USD 16.5 billion
Vegan Food Market Size, Share, Growth Analysis, By Product(Meat & Seafood Substitute, Yogurt, Cheese, Butter), By Distribution Channel(Offline (Supermarkets/Hypermarkets, Convenience Stores, Others), and Online), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2353 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
61
|Figures:
75
Vegan Food Market Insights
The Global Vegan Food Market size was valued at USD 16.5 Billion in 2022 and is poised to grow from USD 18.23 Billion in 2023 to USD 40.53 Billion by 2031, at a CAGR of 10.5% over the forecast period (2024–2031).
The vegan food market has been witnessing impressive growth, fueled by several factors like growing trend of health and wellness, environmental concerns, and advances in food technology. Growing awareness of health and wellness has shifted consumer preferences towards plant-based foods or vegan foods. Moreover, the rising concerns regarding the environmental effects of animal agriculture like deforestation, greenhouse emissions, and water use are impelling consumers to shift to vegan choices. Furthermore, modernizations in food technology like dairy alternatives, and plant-based substitutes have increased the accessibility of vegan foods, driving the market. Nonetheless, the market is hindered by high-priced vegan products due to more processing and the use of expensive technologies, making vegan food costly. Limited availability of vegan foods in unexplored regions and rural areas is also one of the barriers of the market. Yet, innovations in product development and growing expansion in the developing markets are a few opportunities observed in the market.
US Vegan Food Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Offine
Fastest Growth
Online
Growth Rate
10.5% CAGR
Global Vegan Food Market ($ Bn)
Country Share for North America Region (%)
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Vegan Food Market Segmental Analysis
The Global Vegan Food Market is segmented by Product, Distribution Channel, and Region. Based on Product, the market is segmented into Meat & Seafood Substitute, Yogurt, Cheese, Butter, Meals, Protein Bars, and Others. Based on Distribution Channel, the market is segmented into Offline (Supermarkets/Hypermarkets, Convenience Stores, Others), and Online. By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Product
Based on product, the meat & seafood substitute segment is projected to hold a dominant share of the market over the forecast period owing to the rising consumer demand for acquainted tastes. Most consumers shifting towards vegan foods are encouraged by willingness to duplicate the texture and taste of animal-based foods. Seafood and meat substitutes offer familiar flavors without the consumption of animal products, impacting the segment growth.
On the other hand, the cheese segment is projected to grow at a considerable rate over the forecast period owing to the increasing demand for dairy alternatives. Most consumers prefer dairy alternatives because of growing cases of allergies, lactose intolerance, and dietary choices. Vegan cheese offers a similar taste and texture to people who enjoy it but do not want to consume dairy. Moreover, the growing number of product offerings for certain uses like snacking and cooking is also propelling the segment’s growth.
Analysis by Distribution Channel
Based on distribution channel, the offline segment holds a majority market share as compared to the online segment. The offline segment comprises convenience stores, supermarkets/hypermarkets, and others, among which the supermarkets/hypermarkets sub-segment is leading due to its wide product range. These markets have packaged goods, fresh produce, dairy and meat substitutes, frozen items, and snacks, making accessibility easy for many consumers at one place.
The online segment is expected to grow at a speedy rate owing to accessibility and convenience. Online shopping offers convenience to consumers to scroll and purchase their preferred vegan products from their smartphones. This easy accessibility is highly preferred for people who do not have access to such convenience stores or supermarkets. Hence, the growing penetration of smartphones and the internet is driving the segment growth.
Global Vegan Food Market Size By Distribution Channel (%)
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Vegan Food Market Regional Insights
Geographically, North America is dominating the vegan food market due to strong consumer demand and high awareness for vegan products. Canada and the United States hold a large consumer base of environmentally and health-conscious consumers. This demand is fueled by the rising awareness of the benefits of vegan food and concerns for sustainability. Also, extensive education and awareness for plant-based foods in North America is higher than other regions. This is backed by several campaigns, documentaries, and media coverage that inform consumers about the advantages of vegan foods comprising environmental and health considerations. The leading players in North America include Beyond Meat, Amy’s Kitchen, VBites Foods Limited, Tofutti Brands Inc., and more.
Asia-Pacific is expected to be the fastest-growing region among others due to growing environmental concerns and growing health awareness. Consumers in the region are becoming health-conscious, mainly the youth and adults. There is a growing interest in vegan diets, which are perceived as a healthier choice than the traditional diets that are high in animal products. Also, the growing awareness of environmental issues like resource depletion and climate change is increasing in the region, impacting the market growth.
