What is the global market size of Vegan Food Market?

Vegan Food Market size was valued at USD 20.77 billion in 2021 and is poised to grow from USD 22.1 billion in 2022 to USD 36.3 billion by 2030, growing at a CAGR of 6.4% in the forecast period (2023-2030).

Who are the key vendors in the Global Vegan Food Market?

Global vegan food market is highly fragmented and competitive. To capture a significant portion of the market, major industry players are concentrating on product developments, new product launches, and geographic expansions. The rising demand for plant-based food has expanded the opportunities for manufacturers all around the world. Thus, in this market, product innovation has been a key competitive strategy. 'Beyond Meat', 'Impossible Foods', 'Daiya Foods Inc.', 'Tofurky', 'Amy's Kitchen', 'The Hain Celestial Group', 'Garden Protein International Inc.', 'Follow Your Heart', 'Gardein', 'MorningStar Farms', 'Lightlife Foods', 'Field Roast Grain Meat Co.', 'Sweet Earth Foods', 'JUST Inc.', 'Quorn Foods', 'Oatly AB', 'Violife Foods', 'Califia Farms', 'Miyoko's Creamery', 'The Vegetarian Butcher'

What is the key driver of Global Vegan Food Market?

The demand for sustainable food packaging materials for meat-free products is rising quickly as vegan eating groups become more environmentally aware. Consumers are starting to place more importance on product labeling changes, thus vegan product manufacturers like Oatly now include carbon labeling on their packaging. Furthermore, No Evil Foods Sacred Serve, a company based in the United States, is investing in the development of new and innovative sustainable packaging materials that can be used on its products.

What is the key market trend for Global Vegan Food Market?

The rising incidences of chronic diseases are one of the fundamental drivers driving vegan food sales, as it helps to manage blood glucose levels while lowering the risks of stroke, obesity, cholesterol, and cancer. In addition, a number of non-governmental organizations (NGOs) are promoting the welfare of farm animals and raising awareness of the nutritional advantages of an animal-free diet. This is accelerating the market demand for the product, combined with people's growing awareness of animal welfare and cruelty to animals. To draw in a larger consumer base and broaden their product offering, market players are also releasing a number of high-quality vegan food products in a variety of flavors. Additionally, the demand for vegan health and nutrition products has significantly increased in order to address nutritional deficiencies. The market for vegan supplements and the demand for vegan food globally are both being positively impacted by this. Along with extensive marketing campaigns by celebrities and athletes, ready-to-eat (RTE) and packaged vegan products are also helping the market grow. In addition, restaurants and fast-food outlets are developing vegan-friendly menus in response to the growing popularity of the Veganuary Challenge due to numerous awareness initiatives and the increased use of social media, which is projected to boost the statistics for the market.

Which region accounted for the largest share in Global Vegan Food Market?

In 2021, North America's revenue share was above 35%, which was the highest. The market is mainly driven by growing environmental and animal welfare issues related to the food industry. The prevalence of lactose intolerance in the U.S. is another factor that increases demand for dairy alternatives. According to a study conducted by The University of Alabama in Birmingham, 48% of Americans are lactose intolerant. It is expected that plant-based meals will continue to dominate the market in the United States and Canada thanks to customers' favorable attitudes about them as a result of a rise in social media campaigns and satellite television channels.

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.

Vegan Food Market Report Snapshots

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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. '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)'

Growing Modernizations in Food Technology

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.

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.

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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

Vegan Food Market Insights

Vegan Food Market Report Snapshots

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What is the global market size of Vegan Food Market?

Who are the key vendors in the Vegan Food Market?

What is the key driver of Vegan Food Market?

What is the key market trend for Vegan Food Market?

Which region accounted for the largest share in Vegan Food Market?

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