The global vegan food market outlooks was valued at USD 33.14 billion in 2023 and is expected 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% during the forecast period. This growth is primarily driven by increasing consumer demand and rising health awareness, as highlighted in the Vegan Food Market, 2024-2032 report by Fortune Business Insights™.
The rising demand for dairy alternatives and meat substitutes is anticipated to significantly contribute to the adoption of vegan food products. As more consumers become aware of the health benefits of plant-based options, they are making the shift towards vegan diets. Furthermore, companies are continuously introducing innovative products to capture a broader customer base and enhance their brand presence, further propelling market growth in the coming years.
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
The market is segmented by product type, distribution channel, and region:
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Product Type: The market is divided into vegan meat, vegan milk, and other categories.
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Distribution Channel: The market is classified into online retail, convenience stores, supermarkets/hypermarkets, and other distribution channels.
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Region: Geographically, the market is analyzed across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report offers an in-depth analysis of the leading market segments and emerging trends. It thoroughly explores the driving and restraining factors influencing the market, along with the impact of COVID-19. Additionally, the report highlights regional developments and examines the strategies employed by key players to strengthen their positions in the market.
Drivers and Restraints
Increasing Adoption of Innovative Products to Boost Market Progress
The growing demand for sustainable materials in food packaging and increasing awareness of animal cruelty are expected to support the development of the vegan food market. Additionally, the rising demand for innovative products is anticipated to drive further market growth. According to a science journal, dairy and meat products account for approximately 60% of greenhouse gas emissions from the agricultural sector, which could further propel the shift toward vegan food options.
However, the rising cost of vegan products may pose a challenge to market expansion.
Regional Insights
Presence of Vegetarian Population to Boost Market Growth in North America
Asia Pacific is projected to lead the vegan food market, driven by the large vegetarian population in India. The market in this region was valued at USD 9.74 billion in 2020 and is expected to capture a significant share in the coming years. Additionally, rising investments in innovative and novel products are anticipated to further propel market growth.
In North America, increasing consumer adoption of vegan foods is expected to boost market demand. Rising climate awareness and growing partnerships between brands are also expected to drive industry expansion.
In Europe, the presence of a large vegan consumer base and major food chains like Starbucks and Domino’s is set to enhance market development. Furthermore, the rising adoption of vegan and flexitarian diets, along with growing climate awareness, will continue to support market growth.
Competitive Landscape
Companies Launch Novel Products to Boost Brand Image
Prominent companies in the vegan food market are continually introducing innovative products to attract consumers and enhance their brand image. For instance, U.S. retail giant Target launched a sub-brand called "Good & Gather Plant-based" in May 2021, with plans to introduce 30 new plant-based vegan food products under this brand. Additionally, companies are focusing on research and development, as well as pursuing mergers, acquisitions, and expansions to strengthen their market positions. The increasing adoption of advanced production technologies is also expected to help companies reduce costs, improve production capacity, boost productivity, and achieve their business 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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