The global vegan food market was valued at USD 33.14 billion in 2023 and is projected to expand from USD 37.37 billion in 2024 to USD 103.00 billion by 2032, registering a CAGR of 13.51% during the forecast period. Asia Pacific led the market with a 42.58% share in 2023. In the U.S., the vegan food market is expected to grow substantially, reaching an estimated USD 26.90 billion by 2032, driven by increasing awareness of veganism and the rising adoption of plant-based diets.
Rising consumer demand for meat substitutes and dairy alternatives is anticipated to accelerate product adoption. A vegan diet, which eliminates high-calorie foods and unhealthy carbohydrates, is known to aid in weight management and support overall health. Plant-based diets are rich in nutrients, including antioxidants, fiber, and essential vitamins such as A, C, and E. Individuals following vegan or vegetarian lifestyles tend to consume higher amounts of legumes, fruits, vegetables, allium vegetables, and vitamin C, which may help reduce the risk of cancer. Additionally, vegan diets promote better digestion and nutrient absorption, drawing more consumers toward plant-based eating.
Information Source: https://www.fortunebusinessinsights.com/vegan-food-market-106421
Segmentation
Almond Segment to Dominate Due to High Nutritional Value
Based on source, the market is segmented into almonds, soy, oats, and others. The almond segment is expected to lead due to increased consumer awareness of its nutritional benefits.
Supermarkets/Hypermarkets to Hold Largest Share Due to Accessibility
By distribution channel, the market is categorized into supermarkets/hypermarkets, convenience stores, online sales channels, and others. Supermarkets/hypermarkets are expected to dominate, owing to the ease and accessibility they offer to shoppers.
Regional Market Overview
The market is geographically segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
This report presents a detailed analysis of key market segments and emerging trends. It thoroughly explores the driving and restraining factors influencing market dynamics, assesses the impact of COVID-19, and evaluates regional developments and strategies adopted by leading players.
Drivers and Restraints
Expansion of Flavor Offerings to Drive Market Growth
Vegan yogurt made from almond, oat, coconut, or soy is gaining popularity, supported by a growing vegan population and rising lactose intolerance. The launch of new and diverse flavors is further fueling demand. For instance, in October 2020, Soyarich Foods introduced “Yofu,” a plant-based yogurt available in apple cinnamon, cherry, and mango flavors. Made with real fruit pulp and free from preservatives and artificial colors, the product has positively contributed to market growth.
Nevertheless, challenges such as suboptimal manufacturing practices and high production costs may impede market development.
Regional Insights
Asia Pacific to Lead Market Growth with Rising Population and Health Awareness
Asia Pacific is expected to dominate the vegan yogurt market, supported by a large and growing population. The regional market was valued at USD 963.05 million in 2021 and is forecasted to secure a substantial global share. Increased lactose intolerance and higher disposable income levels further support regional expansion.
In North America, heightened awareness of dairy alternatives and a growing demand for plant-based products are projected to fuel market progress.
In Europe, the shift toward sustainable, eco-friendly, and innovative product offerings is expected to bolster the demand for vegan yogurt, enhancing regional market growth.
Competitive Landscape
Innovative Product Launches to Strengthen Market Presence
Leading players in the vegan yogurt market are focusing on launching new and innovative products to boost their brand visibility. For example, in March 2022, AYO released a new line of almond milk yogurts, available in multiple flavors. The product serves as a versatile base for desserts, dips, and smoothies, helping the brand enhance its global footprint.
In addition to product launches, companies are adopting strategies such as mergers, acquisitions, partnerships, R&D, and automation to solidify their market positions and achieve strategic business objectives.
Key Players Profiled in the Report
- Danone S.A. (France)
- General Mills Inc. (U.S.)
- Oatly A.B. (Sweden)
- Forager Project (U.S.)
- Coyo Pty Ltd (U.S.)
- Nancy's Probiotic Foods (U.S.)
- Chobani Global Holdings (U.S.)
- Kite Hill (U.S.)
- Daiya Foods Inc. (Canada)
- GT's Living Foods LLC (U.S.)
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Key Industry Development
In June 2022, So Delicious introduced a new line of coconut milk yogurts infused with botanical extracts. These yogurts feature organic coconut and live probiotics and are available in three flavors: mango with ginger and turmeric extracts, mixed berry with chamomile, and elderberry.
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