at the highest CAGR of 8.9% over the forecast period. The popularity of non-organic vegan products is increasing due to the availability of a wide variety of vegan products, of which some are not available in organic form. Furthermore, the availability of vegan products in supermarkets and online stores has made it easier for customers to access them. This has increased the demand for non-organic vegan products in the region.
Regional Insights
The New Jersey vegan products market is anticipated to witness significant growth in the coming years due to the increasing demand for vegan products in the region. The vegan population in the region has grown significantly over the past few years, and this is expected to fuel the market growth. Furthermore, the increasing awareness about the health benefits of vegan products has led to a surge in demand for vegan products in the region.
The region of North America is expected to dominate the market and account for the largest revenue share in the coming years. The rising millennial population, who are more likely to consume vegan products, is expected to drive the market growth in the region. The presence of well-established vegan product manufacturers, such as Beyond Meat and Impossible Foods, is also expected to fuel the market growth in the region. Furthermore, the increasing number of vegan restaurants in the region is expected to drive the market growth.
Financial Projections
In this part of the New Jersey Vegan Products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your NJ vegan products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a NJ vegan products business comes from sales of vegan products. Here you will find a list with a description of each of the vegan products, such as plant-based milk, cheese, bread, condiments, and other vegan substitutes, as well as other possible sources of profit such as catering and online sales.
Projecting Expenses
In this section, all the regular expenses related to keeping the NJ vegan products business running will be described. The list of operating expenses includes the cost of vegan ingredients, rent, wages, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the New Jersey vegan products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Beyond Meat launched a vegan burger patty to the market.
– In August 2022, Follow Your Heart launched a vegan mayonnaise made from aquafaba and other plant-based ingredients.
– In October 2022, Daiya Foods launched a vegan cheese alternative made from pea protein and plant-based ingredients.
Some of the prominent players in the New Jersey vegan products market include:
– Beyond Meat
– Follow Your Heart
– Daiya Foods
– Tofurky
– Gardein
– Amy’s Kitchen
– Earth’s Balance
– Field Roast
– The Hain Celestial Group
– MorningStar Farms
Global New Jersey Vegan Products Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global New Jersey vegan products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Plant-Based Meats
– Plant-Based Dairy Alternatives
– Plant-Based Eggs
– Plant-Based Seafood Alternatives
– Plant-Based Ice Cream
– Plant-Based Snacks
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Natural Food Stores
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Organic
– Conventional
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation in the New Jersey Vegan Products Market?
[A]: Product innovation has become an important factor for businesses in the New Jersey vegan products market, with numerous companies introducing new products to meet the changing needs of consumers. Plant-based proteins, frozen vegan food, protein-rich superfoods, and non-dairy milk alternatives are among the new products that have been launched in the market. In addition, health-conscious consumers are increasingly looking for products that are organic, gluten-free, and non-GMO, which is driving innovation and product development in the market.
[Q]: Who are the Key Players in the New Jersey Vegan Products Market?
[A]: The key players in the New Jersey vegan products market are Beyond Meat, Inc., Amy’s Kitchen, Inc., Tofurky, Follow Your Heart, Gardein Protein International, Inc., Earth’s Own Food Company Inc., and Daiya Foods Inc.
[Q]: What are the Factors Driving the New Jersey Vegan Products Market?
[A]: Factors driving the New Jersey vegan products market include increasing health consciousness, rising demand for plant-based proteins, the emergence of vegan-friendly restaurants, and increasing popularity of vegan diets.
[Q]: What are the Challenges Facing the New Jersey Vegan Products Market?
[A]: Some of the challenges facing the New Jersey vegan products market include the high cost of vegan products, the limited availability of vegan-friendly restaurants, and the lack of awareness of veganism among consumers.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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