USD 20.77 billion
Report ID: SQMIG30I2353 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 66 | Figures: 75
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).
Vegan is a type of vegetarianism that prohibits the consumption of any products derived from animals, including honey, collagen, and gelatin. Consumer perceptions of products derived from animals are changing, which may help the vegan food market flourish. Consumers are becoming more aware of the possible benefits of vegan food, such as decreased levels of insulin, cortisol, adrenaline, and other stress- and anxiety-inducing hormones. These products are typically dairy- or meat-free and made from or prepared using only plant-based materials. Products that taste, flavor, and look like real meat but are healthier than meat are called meat substitutes. These goods are being used more frequently as meat and meat-related products substitutes. They typically consist of soy, wheat, and other components. Tofu is probably the most popular meat substitute and is widely used as a substitute for pork, chicken, beef, and other meats. Similarly, dairy-free foods and beverages are made from almonds, soy, rice, coconut, and other sources. Milk, ice cream, cheese, butter, and other dairy alternative-based products are popularly used.
The rise in diabetes, asthma, high blood pressure, and other health issues, as well as the rising obesity rates around the world, has raised consumer awareness of overall health. As a result, demand for all types of healthy food products, including vegan food products, has increased. Also, the number of vegans has increased significantly over the past few years, particularly in industrialized nations like North America and Europe. This group of people is either lactose intolerant or extremely health aware. Thus, the demand for vegan food products is driven by the growth in vegan communities as well as the rising number of health-conscious consumers.
Additionally, since no milk or its byproducts are used in the creation of vegan pasta meals like semolina, carbonara, spaghetti, linguine, and ravioli, lactose intolerant people eat them, helping to increase the market share. Growing demand for vegan chocolates is being attributed to their many health advantages, including their ability to help reduce the classification of plaque and fat in arteries and strengthen the body's defenses against certain bacterial and viral infections, which can increase the market share of vegan foods.
US Vegan Food Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 20.77 billion
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Global vegan food market is segmented on the basis of material, product, distribution and region. By product, the market is segmented into meat and seafood, creamer, ice cream and frozen treats, yogurt, cheese, butter, meals, and other products. By distribution channel, market is segmented into offline and online. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Vegan Food Market Analysis by Product
In 2021, the meat and seafood segment contributed the highest market share of more than 35%. The segment is mainly driven by the high demand for meat substitutes made from plants in developed countries like the U.S., U.K., and others. For instance, according to the Plant-Based Food Association, retail sales of meat and fish products have increased 74% in the United States since 2019.
The vegan cheese segment is expected to grow at a CAGR of 10.4% during the forecast period. The demand for vegan cheese is increasing globally as a result of shifting dietary preferences and developing trends in the food and beverage sector. The increased incidence of lactose intolerance and other food-related allergies in both children and adults contributes to consumers' shifting dietary preferences, which is expected to drive the segment's rise. According to the Food Intolerance Network, approximately 70% of the world's population suffered from lactose intolerance in 2019. Vegan cheese, which comes in slices, cubes, shredded, and spread forms, is frequently used in Italian meals including spaghetti, pizzas, croquettes, and Caprese salad. Demand for vegan cheese is significant in countries where Italian cuisine is popular.
Vegan Food Market Analysis by Distribution Channel
In 2021, the offline distribution channel had a larger market share of more than 80%. Convenience stores, specialty stores, hypermarkets, and supermarkets are all included in this section. Overall product sales have increased due to the abundance of supermarkets and hypermarkets. According to ScrapeHero data from November 2021, there are 14,623 supermarkets in the United States, including Walmart, The Kroger Company, and others. Due to accessibility and availability, consumers prefer shopping at physical grocery stores. Customers are also encouraged to shop at offline stores due to the vast selection of products from both domestic and foreign brands and the physical inspection of the product information before any transaction.
Due to the increasing internet adoption, the online distribution channel is anticipated to grow at a CAGR of 11.3% from 2022 to 2028. According to a recent Invesp article, 48% of American consumers purchase at least some of their groceries online, and this number is expected to rise in the near future. As a result, numerous prominent retail chains throughout the globe have made significant investments in online distribution platforms. Additionally, a growing number of online grocery platforms, including Instacart, Amazon Fresh, Tesco, Morrisons Big Basket, and others, are anticipated to increase product sales online and boost segment growth.
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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.
Asia Pacific is expected to be the fastest-growing regional market, with a CAGR of 11.5% over the forecast period. The market is primarily driven by consumers' growing health consciousness. Due to substantial development potential, key market players have been focusing on growing their operations in Asia Pacific. For instance, Nestlé launched its plant-based food brand Harvest Gourmet in China in December 2020. The company will offer a wide variety of plant-based goods, such as nuggets, burgers, sausages, and mince. Sales are expected to be boosted by the rising demand for plant-based bread and confectionery products in the Asia-Pacific region. China, Japan, and Australia are the primary contributors to regional growth.
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Vegan Food Market Drivers
Growing Adoption of Innovative Food Packaging for Vegan Food Products
Growing Consumer Demand for Vegan Products
Vegan Food Market Restraints
Vegan food products are expensive and have other drawbacks
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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.
Vegan Food Market Top Player’s Company Profiles
Vegan Food Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global vegan food market analysis, in 2021, the meat and seafood segment contributed the highest market share more than 35%. The increased incidence of lactose intolerance and other food-related allergies in both children and adults contributes to consumers' shifting dietary preferences, which is expected to drive the segment's rise. In 2021, the offline distribution channel had a larger market share of more than 80%. Overall product sales have increased due to the abundance of supermarkets and hypermarkets. Asia Pacific is expected to be the fastest-growing regional market, with a CAGR of 11.5% over the forecast period. The market is primarily driven by consumers' growing health consciousness. Due to substantial development potential, key market players have been focusing on growing their operations in Asia Pacific. 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. Making meat using cell-based technology is one of the trends in the vegan market. Cell-by-cell similar meat is manufactured in factories without the use of animals. Cell-based meat production involves providing nutrients and proteins to the animal cells, which eliminates the need to rely on animals for meat.
|Market size value in 2021
|USD 20.77 billion
|Market size value in 2030
|USD 36.3 billion
|Forecast Unit (Value)
|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)
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For the Global 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 Global 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.
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