Second helping: Continued product innovation will attract new consumers
Vegetarian and vegan restaurants have shrunk as an industry over the five years to 2023, despite several favorable trends that have supported a growing consumer base for vegetarian and vegan cuisine. Rising health consciousness and the rising popularity of the flexitarian, or semi-vegetarian, diet have bolstered demand for vegetarian and vegan-style food. The growing value of agriculture and rising consumer spending during most of the period led to a rise in consumers' spending money on food away from home. The industry was adversely affected by the outbreak of COVID-19, however, and subsequent government restrictions on indoor dining resulted in revenue plummeting that year. Revenue is expected to abate at a CAGR of 1.9% to $30.9 billion over the five years to 2023, including a rise of 1.1% in 2023 alone.
This industry includes quick-service and full-service restaurants that exclusively sell vegan and vegetarian food and drinks. This industry does not include restaurants that sell a small portion of vegan or vegetarian food as part of a wider cuisine.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.
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