Vegan Food Market Size & Forecast
The Vegan Food Market is slated to register a CAGR of 11.7% from 2024–2031 to reach $116.33 billion by 2031. The popularity of vegan food is rising as people in many parts of the world are moving towards consuming less animal-derived food products and more cruelty-free products. The vegan food market is driven by the growing vegan population, increasing R&D activities and investments by players, growing demand for protein-rich products, and the increasing intolerance for animal-derived products. However, the comparatively higher cost of vegan products is expected to restrain the growth of this market.
Vegan Food Market: Competitive Analysis
The report includes a competitive landscape based on an extensive assessment of the key strategic developments of leading market players. Some of the key players operating in the vegan food market 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).
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Growing Vegan Population
The growing health & wellness concerns, ethics and sustainability, and diet patterns across the globe are changing. Globally, over 1.5 billion people are vegetarian (Source: Great Green Wall organization (U.S.)). Also, According to The World Animal Foundation (WAF), there are about 88 million vegans in the world. Similarly, according to the European Vegetarian Union (2021), the number of vegans in Europe has doubled from 1.3 million in 2016 to 2.6 million in 2020, representing 3.2% of the total European population. The rapid growth in the vegetarian population, changing lifestyles, increasing industrialization, economic development, health & wellness trends, and rising consumer awareness about the health concerns originating from the long-term use of animal-sourced food have created immense growth opportunities for vegan food manufacturers.
According to the Vegetarian Resource Group survey, in 2022, roughly 6% of Americans eat no meat or fish at all, a group equally split between vegetarians and vegans; 12% said they usually eat vegetarian or vegan meals; and a larger group, 45% eat veggie or vegan at least on occasion.
Following are the vegan growth statistics, more compelling evidence that the global demand for vegan food is increasing:
- In 2022, 629,000 people worldwide signed up for Veganuary, an annual challenge run by a UK nonprofit organization that promotes and educates about veganism by encouraging people to follow a vegan lifestyle for the month of January (Source: The Guardian; Veganuary).
- In 2022, India had 13% of vegan population, China 6%, the U.S. 4%, Germany 3%, Brazil 2%, and Mexico 2% (Source: World Animal Foundation Organization).
Planned vegetarian and vegan diets are nutritionally adequate for everyone, from pregnant women to children to athletes. According to the Academy of Nutrition and Dietetics, appropriately planned vegetarian, including vegan diets, are healthful and nutritionally adequate as they reduce the risk of certain health conditions, including ischemic heart disease, type 2 diabetes, hypertension, certain types of cancer, and obesity.
With food security challenges, the vegan food trend is gaining traction and will continue to evoke interest in the upcoming years. Food demand, therefore, should increase proportionally or even more because, at the same time, food behaviors are changing. In addition, F&B manufacturers from various countries are leveraging plants, creating new categories, and disrupting old ones. Most of the countries are already committed, at various stages, to initial nutritional transition. Thus, the growing vegan population and health benefits offered by these products drive the demand for the vegan foods market.
Key Findings in the Vegan Food Market Study:
Dairy Alternative Segment to Dominate the Vegan Food Market by Type in 2024
Based on type, the vegan foods market is segmented into dairy alternatives, meat substitutes, ready-to-eat meals, bakery products, confectionery, protein bars & snacks, and other vegan foods. In 2024, the dairy alternatives segment is expected to account for the largest share of the vegan food market. The segment’s large market share is attributed to the increasing prevalence of lactose intolerance, consumer preference for vegan diets, nutritional benefits offered by plant-based dairy products, growing investments in dairy alternatives, and the increasing vegan & vegetarian population.
The Business-To-Consumer (B2C) Segment to Dominate the Vegan Food Market by Distribution Channel in 2024
Based on distribution channel, the vegan food market is segmented into (business-to-business, business-to-consumer [modern groceries (supermarkets & hypermarkets), convenience stores, online retail, specialty stores, other B2C distribution channels]). In 2024, the business-to-consumer segment is expected to account for the largest share of the vegan food market. The large market share of this segment is attributed to rapid sales growth of vegan food in well-established supermarkets and hypermarket chains, urbanization, rising per capita disposable income, consumers' preference for shopping from brick-and-mortar grocers, and increasing consumer preference for vegan food products.
North America to Dominate the Vegan Food Market in 2024
The vegan food market is segmented into five major regions—North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the vegan food market. North America’s large share is attributed to factors such as the high awareness regarding the importance of sustainable and environment-friendly food and protein diets, increased health consciousness amongst consumers, a well-established food sector, the growing vegan population, higher adoption of technological advancements in the food & beverage industry, significant investments in the plant-based vegan food sector, and the presence of the leading key players in the region.
However, Asia-Pacific is slated to register the highest CAGR during the forecast period. The growth of this regional market is driven by the rising vegan & vegetarian population, increasing disposable incomes, rapid urbanization, growing awareness about the benefits of plant-based protein diet in daily nutrition, and rising health wellness trends. Also, rising awareness about vegan food products and rapid economic growth in countries such as China, Japan, and India further support the growth of this market in the region.
Vegan Food Market Report Summary:
Particulars
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Details
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Number of Pages
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320
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Format
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PDF
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Forecast Period
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2024–2031
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Base Year
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2023
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CAGR
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11.7%
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Estimated Market Size
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$116.33 billion
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Segments Covered
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By Type
- Dairy Alternatives
- Yogurt
- Milk
- Ice Cream
- Cheese
- Butter
- Other Dairy Alternatives
- Meat Substitutes
- Tofu
- Sausages
- Ground Meat
- Meatballs
- Nuggets
- Other Meat Substitutes
- Ready-to-eat Meals
- Bakery Products
- Confectionery
- Protein Bars & Snacks
- Other Vegan Foods
By Distribution Channel
- Business-To-Business (B2B)
- Business-To-Consumer (B2C)
- Modern Groceries (Supermarkets & Hypermarkets)
- Convenience Stores
- Online Retail
- Specialty Stores
- Other Distribution Channels
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Countries Covered
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North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and the Middle East & Africa
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Key Companies
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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).
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Key questions answered in the report: