The New Jersey vegan products market size is expected to reach USD 626.3 million by 2028, according to a new report by the publisher. 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.
Vegan products are becoming increasingly popular in the marketplace, with dynamic marketing strategies driving focused consumer demand for greater sales. Vegan-focused product sales are rising at unprecedented rates as consumers become more health-conscious, compassionate, and ecologically conscientious.
The vegan food product segment held the largest revenue share in 2020 and is expected to maintain its lead over the forecast period. Millennials have become more conscious about their health and fitness and are willing to pay a reasonable price for product ingredients that are vegan. Citing these trends, numerous vegan product manufacturers are launching various products like vegan meals.
The offline distribution channel segment dominated the market in 2020 and is predicted to continue to do so throughout the forecast period. The presence of vegan outlets and restaurants also makes it an attractive business opportunity. Some of the popular places offering vegan snacks, foods, desserts, and recipes in New Jersey are Alternative Plate, Blueberry Café, and Greens & Grains. The New Jersey market for vegan products has been characterized by the presence of a large number of regional and several international players.
Vegan products are becoming increasingly popular in the marketplace, with dynamic marketing strategies driving focused consumer demand for greater sales. Vegan-focused product sales are rising at unprecedented rates as consumers become more health-conscious, compassionate, and ecologically conscientious.
The vegan food product segment held the largest revenue share in 2020 and is expected to maintain its lead over the forecast period. Millennials have become more conscious about their health and fitness and are willing to pay a reasonable price for product ingredients that are vegan. Citing these trends, numerous vegan product manufacturers are launching various products like vegan meals.
The offline distribution channel segment dominated the market in 2020 and is predicted to continue to do so throughout the forecast period. The presence of vegan outlets and restaurants also makes it an attractive business opportunity. Some of the popular places offering vegan snacks, foods, desserts, and recipes in New Jersey are Alternative Plate, Blueberry Café, and Greens & Grains. The New Jersey market for vegan products has been characterized by the presence of a large number of regional and several international players.
New Jersey Vegan Product Market Report Highlights
- By product, the food segment accounted for the largest revenue share of more than 50.0% in 2020. The segment is being driven by increased obesity and gastrointestinal problems
- In terms of distribution channel, the offline segment accounted for the largest revenue share in 2020 due to the wide availability of both premium and private label brands
- Product launch emerged as the key strategy deployed by the majority of market players to stay abreast of the competition
Table of Contents
Chapter 1. Methodology and Scope1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. Internal database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Product Outlook
2.3. Distribution Channel Outlook
2.4. Competitive Insights
Chapter 3. New Jersey Vegan Products Market Variables, Trends & Scope
3.1. Market Introduction
3.2. Penetration & Growth Prospect Mapping
3.3. Impact of COVID-19 on the New Jersey vegan products market
3.4. Industry Value Chain Analysis
3.4.1. Sales/Retail Channel Analysis
3.4.2. Profit Margin Analysis
3.5. Market Dynamics
3.5.1. Market Driver Analysis
3.5.2. Market Restraint Analysis
3.5.3. Industry Challenges
3.5.4. Industry Opportunities
3.6. Business Environment Analysis
3.6.1. Industry Analysis - Porter’s
3.6.1.1. Supplier Power
3.6.1.2. Buyer Power
3.6.1.3. Substitution Threat
3.6.1.4. Threat from New Entrant
3.6.1.5. Competitive Rivalry
3.7. Roadmap of New Jersey vegan products market
3.8. Market Entry Strategies
Chapter 4. Consumer Behavior Analysis
4.1. Demographic Analysis
4.2. Consumer Trends and Preferences
4.3. Factors Affecting Buying Decision
4.4. Consumer Product Adoption
4.5. Observations & Recommendations
Chapter 5. New Jersey Vegan Products Market: Product Estimates & Trend Analysis
5.1. Product Movement Analysis & Market Share, 2020 & 2028
5.2. Food
5.2.1. Market estimates and forecast, 2016 - 2028 (USD Million)
5.2.2. Ready meals
5.2.2.1. Market estimates and forecast, 2016 - 2028 (USD Million)
5.2.3. Cereal
5.2.3.1. Market estimates and forecast, 2016 - 2028 (USD Million)
5.2.4. Confectionery
5.2.4.1. Market estimates and forecast, 2016 - 2028 (USD Million)
5.2.5. Bakery Products
5.2.5.1. Market estimates and forecast, 2016 - 2028 (USD Million)
5.2.6. Snacks
5.2.6.1. Market estimates and forecast, 2016 - 2028 (USD Million)
5.2.7. Others
5.2.7.1. Market estimates and forecast, 2016 - 2028 (USD Million)
5.3. Beverages
5.3.1. Market estimates and forecast, 2016 - 2028 (USD Million)
Chapter 6. New Jersey Vegan Products Market: Distribution Channel Estimates & Trend Analysis