Global Vegan Food Market Size By Geography
- Largest
- Fastest
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Vegan Food Market Dynamics
Drivers
- Growing Modernizations in Food Technology
Modernizations in food technology like dairy alternatives and plant-based meat alternatives have increased the accessibility of vegan foods. These food products are specially designed to imitate the texture and taste of animal products, making the shift towards vegan products easier for consumers.
- Increased Variety and Accessibility
The expansion of vegan foods in restaurants, grocery stores, and fast-food chains has increased the accessibility for consumers to prefer vegan diets. This increased variety and accessibility is contributing to market growth. Moreover, activism and endorsements by influencers and celebrities is also aiding awareness among a large population. These factors are helping the market grow considerably.
Restraints
- High Priced Vegan Products
Vegan foods, mainly the ones that need more processing or are made with food technologies might be more costly than animal-based foods. This could prevent the consumers with budget constraints from purchasing, negatively impacting the market growth. Moreover, nutritional concerns regarding vegan diets like gaining sufficient vitamin B12, protein, omega-3 fatty acids, and iron is challenging the consumers.
- Growing Market Competition and Ingredient Challenges
With the growth of vegan food, the competition is also increasing among the leading brands. This is challenging for the new entrants who wish to enter the market and create their market presence. Also, some vegan foods are dependent on additives and ingredients that may be perceived as unnatural or unhealthy. Hence, such concerns about health effects might affect consumer preference for vegan foods.
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Vegan Food Market Competitive Landscape
Vegan Food Market providers need to focus on maximizing their business scope by reaching into new markets and developing vegan food for different industrial and personal uses. Raising new capital to fund their R&D and business expansion efforts will be essential for new vegan food companies going forward. The development of custom robots for specific applications across different industry verticals will also help companies expand their sales potential in the future.
Top Player’s Company Profiles
- Amy's Kitchen (U.S.)
- Beyond Meat (U.S.)
- Plamil Foods (U.K.)
- Tofutti Brands (U.S.)
- Barbara's Bakery (U.S.)
- McDougall's Right Foods (U.S.)
- Edward & Sons Trading Company (U.S.)
- Galaxy Nutritional Foods (U.S.)
- Danone S.A. (France)
- Conagra, Inc. (U.S.)
- The Hain Celestial Group, Inc. (U.S.)
- Axiom Foods, Inc. (U.S.)
- DAIYA FOODS INC. (Canada)
- Kellogg Company (U.S.)
- Impossible Foods Inc. (U.S.)
- Archer Daniels Midland Company (U.S.)
- Tofutti Brands, Inc. (U.S.)
- NestleA. (Switzerland)
- SunOpta (Canada)
- VITASOY International Holdings Limited (Hong Kong)
Recent Developments
- In March 2024, Impossible Foods declared the launch of its novel identity motivated by crave ability of meat. The company is inviting flexitarian and meat-eating consumers to believe that their foods (now with striking red aesthetic appeal) are better tasting, beneficial health-wise, and are better for the environment as well.
- In September 2023, Kellogg’s plan to expand with the vegetarian food producing company MorningStar Farms. The alliance will now concentrate on taste and the new offering will attract a large consumer base who enjoy both animal and plant products.
- In May 2024, Daiya introduced a fresh Dry Powdered Mac & Cheese in 3 flavors; Cheddar, White Cheddar, and Aged Cheddar. They also introduced a box of gluten-free pasta and powdered cheese mix sachet. This new product expands Daiya’s current product line comprising vegan cheese and mac, shredded cheese, and pizzas.
Vegan Food Key Market Trends
- Emphasis on Whole Foods: This trend focuses on plant-based products made with unprocessed and identifiable ingredients like nuts, seeds, legumes, and whole grains. The trend also reflects the increasing consumer desire for real and transparent food. People prefer more vegan options with a focus on overall well-being.
Vegan Food Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing environmental concerns and advancements in food technology are fueling the vegan food market. Nonetheless, processing and ingredient challenges and growing market competition are expected to hamper the market growth. North America is expected to lead the market due to increased education and awareness of vegan food and its health benefits, nutritional concerns, and high costs. Furthermore, innovations in product development and increasing distribution channels are creating opportunities for market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 16.5 Billion |
| Market size value in 2031 | USD 40.53 Billion |
| Growth Rate | 10.5% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Vegan Food Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Vegan Food Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Vegan Food Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Vegan Food Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Vegan Food Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Vegan Food Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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