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.

Global Vegan Food Market Size, Share, Growth Analysis, By Product(Meat Substitute, Dairy Substitute), By Distribution Channel(Offline and Online) - Industry Forecast 2024-2031

Report ID: SQMIG30I2353 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 61 | Figures: 75

Global 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. A 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. This heightened awareness is influencing dietary choices, with many consumers opting for plant-based options that mirror their moral beliefs. For instance, the Vegan Society reports that vegan meals have surged over 80% beyond the past decade, indicating large growth in the global vegan food market, which is predicted to preserve steadily throughout the forecast period.

Restraints

Growing Popularity of Low-Fat Meat Substitutes have negative impact on Vegan Food Market Growth

Growing options present a challenge for market expansion. Alternatives such as skinless chicken breast, chicken breast, pork thigh and other lean meats are gaining popularity, especially among health-conscious consumers around the world. For instance, the popularity of lean meat has increased due to increased health. Recent data shows a steady increase in lean meat sales by 35%, indicating a preference for these alternatives over vegan alternatives among consumers and consequently expectations widespread adoption of such substitutes will hinder the growth of the vegan food market.

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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FAQs

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).

Competition in the global vegetarian food market is fierce due to its highly fragmented nature. To gain more market share, large industry players are prioritizing product development, introducing new products and expanding into new geographies. Increasing consumer demand for plant-based foods is creating huge opportunities for them in the practical world. As a result, innovation has emerged as an important competitive strategy in this market environment. By constantly introducing fresh and exciting vegan dishes, brands aim to differentiate themselves and attract consumers who are looking for diverse and healthy plant-based options This mindset focusing on innovation not only puts businesses ahead of competitors but is plant-based enables to work to take advantage of the growing food habits, allowing further expansion and profitability in vegan market. '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'

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. A 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.

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 flavours. The restaurants also have vegan-friendly menus, responding to initiatives such as the Veganuary Challenge and social media trends.

In 2023, North America accounted for the largest revenue share in the global vegan food market at 40%, 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 due to social media campaigns and increase of advertisements on television channels.

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