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, reflecting a compound annual growth rate (CAGR) of 13.51% during the forecast period. In 2023, Asia Pacific led the vegan food market with a market share of 42.58%. Additionally, the vegan food market in the U.S. is expected to experience significant growth, reaching an estimated value of USD 26.90 billion by 2032. This growth is fueled by increasing awareness of veganism and the rising adoption of vegan diets among consumers.
The growing demand for meat substitutes and alternative dairy products is expected to drive the adoption of vegan foods. A vegan diet, which eliminates high-calorie foods and unhealthy carbs, naturally supports weight management by reducing excess weight gain. Moreover, following a balanced vegan diet promotes weight loss. By eliminating animal products and embracing a plant-based lifestyle, individuals can enjoy a wide variety of nutritious options. Vegan foods are packed with essential nutrients, including antioxidants, fiber, plant compounds, and vitamins A, C, and E, offering a healthful alternative to traditional diets.
Information Source: https://www.fortunebusinessinsights.com/vegan-food-market-106421
List of 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.)
Segmentation
Almond Segment to Lead Backed by its High Nutritive Value
By source analysis, the market is segmented into almonds, soy, oats, and others. The almond segment is expected to lead due to the rising awareness regarding its nutritive properties.
Supermarkets/Hypermarkets Segment to Dominate Owing to its Convenience
As per distribution channel, the market is classified into supermarkets/hypermarkets, convenience stores, online sales channels, and others. The supermarkets/hypermarkets segment is expected to dominate due to its shopping convenience.
Regionally, the market 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 and 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
Rising Product Launches in Numerous Flavors to Propel Market Progress
Vegan yogurt is made from almond, oat, coconut, or soy. The rising emergence of vegan population has accelerated the demand for alternatives. Furthermore, the increasing prevalence of lactose intolerance among consumers has enhanced the demand for vegan yogurt. Moreover, increasing product launches in numerous flavors is expected to enhance the industry’s progress. For example, in October 2020, Soyarich Foods announced its novel plant-based alternative “Yofu”in apple cinnamon, cherry, and mango flavors. The yogurt contains actual fruit pulp with no preservatives or colors. These factors may propel the vegan yogurt market growth.
However, poor manufacturing practice and high costs are likely to hamper market growth.
Regional Insights
Rapidly Increasing Population to Propel Market Growth in Asia Pacific
Asia Pacific is expected to dominate the vegan yogurt market share due to rising population. The market in Asia Pacific stood at USD 963.05 million in 2021 and is expected to gain a huge portion of the global market share in the upcoming years. Furthermore, increased cases of lactose intolerance and increasing disposable incomes are likely to foster the demand for vegan yogurt. These factors may enhance the industry’s progress.
In North America, increasing awareness regarding dairy substitutes are likely to foster the industry’s progress. Furthermore, the rising demand for vegan products may boost market growth.
In Europe, increasing focus on the consumption of eco-friendly, sustainable, and innovative products are likely to boost the demand for vegan yogurt. These factors may propel market progress.
Competitive Landscape
Major Players Launch Novel Products to Enhance their Brand Image
The prominent companies operating in the market deploy novel product launches to enhance their brand image. For example, AYO announced a novel plant based yogurt range in March 2022 by forming a novel “plain almond milk yogurt” in several flavors. It is made using almonds and can be used to produce desserts, dips, or smoothies. This strategy may allow the company to enhance their brand image globally. Further, major players deploy acquisitions, mergers, partnerships, novel product launches, innovations, research and developments, and industrial automation to enhance their market position and achieve organizational goals.
Key Industry Development
- June 2022- So Delicious announced its novel coconut milk yogurts infused with botanical extracts also containing organic coconut and live probiotics. The product is available in 3 flavours mango with ginger, turmeric extracts, mixed berry with chamomile extracts, and elderberry extract.
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