Vegan Food Market Scope
The global vegan food market was valued at USD 18.44 billion in 2023 and is projected to reach USD 34.15 billion by 2030, growing at a CAGR of 9.2% during the forecast period. This market encompasses a variety of plant-based food products, such as dairy alternatives, meat substitutes, and other vegan-friendly consumables. Increasing health consciousness, the rising prevalence of lactose intolerance, and growing awareness regarding animal welfare are pivotal factors driving market expansion.
Market Drivers
- Awareness of Animal Cruelty: The growing understanding of ethical concerns surrounding animal-based food production has catalyzed a shift toward plant-based diets. Influential public figures and activists continue to promote veganism, significantly contributing to the market’s growth.
- Health Benefits: Vegan foods are rich in vitamins, minerals, and antioxidants while being low in cholesterol and saturated fats. The demand for such foods is further bolstered by the rise in chronic diseases linked to unhealthy dietary habits.
- Product Innovations: Continuous product launches by major brands, including high-quality, ready-to-eat vegan foods with appealing packaging, have enhanced the accessibility and popularity of vegan options globally.
Market Trends
- Expansion of Plant-Based Dairy Alternatives: The demand for products like vegan cheese, yogurt, and ice cream is surging, driven by increased cases of lactose intolerance.
- Growth in Online Distribution Channels: Online grocery platforms are gaining traction due to convenience and broader product availability. Major retailers are heavily investing in e-commerce to cater to this demand.
- Adoption in the Food Service Sector: Restaurants and fast-food chains are including vegan options to align with evolving consumer preferences, further fueling market growth.
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Market Segmentation
- By Product:
- Dairy Alternatives: Dominated the market with a 74.8% share in 2023. Products like plant-based cheese and yogurt are leading this segment, supported by innovation and consumer preference for non-dairy options.
- Meat Substitutes: Expected to grow at a CAGR of 5.3%, driven by the rising adoption of alternatives like tofu, tempeh, and pea-based proteins.
- Others: Includes snacks, confectionery, and ready-to-eat meals.
- By Distribution Channel:
- Offline: Accounted for 58% of the market share in 2023 due to the widespread availability of vegan products in supermarkets, hypermarkets, and specialty stores.
- Online: Anticipated to grow at a CAGR of 6.3%, as digital platforms become a popular avenue for purchasing groceries, especially among millennials and Gen Z.
Regional Analysis
- North America: Held the largest market share (47% in 2023), driven by a significant vegan population and heightened awareness of the environmental and ethical implications of animal agriculture. The U.S. leads in sales of plant-based alternatives.
- Asia Pacific: Projected to grow at a CAGR of 8.3%. Factors such as rising disposable incomes, changing dietary habits, and increasing lactose intolerance are fostering market growth in countries like China, India, and Japan.
- Europe: Demonstrates steady growth, supported by government initiatives promoting sustainable food practices and a strong presence of vegan-friendly products.
Key Players in the Vegan Food Market
- Daiya Foods, Inc. (Canada)
- Danone SA (France)
- Eden Foods, Inc. (USA)
- Plamil Foods Ltd. (UK)
- Archer Daniels Midland Company (USA)
- VBites Foods Limited (UK)
- Earth’s Own Food Company Inc. (Canada)
- Blue Diamond Growers (USA)
- Hain Celestial Group, Inc. (USA)
- Kikkoman Corporation (Japan)
- Vitasoy Australia Products Pty Ltd. (Australia)
Key Questions Answered in the Report
- What is the projected market size of the vegan food market by 2030?
- Which product segment leads the global market, and why?
- How are distribution channels evolving to cater to the rising demand for vegan food?
- Which regions are expected to witness the highest growth rates, and what are the driving factors?
- Who are the leading players in the market, and what strategies are they adopting to maintain competitiveness?
For further insights and detailed analysis, please refer to the complete market report:https://www.stellarmr.com/report/Vegan-Food-Market/394
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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