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Redding, California - August 20, 2024

Vegan Food Market to be Worth $109.4 Billion by 2031

Vegan Food Market Size, Share, Forecast, & Trends Analysis by Type (Dairy Alternatives {Yogurt, Milk, Ice Cream, Cheese, Butter}, Meat Substitutes {Tofu, Nuggets}, Bakery Product), Distribution Channel (B2B, B2C {Convenience Store}) - Global Forecast to 2031

Meticulous Research^®—leading global market research company, published a research report titled, ‘Vegan Food Market Size, Share, Forecast, & Trends Analysis by Type (Dairy Alternatives {Yogurt, Milk, Ice Cream, Cheese, Butter}, Meat Substitutes {Tofu, Nuggets}, Bakery Product), Distribution Channel (B2B, B2C {Convenience Store}) - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the vegan food market is projected to reach $109.4 billion by 2031, at a CAGR of 12.4% from 2024 to 2031. The growth of the vegan food market is mainly driven by the growing vegan population, increasing intolerance for animal proteins, increasing R&D activities, investments, and innovation in food technology, and the growing demand for protein-rich products. However, the significant preference for animal-based products and consumer preference for soy and gluten-free products are expected to restrain the growth of this market.

Moreover, the growing adoption of vegan food in emerging economies and the rising demand for alternative proteins are expected to offer significant growth opportunities in this market. However, the major challenge faced by manufacturers operating in this market is the comparatively high price of vegan food.

Additionally, the growth in mergers & acquisitions in the vegan food space is a prominent trend in this market.

Key Players

Some of the major players studied in this report are The Archer Daniels Midland Company (U.S.), Hain Celestial Group, Inc. (U.S.), SunOpta, Inc. (Canada), Danone S.A. (France), Conagra Brands, Inc. (U.S.), Axiom Foods, Inc. (U.S.), Daiya Foods Inc. (Canada), Kellogg Company (U.S.), Beyond Meat, Inc. (U.S.), Impossible Foods, Inc. (U.S.), Tofutti Brands, Inc. (U.S.), Amy's Kitchen, Inc. (U.S.), Taifun-Tofu GmbH (Germany), Atlantic Natural Foods, LLC (Part of Aft Holdings, Inc.) (U.S.), VBites Food, Ltd. (U.K.), and Nutrisoy Pty, Ltd. (Australia).

The vegan food market is segmented by type (dairy alternatives [yogurt, milk, ice cream, cheese, butter, and other dairy alternatives], meat substitutes [tofu, sausages, ground meat, meatballs, nuggets, and other meat substitutes], ready-to-eat meals, bakery products, confectionery, protein bars & snacks, and other vegan foods), distribution channel (business-to-business, business-to-consumer [modern groceries (supermarkets & hypermarkets), convenience stores, online retail, specialty stores, other distribution channels]), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). This study also evaluates industry competitors and analyzes the market at the regional and country levels.

By type, in 2024, the dairy alternatives segment is expected to account for the largest share of 65.6% of this market. The substantial market share of this segment is driven by the increasing prevalence of lactose intolerance, a growing preference for vegan diets, the nutritional advantages of plant-based dairy products, rising investments in dairy alternatives, and the expanding population of vegans and vegetarians.

By distribution channel, in 2024, the business-to-consumer segment is expected to account for the largest share of 67.9% of this market. This segment's large market share is due to increased sales of vegan food through supermarket and hypermarket chains and brick-and-mortar grocers, rapid urbanization and rising per capita disposable income, an increasing number of supermarkets and hypermarkets, and growing consumer preference for vegan food products.

By geography, in 2024, Asia-Pacific is expected to account for the largest share of 44.6% of this market, followed by North America and Europe. The major market share of this regional market is attributed to increasing awareness of the benefits of a plant-based protein diet for daily nutrition, growing consumer concerns about the health risks associated with contaminated meat, rising health and wellness trends, higher investments in the vegan food sector, and a well-established food industry.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5788

Key Questions Answered in the Report-

What does the vegan food market generate in the current revenue?
At what rate is the demand for vegan food projected to grow for the next five to seven years?
What are the historical market sizes and growth rates of the vegan food market?
What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing players and new entrants in the market?
Which segments in terms of type and distribution channel are expected to create major traction for companies operating in this market?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the vegan food market?
Who are the major players in the vegan food market? What are their specific product offerings in this market?
What are the recent strategic developments in the vegan food market? What are the impacts of these strategic developments on the market?

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Redding, California - August 20, 2024

Vegan Food Market to be Worth $109.4 Billion by 2031

Vegan Food Market Size, Share, Forecast, & Trends Analysis by Type (Dairy Alternatives {Yogurt, Milk, Ice Cream, Cheese, Butter}, Meat Substitutes {Tofu, Nuggets}, Bakery Product), Distribution Channel (B2B, B2C {Convenience Store}) - Global Forecast to 2031

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