Home Food & Beverages Vegan Food Market Size, Demand, Healthy, Share, Report to 2031

Vegan Food Market

Vegan Food Market Size, Share & Trends Analysis Report By Product Type (Meat & Seafood, Creamer, Ice Cream & Frozen Novelties, Yogurt, Cheese, Butter, Meals, Protein Bars, Others), By End-User (Takeout, Dine-in), By Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, E-commerce) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRFB633DR
Study Period 2019-2031 CAGR 9.1%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 16.45 Billion
Forecast Year 2031 Forecast Year Market Size USD 36.02 Billion
Largest Market North America Fastest Growing Market Asia Pacific
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Market Overview

The global vegan food market size was valued at USD 16.45 billion in 2022. It is projected to reach USD 36.02 billion by 2031, growing at a CAGR of 9.1% during the forecast period (2023-2031). 

The vegan diet has gained tremendous popularity in recent years. Environmental and ethical concerns are the primary factors driving the uptake of this diet. Vegans do not consume meat, eggs, and dairy products as well as avoid products produced or manufactured using animal-origin raw materials. They even exclude products with trace amounts of animal products, such as some types of wines and white sugar refined with animal byproducts. The National Health Portal India claims a vegan diet offers several health benefits over an omnivorous diet, such as a reduced risk of heart attacks, strokes, and cancer. Some consumers are switching to a vegan diet in light of its perceived health benefits. The rising prevalence of obesity and associated health risks have also seen people turn to a vegan diet.

Market Dynamics

What are the Primary Factors Driving the Vegan Food Market?

Rising Awareness about Animal Cruelty

Consumer awareness of animal cruelty is growing. In order to lessen animal cruelty and stop the negative environmental effects of eating animal products, they adopt lifestyles and diets. According to reports in a scientific journal, dairy and meat products account for about 60% of the greenhouse gas emissions produced by agriculture. Adopting a vegan diet also lessens the use of animals for the production of food. Organizations such as PETA (People for the Ethical Treatment of Animals) are constantly channelizing efforts to raise awareness regarding animal rights and animal cruelty, which has increased the number of people shifting to a vegan diet. This shift is translating into a demand for vegan foods. As per the Vegan Society, the demand for vegan food has grown by over 980% in the last decade. The global vegan food market is currently in the growth stage and is expected to witness steady growth during the forecast period.

Growing Adoption of Sustainable Food Packaging

Due to the environmental consciousness of vegan food groups, there is a rising demand for sustainable food products for products without meat. Consumer interest in product labeling changes is growing; such vegan product manufacturers like Oatly now include carbon labeling on their packaging. No Evil Foods Sacred Serve, a U.S.-based business, is also investing in the creation of fresh and cutting-edge sustainable food packaging that can be used on its products.

What are the Main Factors That Will Slow Down the Vegan Food Market?

High Cost of Vegan Products

Plant-based alternatives are created and launched by a number of manufacturers, but their costs are generally higher than those of foods made from animals. This aspect is anticipated to limit the uptake of edible vegan products in low- and middle-income nations.

What are the Future Opportunities for Vegan Food Market?

Rising Health Consciousness and Living Standard

People who lead sedentary lifestyles experience health problems like obesity and cardiovascular disease. Adopting a vegan diet helps to lose weight, improve blood circulation, and lower the risk of cardiovascular disease. According to a study in the JAMA Internal Medicine Journal, adopting a vegan lifestyle increases a person's life expectancy more than doing the same with a meat-based diet. Adopting a vegan diet, which is high in fiber, aids in improving the body's metabolism. Therefore, among consumers who are concerned about their health, the demand for a vegan diet is gradually rising. With the growing demand in the market in mind, food chains, fine dining establishments, and food manufacturers like Amy's Kitchen, Inc. are releasing new products and vegan food recipes. Pumpkin, avocado, and other nutritious ingredients are used in vegan food recipes that are introduced to the market in an effort to draw in consumers who are interested in trying out new, delicious foods that are also healthy.

Regional Analysis

The global vegan food market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

North America Dominates the Global Market

North America region is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period. The market is primarily driven by growing environmental and animal welfare concerns related to the food industry. The prevalence of lactose intolerance in the U.S. is another factor that increases demand for dairy alternatives. 48% of Americans are lactose intolerant, according to a University of Alabama at Birmingham article. It is anticipated that the dominance in the U.S. and Canada will continue due to consumers' favorable attitudes toward plant-based meals as a result of an increase in social media campaigns and satellite television channels.

Europe is expected to witness dynamic growth in the vegan food market during the forecast period. Europe is one of the world's largest consumers of plant-based food products. Due to the increasing veganism in the region, major food chains such as Domino's and Starbucks have introduced new vegan products for regional consumers. Veganism is gaining popularity in the region as a result of consumers' growing climate consciousness. Few individuals are adopting a flexitarian diet, contributing to the region's market expansion. Therefore, vegan food companies in the region are innovating and introducing new products in order to lower prices and improve overall product quality. In addition, supermarkets arrange specific shelf space for vegan food products, making them readily available to consumers.

