New Jersey Vegan Products Market Key Developments Trends, Analysis and Forecasts to 2028

New Jersey Vegan Products Industry Overview

The New Jersey vegan products market size is expected to reach USD 626.3 million by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 16.1% from 2021 to 2028. The growing population of lactose-intolerant consumers in the U.S. is expected to aid the market growth as these consumers are increasingly seeking alternatives to dairy products.

New Jersey vegan products market size, by product, 2018 - 2028 (USD Million)

New Jersey Vegan Product Market Segmentation

Grand View Research has segmented the New Jersey vegan products market on the basis of product and distribution channel:

Based on the Product Insights, the market is segmented into Food and Beverages.

  • 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.

Based on the Distribution Channel Insights, the market is segmented into Offline and Online.

  • 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.
  • 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.

Key Companies Profile & 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.

Some of the prominent players operating 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
  • Cereal Partners Worldwide S.A.

Order a free sample PDF of the New Jersey Vegan Products Market Intelligence Study, published by Grand View Research.

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