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

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.