Global vegan food market

Vegan Food Market Size, Share, Growth Analysis, By Product (Meat & Seafood Substitute, Vegan Cheese), By Distribution Channel (Offline, 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.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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).

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.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global vegan food market

Report ID: SQMIG30I2353

$5,300
BUY NOW GET FREE SAMPLE