Asia-Pacific is expected to witness significant growth in the vegan food market during the forecast period. India is a prominent market for vegan foods, as a significant share of the country's population does not consume meat and eggs. The country's large population further provides a large consumer base to target. China and Australia are also witnessing a change in eating habits, primarily due to the health benefits associated with a vegan diet. The region's rising per capita income also contributes to the growth momentum. Harvest Gourmet, a brand of vegan food from Nestlé, debuted in China in December 2020. The company offers a wide variety of plant-based goods, such as mince, burgers, sausages, and nuggets. Sales are predicted to increase as a result of the Asia Pacific region's expanding demand for vegan bakery and confectionery products. The three main forces driving regional growth are China, Japan, and Australia.

The LAMEA region is expected to witness moderate growth in the global vegan food market during the forecast period. Startups like Future Farms enhance their capacity to produce novel vegan goods in the shifting market. One of the key elements driving this region's demand for these products is health and fitness. To increase consumer attraction and the consumer base, advanced meat substitutes are being introduced in the expanding market.

Report Scope

Report Metric Details
Segmentations
By Product Type
  1. Meat & Seafood
  2. Creamer
  3. Ice Cream & Frozen Novelties
  4. Yogurt
  5. Cheese
  6. Butter
  7. Meals
  8. Protein Bars
  9. Others
By End-User
  1. Takeout
  2. Dine-in
By Distribution Channel
  1. Supermarkets & Hypermarkets
  2. Convenience Stores
  3. E-commerce
Company Profiles Archer Daniels Midland Company Amys Kitchen Inc. Beyond Meat Daiya Foods Inc. Plamil Foods Ltd Tofutti Brands Inc. Danone S.A. VBites Foods Ltd Vitasoy International Holdings Ltd. Eden Foods Inc
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global vegan food market is segmented by product type and distribution channel.

Based on product type, the global vegan food market is bifurcated into dairy alternatives and meat substitutes.

The meat substitutes segment is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period. The segment is primarily driven by the high demand for meat substitutes made from plants in developed economies like the U.S., U.K., and others. For instance, the retail sales of meat and seafood products in the United States have increased by 74% since 2019, according to the Plant-Based Food Association. Vegan meat is offered in a variety of formats, including frozen, shelf-stable, and chilled meat alternatives.

The dairy alternatives segment is expected to witness a higher CAGR. Over 60% of the global population is lactose intolerant. This population is opting for vegan substitutes for dairy products, and vegan cheeses, yogurts, and ice creams have garnered significant attention among the non-vegan population. Thus, rising consumption among lactose intolerant is augmenting the vegan food market value. Plant-based cheese captures a prominent share among all-vegan dairy substitutes. The availability of a plethora of options drives the consumption of these products, with a variety of products available for different individual tastes.

Based on the distribution channel, the global vegan food market is bifurcated into supermarkets & hypermarkets, convenience stores, e-commerce, and others.

The supermarket & hypermarkets segment is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period. Many plant-based food products are being introduced by large supermarkets & hypermarket chains for consumers. The supermarkets' prominent display signs inform shoppers about the newly released plant-based product varieties. In supermarkets, plant-based products occupy a specific shelf space that attracts customers' attention, which also helps their sales increase. Due to accessibility and availability, consumers prefer shopping at physical grocery stores. Additionally, a variety of domestic and foreign brands' products are widely available, and consumers can physically check a product's specifications before making a purchase.

The e-commerce segment is expected to grow at a significant rate. According to a recent Invesp article, 48% of American consumers purchase at least a few of their groceries online, and this number is anticipated to rise in the coming years. As a result, numerous significant retail chains around the globe have made significant investments in online distribution channels. Additionally, a growing number of online grocery platforms, including Amazon Fresh, Tesco, Morrisons Big Basket, and others, are anticipated to increase product sales online and spur segment expansion.

Market Size By Product Type

Recent Developments

  • In October 2022, Beyond Meat is entering the Indian Market. It ties up Allana Consumer Products Pvt. Ltd. For proper distribution throughout Indian Market.
  • In June 2022, Eden Brew raised USD 5 million to develop cow-free dairy products and Ice-cream.

Top Key Players

Archer Daniels Midland Company Amys Kitchen Inc. Beyond Meat Daiya Foods Inc. Plamil Foods Ltd Tofutti Brands Inc. Danone S.A. VBites Foods Ltd Vitasoy International Holdings Ltd. Eden Foods Inc Others

Frequently Asked Questions (FAQs)

What is the estimated growth rate (CAGR) of the Vegan Food Market?
Vegan Food Market size will grow at approx. CAGR of 11.3% during the forecast period.
Some of the top prominent players in Vegan Food Market are, Archer Daniels Midland Company, Amy’s Kitchen, Inc., Beyond Meat, Daiya Foods, Inc., Plamil Foods Ltd, Tofutti Brands, Inc., Danone S.A., VBites Foods Ltd, Vitasoy International Holdings Ltd., Eden Foods, Inc., etc.
Europe has been dominating the Vegan Food Market, accounting for the largest share of the market.
The region with the most rapid expansion in the Vegan Food Market is North America.
The global Vegan Food Market report is segmented as follows: By Product Type, By Distribution Channel


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