6.1. Distribution Channel Movement Analysis & Market Share, 2020 & 2028
6.2. Offline
6.2.1. Market estimates and forecast, 2016 - 2028 (USD Million)
6.3. Online
6.3.1. Market estimates and forecast, 2016 - 2028 (USD Million)
Chapter 7. Competitive Analysis
7.1. Key global players, recent developments & their impact on the industry
7.2. Key Company/Competition Categorization (Key innovators, Market leaders, Emerging players)
7.3. Vendor Landscape
7.3.1. Key company market share analysis, 2020
Chapter 8. Company Profiles
8.1. General Mills
8.1.1. Company Overview
8.1.2. Financial Performance
8.1.3. Product Benchmarking
8.1.4. Strategic Initiatives
8.2. Conagra Brands, Inc.
8.2.1. Company Overview
8.2.2. Financial Performance
8.2.3. Product Benchmarking
8.2.4. Strategic Initiatives
8.3. The Hain Celestial Group, Inc.
8.3.1. Company Overview
8.3.2. Financial Performance
8.3.3. Product Benchmarking
8.3.4. Strategic Initiatives
8.4. Against the Grain Gourmet
8.4.1. Company Overview
8.4.2. Financial Performance
8.4.3. Product Benchmarking
8.4.4. Strategic Initiatives
8.5. Pacific Foods of Oregon, LLC
8.5.1. Company Overview
8.5.2. Financial Performance
8.5.3. Product Benchmarking
8.5.4. Strategic Initiatives
8.6. Cereal Partners Worldwide S.A.
8.6.1. Company Overview
8.6.2. Financial Performance
8.6.3. Product Benchmarking
8.6.4. Strategic Initiatives
8.7. Nature's Path Foods
8.7.1. Company Overview
8.7.2. Financial Performance
8.7.3. Product Benchmarking
8.7.4. Strategic Initiatives
8.8. Blue Diamond Growers
8.8.1. Company Overview
8.8.2. Financial Performance
8.8.3. Product Benchmarking
8.8.4. Strategic Initiatives
8.9. Eden Foods, Inc.
8.9.1. Company Overview
8.9.2. Financial Performance
8.9.3. Product Benchmarking
8.9.4. Strategic Initiatives
8.10. EcoFarms
8.10.1. Company Overview
8.10.2. Financial Performance
8.10.3. Product Benchmarking
8.10.4. Strategic InitiativesList of Tables
1. New Jersey vegan products market - Key market driver analysis
2. New Jersey vegan products market - Key market restraint analysis
3. New Jersey vegan products food market estimates and forecast, 2016 - 2028 (USD Million)
4. New Jersey vegan products ready meals market estimates and forecast, 2016 - 2028 (USD Million)
5. New Jersey vegan products cereal market estimates and forecast, 2016 - 2028 (USD Million)
6. New Jersey vegan products confectionery market estimates and forecast, 2016 - 2028 (USD Million)
7. New Jersey vegan products bakery products market estimates and forecast, 2016 - 2028 (USD Million)
8. New Jersey vegan products snacks market estimates and forecast, 2016 - 2028 (USD Million)
9. New Jersey vegan products others market estimates and forecast, 2016 - 2028 (USD Million)
10. New Jersey vegan products beverages market estimates and forecast, 2016 - 2028 (USD Million)
11. New Jersey vegan products market estimates and forecast through the offline distribution channel, 2016 - 2028 (USD Million)
12. New Jersey vegan products market estimates and forecast through the online distribution channel, 2016 - 2028 (USD Million)
13. Vendor landscapeList of Figures
1. New Jersey vegan products market snapshot
2. New Jersey vegan products market segmentation & scope
3. New Jersey vegan products market penetration & growth prospect mapping
4. New Jersey vegan products market value chain analysis
5. New Jersey vegan products market dynamics
6. New Jersey vegan products market: Porter's analysis
7. New Jersey vegan products market: Product movement analysis
8. New Jersey vegan products market: Distribution channel movement analysis
Companies Mentioned
- General Mills
- Conagra Brands, Inc.
- The Hain Celestial Group, Inc.
- Against the Grain Gourmet
- Pacific Foods of Oregon, LLC
- Cereal Partners Worldwide S.A.
- Nature's Path Foods
- Blue Diamond Growers
- Eden Foods, Inc.
- EcoFarms
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 60 |
| Published | November 2021 |
| Forecast Period | 2020 - 2028 |
| Estimated Market Value ( USD | $ 190.2 million |
| Forecasted Market Value ( USD | $ 626.3 million |
| Compound Annual Growth Rate | 16.1% |
| Regions Covered | United States |
| No. of Companies Mentioned | 10 |
