The global vegan food market size is expected to reach USD 37.5 billion in 2030 and is anticipated to expand at a CAGR of 10.7% from 2023 to 2030. Rising consumer preference for plant-based food owing to the growing animal cruelty and awareness regarding the health benefits of a vegan diet are the major factors expected to drive the industry’s growth. However, high prices of vegan foods owing to their expensive manufacturing process are anticipated to hamper the growth.
The growth of the global vegan food industry is supported by growing veganism across the globe. Vegan food helps improve metabolism as it is rich in fiber. This has resulted in its increasing adoption which is anticipated to fuel the growth of the industry. Moreover, increasing initiatives by key players to launch plant-based food in both developed and developing countries are fueling market growth during the forecast period.
The meat & seafood segment is expected to register the fastest CAGR during the forecast period. The significant presence and high demand for plant-based meat in developing countries are expected to drive the growth of the segment. The availability of a variety of meat categories coupled with the availability of a wide range of plant-based meat products including deli slices, meatballs, tenders, chicken nuggets, and others is driving the growth.
The offline distribution channel led the market and is estimated to continue dominating during the forecast period. The high share is attributed to the easy accessibility of offline stores. Products from different brands are easily available in one place in offline stores resulting in their higher purchase. Moreover, offline distribution channels such as convenience stores, supermarkets, hypermarkets, and others provide the facility of physical verification of the product, which is further expected to drive segment growth.
North America accounted for the largest revenue share in 2022. The growing number of campaigns on social media regarding vegan food adoption by celebrities such as Jake Gyllenhaal and Serena Williams is driving the market growth. Moreover, the increasing demand and adoption of dairy alternatives among consumers owing to the high presence of lactose intolerant population in the region is a key factor contributing to the growth.
Major industry players include Amy's Kitchen; Danone S.A; Daiya Foods Inc.; Beyond Meat; Tofutti Brands Inc.; Plamil Foods Ltd; VBites Foods Limited; Eden Foods Inc.; VITASOY International Holdings Limited; and SunOpta. Various steps are adopted by these companies including global expansion, partnerships, acquisitions & mergers, development & launch of new products, and others to gain a larger market share.
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The growth of the global vegan food industry is supported by growing veganism across the globe. Vegan food helps improve metabolism as it is rich in fiber. This has resulted in its increasing adoption which is anticipated to fuel the growth of the industry. Moreover, increasing initiatives by key players to launch plant-based food in both developed and developing countries are fueling market growth during the forecast period.
The meat & seafood segment is expected to register the fastest CAGR during the forecast period. The significant presence and high demand for plant-based meat in developing countries are expected to drive the growth of the segment. The availability of a variety of meat categories coupled with the availability of a wide range of plant-based meat products including deli slices, meatballs, tenders, chicken nuggets, and others is driving the growth.
The offline distribution channel led the market and is estimated to continue dominating during the forecast period. The high share is attributed to the easy accessibility of offline stores. Products from different brands are easily available in one place in offline stores resulting in their higher purchase. Moreover, offline distribution channels such as convenience stores, supermarkets, hypermarkets, and others provide the facility of physical verification of the product, which is further expected to drive segment growth.
North America accounted for the largest revenue share in 2022. The growing number of campaigns on social media regarding vegan food adoption by celebrities such as Jake Gyllenhaal and Serena Williams is driving the market growth. Moreover, the increasing demand and adoption of dairy alternatives among consumers owing to the high presence of lactose intolerant population in the region is a key factor contributing to the growth.
Major industry players include Amy's Kitchen; Danone S.A; Daiya Foods Inc.; Beyond Meat; Tofutti Brands Inc.; Plamil Foods Ltd; VBites Foods Limited; Eden Foods Inc.; VITASOY International Holdings Limited; and SunOpta. Various steps are adopted by these companies including global expansion, partnerships, acquisitions & mergers, development & launch of new products, and others to gain a larger market share.
Vegan Food Market Report Highlights
- Asia Pacific is expected to register the fastest CAGR over the forecast period owing to the growing demand for plant-based food and rising health consciousness among consumers
- The yogurt segment is estimated to grow at the second highest CAGR over the forecast period. The rising preference for dairy-free products among millennials is expected to drive the segment’s growth
- The vegan cheese segment is expected to expand at a significant CAGR over the forecast period. The increasing consumption of vegan cheese by lactose intolerant consumers is anticipated to contribute to the growth of the segment
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Vegan Food Market Variables, Trends & Scope
Chapter 4. Consumer Behavior Analysis
Chapter 5. Vegan Food Market: Product Estimates & Trend Analysis
Chapter 6. Vegan Food Market: Distribution Channel Estimates & Trend Analysis
Chapter 7. Vegan Food Market: Regional Estimates & Trend Analysis
Chapter 8. Competitive Analysis
List of Tables
List of Figures
Companies Mentioned
- Amy's Kitchen
- Danone S.A
- Daiya Foods Inc.
- Beyond Meat
- Tofutti Brands Inc.
- Plamil Foods Ltd
- VBites Foods Limited
- Eden Foods Inc.
- VITASOY International Holdings Limited
- SunOpta
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 80 |
| Published | July 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 16.55 billion |
| Forecasted Market Value ( USD | $ 37.5 billion |
| Compound Annual Growth Rate | 10.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
