USD 16.5 billion
Vegan Food Market Size, Share, Growth Analysis, By Product(Meat & Seafood Substitute, Yogurt, Cheese, Butter, Meals, Protein Bars, Others), Distribution Channel(Supermarkets/Hypermarkets, Convenience Stores, Online, Others), and Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2353 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
61
|Figures:
75
Vegan Food Market Insights
Global Vegan Food Market size was valued at around USD 16.5 Billion in 2022 and is poised to grow from USD Billion 18.23 in 2023 to USD 40.53 Billion by 2031, at a CAGR of 10.5% over the forecast period (2024-2031).
Veganism is a recent trend due to the change in consumer consciousness that drives the growth of the vegetarian market. Increased awareness of the benefits of veganism, such as reduced stress hormones, is driving this trend. For instance, based on our analysis we found that, global vegan fair highlights the growing popularity and awareness of veganism as the demand for plant-based alternatives increases and a significant increase in vegan festivals, indicating that this has been embraced and a foodie lifestyle is consumed Research has shown that a vegan diet reduces the risk of heart disease by 32%.
Global health problems such as diabetes and obesity have increased consumer awareness and driven demand for healthier foods, including vegetarian. Lactose intolerance and health consciousness, especially in North America and Europe, have led to an increase in the number of vegetarians, driving further demand. Additionally, these products are made exclusively from plant-based ingredients and are generally dairy and meat free. Meat substitutes, which mimic the taste and texture of real meat but are healthier, are on the rise. Tofu, made from soy, wheat and other plant ingredients, generally stands out as a favorite, mirroring pork, chicken and beef. There are plenty of dairy-free options made with almonds, soy, rice and coconut along with milk, cheese and butter options. Milk or its derivatives like herbs, etc. attract the markets, and are increasing due to the growing magic of the herbs, where the many pathogens are increasing. These are the contributors to support the growing market segment of vegan food.
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 based on Product, Distribution Channel, and Region. Based on Products, the market is segmented into Meat & Seafood Substitutes, Creamer, Ice Cream & Frozen Novelties, 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. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Product
The meat and sea food substitute segment is the largest segment in the vegan food market. Research shows that plant-based meat provides a healthy alternative to animal flesh. The 2022 report examined 43 studies on plant-based food production and highlighted the health and sustainable health and development benefits of plant-based meat over animal products. Meat substitutes such as tofu, tempeh and jackfruit supplementation not only satisfy dietary preferences but also provide tangible health benefits These have lower cholesterol, cardiovascular risk factors ground and environmental impacts are lower, making plant-based alternatives a better alternative to traditional animal-based meat.
On the other hand, vegan cheese is the fastest growing segment in the vegetarian food category and is expected to grow at a CAGR of 10.2%. According to a medline.gov report, about 65% of the worldwide population is lactose intolerant, with estimates as high as 70%. Notably, lactose intolerance is common in Northern European countries such as Sweden and Finland, with tolerance rates of 74% and 82% respectively. These figures highlight the rapid development of highlighting the milk replacement segment of the global vegan food market. Dairy alternatives include almond milk, soy milk, coconut milk, rice milk, oat milk, vegan cheese, vegan butter and dairy-free yogurt, catering to individuals who wish to avoid dairy products due to intolerance or because of food preferences methods.
Analysis by Distribution Channel
The offline segment dominates the vegan food market share, with supermarkets/hypermarkets leading the dairy alternative market. Key retailers, including large and small stores and specialty shops, contribute significantly to offline sales. For instance, based on survey on veganism and vegetarianism in South Korea, 41% of respondents who had previously purchased vegan products indicated a preference for buying them offline, with large supermarkets like E-Mart being their top choice. The second most favored option, selected by 21.5% of respondents, was organic and/or eco-friendly food specialty stores. Specialty stores provide instant gratification, allowing consumers to take products home without delay.
On the other hand, the online segment is the fastest growing segment due to the pandemic which acted as a drier for the market with several factor like propelling grocery e-commerce forward like amazon fresh, flipkart, big basket, etc., with a growth equivalent to over five years occurring in just five months. Safety and convenience drove much of this growth during COVID-19, while research reveals that consumers also value unique features like product comparisons, assortment, and personalized promotions. In the last two years, online shopping in the North American grocery sector has matured and expanded significantly. Concurrently, according to the report by Invesp, approximately 47% of U.S. customers are buying their groceries through online retail and is anticipated to increase during the forecasted period. Consumers appreciate enhancements in speed, reliability, assortment breadth, and flexibility.
Global Vegan Food Market Size By Distribution Channel (%)
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Vegan Food Market Regional Insights
North America accounted for the largest revenue share in the global vegan food market at 40% in 2023, primarily driven by growing environmental and animal welfare concerns for food occupational, lactose intolerance and high demand for dairy alternatives in the US. More impacts are observed, as National Digestive Disease Information Clearing House estimates affect 30–50 million Americans are affected due to lactose intolerance. Plant-based foods are poised to dominate the United States and Canada, due to positive consumer sentiment and due to social media campaigns and rise of advertisements on television channels.
On the other hand, Asia-Pacific is poised to emerge as the fastest growing regional market, with a CAGR of 12.5% during the forecast period, driven by rising consumer awareness of healthcare and significant growth potential for key market players expansion in this region results due to consumer health awareness. According to a report from Nutritional Outlook, demand for plant-based foods is growing in Asia-Pacific, with investment in the sector increasing by 30% to about $372 million by 2022. It should be noted that these investments are not confined to one country but are spread across the region. Sales are expected to increase, with China, Japan and Australia as the major contributors to regional growth.
