The global vegan food market has witnessed significant growth in the past few years owing to the rising awareness about health and nutritional benefits associated with plant-based food products. Vegan food products such as dairy-free milk, meat substitutes, and other vegan snacks provide essential nutrients such as vitamins, minerals, proteins and fibers without including any animal-derived ingredients.
The global vegan food market is estimated to be valued at US$ 20 billion in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends gaining traction in the vegan food market is the growing adoption of veganism by millennials and generation Z consumers. This consumer base is more inclined towards healthy, sustainable and ethical lifestyle choices. Additionally, growing exposure to documentaries and articles highlighting issues related to animal welfare and environmental impact of conventional meat and dairy farming has made younger consumers move towards plant-based protein alternatives. Various new product launches catering to evolving taste preferences of younger customers along with innovations in vegan meat and dairy categories is expected to drive the market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the vegan food industry requires high initial investments in R&D, manufacturing facilities, and brand establishment. However, the growing vegan population provides opportunities for new companies.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes and growing preferences of customers. Buyers can easily switch to other brands.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. The suppliers of raw materials for vegan food products such as soy, wheat, and nuts are numerous.
Threat of new substitutes: The threat of substitutes is high as alternative plant-based and natural products are emerging rapidly.
Competitive rivalry: The competition in the market is high among established players.
Key Takeaways
The Global Vegan Food Market Share is expected to witness high growth.
North America is expected to dominate the vegan food market during the forecast period owing to the rising vegan population, awareness among consumers regarding health and animal welfare, and availability of vegan products in stores and restaurants.
Europe is also expected to hold a significant share in the market. Countries like Germany and UK are anticipated to boost regional growth due to the increasing veganism trend, rise in number of health-conscious consumers, and availability of vegan alternatives to dairy products.
Key players operating in the vegan food market are Danone SA, Daiya Foods, Follow Your Heart, Impossible Foods Inc., Oatly AB, The Kraft Heinz Company, Sun Opta, Hain Celestial, Unilever, and Panos Brands LLC. Impossible Foods has developed plant-based meat alternatives like ground beef and sausage that mimic meat. Sun Opta makes plant-based milks. Oatly manufactures oat milk through its extensive production facilities across Europe and the US.
For more details on the report, Read- https://www.rapidwebwire.com/vegan-food-market-growth-demand-and-overview/
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