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 share of 42.58%. Additionally, the vegan food market in the U.S. is expected to experience substantial growth, reaching an estimated value of USD 26.90 billion by 2032. This growth is driven 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 propel the adoption of vegan foods. A vegan diet, which eliminates high-calorie and unhealthy carbs, naturally supports weight management by reducing excess weight gain and promoting weight loss. By eliminating animal products and embracing a plant-based lifestyle, individuals gain access to a wide range of nutritious options. Vegan foods are rich in essential nutrients, including antioxidants, fiber, plant compounds, and vitamins A, C, and E, providing 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 Due to Its High Nutritional Value
The market is segmented by source into almonds, soy, oats, and others. The almond segment is expected to lead the market, driven by growing awareness of its high nutritional benefits.
Supermarkets/Hypermarkets Segment to Dominate Due to Convenience
In terms of distribution channels, the market is categorized into supermarkets/hypermarkets, convenience stores, online sales channels, and others. The supermarkets/hypermarkets segment is anticipated to dominate, primarily due to the convenience they offer to consumers.
Regional Market Overview
The market is further divided into regions, including North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report offers a thorough analysis of the leading segments and the latest trends in the market. It provides an in-depth discussion on the driving and restraining factors, as well as the impact of COVID-19 on the market. Furthermore, the report explores regional developments and highlights the strategies employed by the key players in the market.
Drivers and Restraints
Rising Product Launches in Numerous Flavors to Propel Market Progress
Vegan yogurt, made from almond, oat, coconut, or soy, is experiencing increased demand due to the rising vegan population and the growing prevalence of lactose intolerance among consumers. The demand for alternatives has been further fueled by the introduction of a variety of new flavors. For instance, in October 2020, Soyarich Foods launched its innovative plant-based alternative, "Yofu," available in apple cinnamon, cherry, and mango flavors. The yogurt contains real fruit pulp without preservatives or artificial colors, contributing to the expansion of the market.
Despite this growth, challenges such as poor manufacturing practices and high production costs may hinder the market's progress.
Regional Insights
Rapidly Increasing Population to Propel Market Growth in Asia Pacific
Asia Pacific is expected to lead the vegan yogurt market, driven by a growing population. The market in the region was valued at USD 963.05 million in 2021 and is projected to capture a significant share of the global market in the coming years. Additionally, the rising prevalence of lactose intolerance and increasing disposable incomes are likely to further boost the demand for vegan yogurt, contributing to the market's growth.
In North America, growing awareness of dairy substitutes is expected to drive the progress of the industry. The increasing demand for vegan products is anticipated to further support market expansion.
In Europe, the rising focus on eco-friendly, sustainable, and innovative products is expected to stimulate the demand for vegan yogurt, fueling market growth.
Competitive Landscape
Major Players Launch Novel Products to Enhance their Brand Image
Prominent companies in the vegan yogurt market are focusing on novel product launches to strengthen their brand image. For example, AYO introduced a new plant-based yogurt range in March 2022, featuring a "plain almond milk yogurt" available in various flavors. Made from almonds, this yogurt can be used to create desserts, dips, or smoothies, helping the company enhance its global brand presence.
Additionally, major players in the market are employing strategies such as acquisitions, mergers, partnerships, product innovations, research and development, and industrial automation to improve their market position and achieve organizational goals.
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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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