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The market for Vegan Food was valued at approximately USD 18.2 Billion in 2023. Over the course of the forecast period (2024–2031), the market is expected to develop at a compound annual growth rate (CAGR) of 10.7%, reaching a value of USD 40.25 Billion by 2031.
The primary driver of the growth is a growing understanding of the advantages of eating a vegan diet. People are moving away from animal-based diets and toward plant-based ones as their concerns about animal abuse and health grow. As a result, the increasing demand for vegan cuisine is a result of consumer choice shifting. For example, a significant increase in vegan food deliveries overall in 2021 of 17% was due to Grubhub, one of the leading online meal delivery applications. Numerous industries, especially the food industry, suffered from the COVID-19 epidemic. The food industry saw many notable changes as a result of the shutdowns that occurred all across the world, including interruptions to product distribution networks and food supply chains.
However, the group of foods derived from plants fared well in this circumstance. For example, online food store ShelfNow reported a 156% increase in sales of vegetarian meals and a 150% increase in sales of vegan meals between the years 2020 and 2021. Additionally, the market's expansion is further backed by the notable rise in vegan food sales experienced by the various food stores.
The cost of producing vegan food is slightly higher than that of producing food derived from animals because of the high cost of the plant-based resources required in its preparation.But a number of prominent businesses are using state-of-the-art technology to enhance the flavors and textures of plant-based foods to a great extent, which is expected to open up huge growth opportunities. Prolamin and extrudable fat technologies are being combined by food technology company Motif Food Works, Inc. to produce plant-based cheese and meat alternatives.
Additionally, the increased acceptance of plant-based diets around the world contributes to market expansion. This suggests that veganism is becoming more and more popular worldwide. For example, based on Google Trends data from 2004 to 2022, the United Kingdom, Israel, New Zealand, Australia, and Austria are the top regions for vegan interest. In addition, there has been a decrease in the amount of meat consumed by customers. For example, a 2020 Gallup Poll found that 23% of Americans said they consumed less meat in 2019 than they did in 2018.
Additionally, the industry's customer base has grown as a result of growing awareness of the numerous health advantages provided by plant-based food products. Products made from plants assist in controlling blood pressure and reduce the risk of heart disease, stroke, colon cancer, prostate cancer, cholesterol, and early mortality. Furthermore, there are a lot of growth prospects due to the Asia Pacific region's increasing production of plant-based meat substitutes. For example, Cargill, Incorporated introduced its plant-based consumer brand PlantEver in China in June 2020, offering consumers plant-based protein alternatives.
Lactose malabsorption affects approximately 68% of people worldwide, according to a National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK) article. This is one of the main factors driving up demand for dairy substitute products like plant-based milk, cheese, yogurt, ice cream, and frozen novelties. For example, Gaia's Farming Co. will introduce Hemp & Coco M*lk and Hemp & Oat M*lk, two products in the milk substitute market, in February 2022. Additionally, producers in the market have launched a number of high-quality goods in a variety of flavors with eye-catching packaging options, which is probably going to support the expansion of the sector during the projection period.
The report will cover the qualitative and quantitative data on the global Vegan Food Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.
Study Period | 2024-31 |
Base Year | 2023 |
Estimated Forecast Year | 2024-31 |
Growth Rate | CAGR of 10.7% from 2024 to 2031 |
Segmentation | By Product, By Distribution Channel, By Region |
Unit | USD Billion |
By Product |
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By Distribution Channel |
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By Region |
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Vegan food Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2024-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.
By Product
By Distribution Channel
The report also helps in understanding Global Vegan food Market dynamics, structure by analyzing the market segments, and project the Global Vegan food Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Vegan food Market make the report investor’s guide.
The market is divided into segments based on By Product, By Distribution Channel.
Based on the Product Type of the market is Categorised into Meat & Seafood, Creamer, Ice Cream & Frozen Novelties, Yogurt, Cheese, Butter, Meals, Protein Bars, Others.
Meat and seafood held the largest market share of all of them in 2022—more than 36.2%. The main factor driving this market category is the significant demand for plant-based meat substitutes in developed countries like the United States and the United Kingdom.
The market for vegan cheese is expected to grow at a CAGR of 10.5% during the forecast period. The food and beverage industry's emerging trends and changing dietary habits are driving the demand for vegan cheese worldwide. Food allergies and lactose intolerance are becoming more common in adults and children, which is expected to change consumer dietary preferences and fuel the segment's growth.
Based on information from the Food Intolerance Network, around 70% of people worldwide experienced lactose intolerance in 2020. Vegan cheese comes in slices, cubes, shredded, and spread forms and is frequently used in Italian recipes including spaghetti, pizzas, croquettes, and Caprese salad. The market for vegan cheese is notably larger in nations where Italian food is well-liked.
Based on the Distribution Channel of the market is segmented into Offline, Onlines.
In 2022, the offline distribution channel accounted for a higher share of over 83.8%. Convenience stores, specialty shops, hypermarkets, and supermarkets are all included in this category. The overall sales of products have increased due to the large number of supermarkets and hypermarkets. Walmart, The Kroger Co., and other supermarket chains are among the 14,623 supermarkets in the United States, according to data released by ScrapeHero in November 2021.
Additionally, due to brick-and-mortar supermarkets are more accessible and readily available, customers prefer to shop there. Furthermore, a large range of products from both local and foreign companies are available, and customers are encouraged to make in-person verifications of product information prior to making any purchases.
The online distribution channel is expected to expand at a CAGR (compound annual growth rate) of 11.4% through 2023 and 2030 as internet usage increases. 48% of American consumers buy at least part of their groceries online, according to an Invesp survey, and this percentage is expected to increase in the near future. This has led to a significant number of global retail chains investing heavily in online distribution platforms. Furthermore, the emergence of online grocery platforms such as Instacart, Amazon Fresh, Tesco, Morrisons Big Basket, among others is expected to boost online product sales and expedite the expansion of this segment.
By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. In 2022, North America's revenue share was the highest at nearly 37.2%. Growing worries about animal abuse in the food sector and its detrimental effects on the environment are the primary drivers of the market. Furthermore, a sizable portion of the American population is lactose intolerant, which increases the market for substitute dairy products.
Asia Pacific is expected to grow at the quickest rate among regional markets, with a compound annual growth rate (CAGR) of 11.6% throughout the projection period. The industry's main driver is consumers' increasing health consciousness. Big firms in the sector have been focusing on expanding their activities in the area due to its robust development possibilities.
The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
Vegan food Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends:
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04 Jan 2024
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