Vegan Food Market
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Vegan Food Market Size, Share & Analysis By Type (Plant-Based Alternatives, Dairy Alternatives, Meat Alternatives, Others), By Product Type (Plant-Based Alternatives, Dairy Alternatives, Meat Alternatives, Others), By Distribution Channel (Offline Channels, Online Channels), By End-Use (Takeout, Dine-in), By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa), and Growth Forecast To 2032
Report ID: RV90546 | Published: Nov 2023 | Historical Period: 2018-2021 | Pages: 200 | Price: $3260| Industry: Food and Beverages
Vegan Food Market Overview 2023:
The global vegan food market size was USD 16.7 billion in 2022 and is expected to register a CAGR of 11% during the forecast period. Key factors such as increasing awareness about the benefits of vegan diet, rising demand for animal cruelty-free products, and changing lifestyles are expected to drive global market growth during the forecast period.
Over the years, the vegan population across the globe has significantly increased due to rising health concerns about excess meat consumption, rising awareness about environmental impact of animal agriculture, and rising accessibility to vegan products and alternatives. Vegan diets consist of plant-based foods, including fruits, vegetables, soy, legumes, nuts and nut butter, plant-based dairy alternatives, sprouted or fermented plant foods, and whole grains. Such dietary practices exclude animal foods, such as eggs, dairy, meat, poultry, or seafood.
A plant-based or vegan diet is associated with several health benefits. These benefits include weight loss, reduced risk of diabetes, improved kidney function, and lower blood sugar levels, among others. The nutrient content of vegan diets is high, while the amount of saturated fats is low. Much research in the past suggests that vegan food may lower the risk of cancer in the human body along with certain diseases like heart disease, hypertension, and type 2 diabetes. Moreover, individuals who opt for a vegan lifestyle have low chances of acquiring skin conditions like psoriasis, eczema, and other skin problems. This is due to the anti-inflammatory properties offered by certain types of fruits, vegetables, and other plant-based foods.
However, one of the primary challenges for vegan food is overcoming taste perceptions. Many consumers are hesitant to try vegan food as they believe it won’t taste as good as their non-vegan counterparts. Thus, achieving the right taste and texture mimicking traditional animal-based products can be challenging.
Graphical Overview:
Key Takeaways:
Rise In the Demand for Animal Cruelty-Free Products:
The demand for vegan products has grown rapidly across the globe, as consumers are becoming aware of its health benefits and environmental implications. Moreover, the issue of animal cruelty has been gaining prominence among consumers. They are increasingly adopting lifestyles and diets that emphasize reducing animal cruelty and mitigating the adverse environmental impacts attributable to animal meat consumption. Thus, the growing demand for healthy foods and the emergence of innovative plant-based products are expected to contribute to the growth of the vegan food market during the forecast period.
Higher Cost of Vegan Food:
Several manufacturers have ventured into the vegan food market with innovative products, but the prices associated with such products are relatively higher in comparison to animal-based products. Moreover, there is a limited range of vegan food available as compared to traditional food products. These factors can limit the overall market growth to a certain extent going ahead.
Market Opportunities:
Rising adoption of a vegan lifestyle among the health-conscious populace has opened new avenues for new entrants and existing market players to develop and launch novel products and compositions including healthy and nutritious ingredients.
Type Outlook:
Based on type, the global market is segmented into plant-based alternatives, dairy alternatives, and meat alternatives. Among these, the dairy alternatives segment is expected to register a rapid CAGR in the forecast period. This can be attributed to the habit of consuming dairy products among many individuals, high preference for dairy alternative products made from oats, almonds, soy, and others to fulfill dairy requirements, increasing prevalence of lactose intolerance, and rising availability of various types of dairy-free vegan food products on online and offline platforms.
