The global vegan food market revenue was valued at USD 33.14 billion in 2023 and is projected to grow from USD 37.37 billion in 2024 to USD 103.00 billion by 2032, with a compound annual growth rate (CAGR) of 13.51% over the forecast period. This growth is driven by increasing consumer demand and heightened health awareness, according to Fortune Business Insights™ in its report titled “Vegan Food Market, 2024-2032.”
The strong demand for dairy alternatives and meat substitutes is expected to fuel the adoption of vegan food products. Greater awareness of the health benefits associated with vegan options is also encouraging consumers to switch to plant-based alternatives. Additionally, companies are introducing innovative products to attract a wider customer base and strengthen their brand image, further supporting market growth in the years ahead.
Information Source: https://www.fortunebusinessinsights.com/vegan-food-market-106421
List of Key Players Profiled in the Report
- Danone S.A. (Paris, France)
- Conagra, Inc. (Illinois, U.S.)
- The Hain Celestial Group, Inc. (New York, U.S.)
- Axiom Foods, Inc. (Los Angeles, U.S.)
- DAIYA FOODS INC. (Burnaby, Canada)
- Alpro (Wevelgem, Belgium)
- Kellogg Company (Michigan, U.S.)
- Amy’s Kitchen (California, U.S.)
- Impossible Foods Inc. (California, U.S.)
- Beyond Meat (California, U.S.)
- Archer Daniels Midland Company (Illinois, U.S.)
- Tofutti Brands, Inc. (New Jersey, U.S.)
Segments
Product Type, Distributional Channel, and Region are Studied
By product type, the market is segmented into vegan meat, vegan milk, and others. As per distributional channel, it is categorized into online retails, convenience stores, supermarkets/hypermarkets, and others. Geographically, it is grouped into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving & restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Increasing Adoption of Innovative Products to Boost Market Progress
Strong demand for sustainable materials for food packaging and rise in awareness of animal cruelty are expected to bolster market development. The rising demand for innovative products is expected to bolster industry development. Furthermore, innovative products are expected to bolster market development. As per the information published by a science journal, dairy and meat products generate approximately 60% greenhouse gasses from the agricultural sector. These factors may drive the vegan food market growth.
However, the rising cost of vegan products is expected to bolster market development.
Regional Insights
Presence of Vegetarian Population to Boost Market Growth in North America
Asia Pacific is expected to dominate the vegan food market share due to the presence of vegetarian population in India. The market in Asia Pacific stood at USD 9.74 billion in 2020 and is expected to gain a huge part of the market share in the coming years. Furthermore, rising investments in innovative and novel products are expected to foster market development. These factors may propel market development in the coming years.
In North America, many vegan food consumers are expected to boost the product adoption. Furthermore, rising climate awareness and increasing partnerships among brands are expected to drive the growth of the industry.
In Europe, the presence of major consumer’s vegan consumers and major food chains such as Starbucks and Domino’s is expected to boost market development. Furthermore, rising climate awareness, vegan diet adoption, and the adoption of flexitarian diet are expected to nurture development.
Competitive Landscape
Companies Launch Novel Products to Boost Brand Image
Prominent companies operating in the market introduce novel products to attract consumers and boost brand image. For example, the U.S. retail corporation Target announced a sub-brand titled “Good & Gather Plant-based " in May 2021. The company aims to announce 30 novel plant-based vegan foods under the brand through this launch. Furthermore, companies devise research and development, mergers, acquisitions, and expansions to boost their market position. In addition, the rising adoption of technologically advanced production techniques may enable companies to reduce costs, enhance the production capacity, improve productivity, and achieve goals.
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Industry Development
- February 2021: France-based company Danone completed the acquisition of Follow Your heart for USD 6 million. The company aims to improve its capabilities to develop and launch novel vegan products in the industry.
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