Global vegan food market

Global Vegan Food Market Size, Share, Growth Analysis, By Product(Meat and seafood, creamer), By Distribution Channel(Offline and Online) - Industry Forecast 2023-2030

Report ID: SQMIG30I2190 | Region: Global | Published Date: February, 2023 | Pages: 157 | Tables: 66 | Figures: 75

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Global 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).

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'

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.

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.

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.

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Global vegan food market

Product ID: SQMIG30I2190