Distribution Channel Outlook:
Based on the distribution channel, the vegan food market is segmented into online and offline segments. The online sales segment is expected to account for a significant revenue share during the forecast period. Factors such as increasing online sales, rising availability of various types of vegan food alternatives on online platforms, and high preference for online shopping due to easy comparison, enhanced convenience, and availability of a wide range of products at affordable and discounted rates are expected to drive segment revenue growth during the forecast period.
Regional Outlook:
North America is expected to account for largest revenue share in the vegan market during the forecast period. This can be due to the increasing concerns surrounding animal cruelty and its harmful effects on the environment within the food industry, high population of lactose intolerant individuals in the region, and rising availability of various types of nutritious and delicious vegan food products. In addition, many food manufacturing companies are heavily investing in R&D activities to launch new compositions and ingredients.
Report Coverage:
| Report Details | Outcome |
| Base Year for Estimation | 2022 |
| Historical Data | 2018-2021 |
| Forecast Period | 2023-2032 |
| Segments Covered: | Type, Product Type, Distribution Channel, End-use and Region |
| By Type | Plant-Based Alternatives, Dairy Alternatives, Meat Alternatives, Others |
| By Product Type | Plant-Based Alternatives, Dairy Alternatives, Meat Alternatives, Others |
| By Distribution channel | Offline Channels, Online Channels |
| By End Use | Takeout, Dine-in |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Country Scope | United States, Canada, Germany, France, UK, Italy, Russia, China, Japan, South Korea, Southeast Asia, India, Mexico, Brazil, Saudi Arabia, UAE, Turkey |
| Qualitative Info | •Value Chain Analysis •Pricing Analysis •Regional Outlook •Market Trends •Market Share Analysis •Competition Analysis •Technological Advancements |
| Key Players | Amy's Kitchen, Danone S.A, Tofutti Brands Inc., Ripple Foods Inc., Earth’s Own Food Company Inc., The Archer Daniels Midland Company, Daiya Foods Inc., Beyond Meat, VBites Foods Limited, SunOpta, Eden Foods Inc. |
| Customization Scope | 10 Hours of Free Customization and Expert Consultation |
Competitive Landscape:
The global vegan food market is extremely competitive, comprising several regional and global level key players. Leading key players are focused on adopting various strategic alliances like mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. They are also focused on innovation, and scalability, adapting to evolving technology trends and consumer needs.
Some Leading Market Companies Listed in the Report:
- Amy's Kitchen
- Danone S.A
- Tofutti Brands Inc.
- Ripple Foods Inc.
- Earth’s Own Food Company Inc.
- The Archer Daniels Midland Company
- Daiya Foods Inc.
- Beyond Meat
- VBites Foods Limited
- SunOpta
- Eden Foods Inc.
Vegan Food Industry Recent Developments:
- In December 2023, Impossible Food launched its first vegan hot dog product. This is a plant-based beef hot dog product, available in both grocery stores and restaurants.
- In September 2023, Nestel launched a new range of vegan products to cater to rising vegan population.
The global vegan food market has been segmented based on type, product type, distribution channel, end use and region:
By Type:
- Plant-Based Alternatives
- Dairy Alternatives
- Meat Alternatives
- Others
By Product Type:
- Meat and Seafood
- Creamer
- Ice Cream and Frozen Novelties
- Yoghurt
- Butter
- Cheese
- Meals
- Protein Bars
- Others
By Distribution Channel:
- Offline Channels
- Supermarkets & Hypermarkets
- Convenience Stores
- Online Channels
- E-commerce
- E-commerce
By End Use:
- Takeout
- Dine-in
By Region:
- North America
- United States
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Nordic Countries
- Asia Pacific
- China
- Japan
- South Korea
- Southeast Asia
- India
- Australia
- Rest of Asia
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of MEA
Frequently Asked Questions!
- Amy's Kitchen
- Danone S.A
- Tofutti Brands Inc.
- Ripple Foods Inc.
- Earth’s Own Food Company Inc.
- The Archer Daniels Midland Company
- Daiya Foods Inc.
- Beyond Meat
- VBites Foods Limited
- SunOpta
- Eden Foods Inc.
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