Global Vegan Food Market Size By Geography
- Largest
- Fastest
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Vegan Food Market Dynamics
Vegan Food Market Drivers
Rising Uptake of Innovative Packaging Solutions for Vegan Food Items
- The growing environmental attention amongst vegan meals groups is using the call for sustainable options in meat-free merchandise. For instance, the usage of bio-based plastics sourced from corn starch or cellulose is at the upward push. An examine predicts that the bioplastics marketplace for meals packaging will reach $58 billion through 2032. These plant-based packaging totally substitutes the plastic packaging, which presents a discounted carbon footprint in comparison to standard plastics, resonating with the concepts of environmentally aware vegan clients. This in turn will have a positive impact on the overall vegan food market in the forecasted period.
Increasing Awareness about Animal Cruelty
- As recognition of animal cruelty increases, more people are embracing life and diets aimed toward decreasing such cruelty and mitigating the bad environmental impacts of ingesting animal products. According to a 2023 survey performed by PETA (People for the Ethical Treatment of Animals), an extraordinary 38% of millennials express concern about animal welfare in food production.
Restraints
Growing Popularity of Low-Fat Meat Substitutes have negative impact on Vegan Food Market Growth
- Different manufacturers are offering plant-based foods what they are offering more expensive than animal-based foods. Due to these cost differences the growth of the market is expected to restrain particularly in low- and middle-income countries. For instance, soymilk costs more than dairy milk as reported by Hyprote.in, therefore hindering the market growth.
High Price of Vegan Products
- High prices for vegan products are a challenge in the market. While many manufacturers offer plant-based foods, they are often more expensive than animal-based foods. This cost differential is expected to restrain underutilization, especially in low- and middle-income countries. For instance, in a report by hyprote.in, a litre of soymilk costs twice as much as dairy milk, further complicating the issue of consumer affordability.
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Vegan Food Market Competitive Landscape
The competition in the market is fragmented in nature. The rise in the consumer demand for food is creating opportunities on a larger scale. This has led to innovations making the market competitive. The introduction of fresh vegan dishes to attract consumers and differentiating themselves is also intensifying the competition leading towards the growth.
Vegan Food Market Top Player’s Company Profiles
- Amy's Kitchen (U.S.)
- Beyond Meat (U.S.)
- Plamil Foods (U.K.)
- Tofutti Brands (U.S.)
- WhiteWave Foods (U.S.)
- Annie's Homegrown (U.S.)
- Barbara's Bakery (U.S.)
- Dr. 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.)
- Nestle S.A. (Switzerland)
Vegan Food Market Recent Developments
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In January 2024, the plant-based meat company VFC (Vegan Fried Chicken) has undergone a rebranding process. After acquiring several companies in 2023, it has transformed into Vegan Food Group, with aspirations to expand its presence and influence within the plant-based meat industry through further acquisitions.
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In November 2023, UNLIMEAT, a prominent Korean plant-based food brand, unveiled its online store on November 10th. The UNLIMEAT SHOP presents a range of top-selling items like pulled pork and Korean BBQ, alongside fresh additions like frozen kimbap and gluten-free frozen desserts. Additionally, they aim to roll out limited-edition releases, collaborative products, and Korean favorites exclusively through their online platform.
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In October 2023, Nestle expands its plant-based offerings with the debut of three new alternatives to whitefish across Europe. The additions, including marine-style crispy filets and nuggets under the Garden Gourmet brand, cater to the growing demand for sustainable options. Already available in Asia, crispy fish-free fingers have been introduced under the Harvest Gourmet label in Malaysia and Singapore. The move underscores Nestlé's commitment to providing diverse, environmentally friendly choices to consumers globally.
Vegan Food Key Market Trends
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Prevalences of chronic disease globally: The rise in chronic diseases is increasing the consumption of vegan diets, which offer benefits such as blood glucose control, reduced risk of stroke, obesity, and cancer. Additionally, NGO based farm animal welfare highlights nutritional benefits of animal-free diet, accelerating market requests. This expands the consumer segment, and companies introduce quality vegan products with different flavors. The restaurants also have vegan-friendly menus, responding to initiatives such as the Veganuary Challenge and social media trends.
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Cell-Based Meat is revolutionizing the Vegan Food Market: 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. For instance, in October 2022, a US-based pet food producer unveiled the chicken broth topper, a cellular-based meat broth topper for dogs that will replace factory-framed items with cruelty-free cell-based solutions to the problems associated with the poor quality and contamination of pet food. Tyson Foods, a poultry, beef, and pork processor and marketer based in the United States, is one of the primary players investing in Memphis Meats to promote cell-based meat production.
Vegan Food Market SkyQuest Analysis
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 study, the growing environmental and animal welfare concerns associated with the food industry are primarily driving the market growth. Increased prevalence of lactose intolerance and other food allergies among children and adults contributes to changing consumer dietary preferences, which are expected to drive the market. The distribution channel via offline mode has more than 80% market share. Overall sales have increased thanks to more supermarkets and department stores. Asia-Pacific is expected to be the fastest growing regional market during the forecast period. Growing consumer health consciousness is primarily driving the market growth. With huge growth potential, key market players are focusing on increasing their operations in Asia Pacific. North America’s revenue share was up 35-40%, the highest ever. Meat production using cell-based technology is a trend in the vegan market. One major trend is the rising adoption of the cell-based meat. The same meat is produced, cell by cell, in animal-free factories. Cellular meat production involves importing nutrients and proteins from animal cells, eliminating the need to rely on animals for meat.
| 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 |
|
| 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.
Vegan Food Market Report Snapshots
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