Vegan Food Market - Post COVID Pandemic Analysis and Outlook: Market Size, Share, Outlook and Growth Opportunities to 2030: by Product, by Distribution Channel and by Country

Key Findings

• The $13 billion Global Vegan food market projects a stronger growth with a rising CAGR of 9.8 % during the period 2022-2030.
• Growing adoption for the veganism lifestyle and rising awareness towards the animal cruelty and its hazardous effects are the current market trends in the Vegan food market.
• North America dominated the vegan food market share earlier due to the higher vegan population and increased concern for the animal cruelty in the food industry.
• Europe is estimated to show a substantial growth in the market during the forecast period. This is attributed to the rising number of obese population and a consequential transition to veganism in the region.
• Plant based cheese products are expected to dominate the dairy alternative segment in the vegan food market, owing to its health benefits and nutritional values.

Veganism is a kind of lifestyle and is defined as the practice of living that attempts to exclude all forms of animal exploitation and cruelty, be it either for foods, or clothing or for any other purpose. Vegan food is a plant based diet free of animal-based foods such as meat including fish and insects, dairy products, eggs and honey. In the past few years, the number of people adopting for veganism increased enormously due to the growing consciousness about health conditions and animal cruelty. The increasing number of obese population, cardiovascular diseases, diabetic conditions and high blood pressure drives a major population to adopt for veganism lifestyle. Usually dairy products and meat contain high amounts of lactose and cholesterol content respectively. The growing number of vegans demands more varieties of vegan foods with nutritional benefits and zero side effects. This drives the key players in the vegan food market to develop new vegan derivative foods and products.

The dairy alternatives like cheese, desserts, ice creams, are prepared from soy, rice, almond, oats, coconut, hazelnut, cashew nut and others are relatively free of cholesterol and low calorific value. The plant-based cheese, ice creams and ice creams are in high demand In countries like India and China which fuels the growth of the market in these countries. Though earlier, offline segment accounted for the major share in the vegan food market, online segment is expected to grow with a higher CAGR during the forecast period, owing to the current lockdown impact of Covid-19 in most of the countries, and increasing number of e-grocery platforms.

Europe is estimated to dominate the Vegan food market during the forecast period, owing to the increasing consumers of the vegan foods. As a consequence, the key players in the region like Quorn Foods, Cauldron Foods and more are facing an intense competition.

Rising initiatives and programs by health organizations like WHO, celebrities, athletes and Yoga foundations about the importance of veganism propel the demand for vegan foods and offer lucrative opportunities for the players in the Vegan food market.

Also, the growing number of lactose intolerant people drives the key players to develop new varieties of dairy alternative vegan foods. Recently, Danone S.A introduced two Greek low-fat yoghurts in different flavours like vanilla, blueberry etc.

Global Vegan food Market Insights
The 2022 series of Global Vegan food market size, share, outlook, trends and growth prospects provides a comprehensive analysis of the global Vegan food and current health conditions. Major trends shaping the near and long term future of the industry, opportunities, drivers and restraints of Vegan food market, detailed porter’s five forces analysis and competitive insights are included in the research report.

Global Vegan food Market Share by Product:

• The report presents the detailed annual outlook of two kinds of products of the Vegan food market to 2030. The two products include Dairy alternatives and Meat substitutes. The dairy alternatives include cheese, desserts, yoghurts etc and the meat substitutes include seiten, tofu, quorn, TVP and more.

Global Vegan food Market Size by Distribution Channel:

• The report provides a detailed analysis on each of the Vegan food Distribution Channels along with annual forecasts to 2030. Various distribution channels that are studied in the report include Online and Offline stores. Offline stores include Hypermarkets/Supermarkets, Specialty stores and convenience stores. Hypermarkets are expected to dominate the market share during the forecast period owing to their larger presence.

Global Vegan food Market Revenue by Region:

• The current Vegan food market size in terms of revenue across 5 regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa are studied in the report. In addition, historic data from 2021 and annual forecasts to 2030 are also included in the research report. Globally, Europe is the major market for Vegan foods.

Global Vegan food Market Analysis by Company:

• Top 10 leading companies in the global Vegan food market are analyzed in the report along with their business overview, operations, geographical locations, financial analysis, SWOT profile and Vegan food products & services.
• Global Vegan food Market News and Recent Developments

- The latest news and industry developments in terms of Vegan food product developments, acquisitions, growth strategies, joint ventures and collaborations, product launches and market expansions are included in the report.

• Scope
• Long term perspective on the Vegan food industry: 2021 (base year), 2022 - 2030 (forecast period)
• Global Vegan food Market - Forecasts by Segments - Product, Distribution channel, and by geography.
• It provides the market outlook by two product types including dairy alternatives and meat substitutes.
• The research work analyses the market outlook based on distribution channels into online and offline stores.
• Vegan food market across countries in 5 regions including North America, Europe, Asia-Pacific, Latin America and Middle East & Africa are analyzed.
• Vegan food Market - Strategic Analysis Review

Key strategies opted by leading players:

• Short to Long Term Industry Trends
• Porter’s Five Forces Analysis
• Supply side and Demand Side Drivers and Challenges
• Vegan food Market - Growth Opportunities
• Potential New Business Opportunities
• Key Areas of Focus in the forecast period
• Vegan food Market - Competitive Scenario
• Top market players are analyzed in the report including Amy’s Kitchen Inc., Whitewave Foods Company Inc., Archer Daniel Midland Company, Organic Valley Corporative, Earth’s Own Food Company Inc, Living Harvest Food Inc, Daiya Foods, Inc., Danone S.A., Eden Foods Inc. and Vitasoy International Holdings Ltd.
• Company Profile and SWOT Analysis
• Financial Analysis.

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