Categories: Food & Beverages

Vegan Food Market Size, Share, Analysis, Growth, Trends, Industry Report 2023-2032| Amy’s Kitchen, VITASOY International Holdings Ltd., Beyond Meat, Tofutti Brands Inc., Plamil Foods Ltd.

The Vegan Food Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).

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According to The Business Research Company’s Vegan Food Global Market Report 2024, The vegan food market size has grown rapidly in recent years. It will grow from $24.58 billion in 2023 to $27.8 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to growing awareness of health and wellness, increasing concerns about the environmental impact of animal agriculture, ethical and animal welfare consideration, rising disposable incomes, globalization of veganism, government support.

The vegan food market size is expected to see rapid growth in the next few years. It will grow to $42.86 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to growing influence of social media, prevalence of food allergies, vegan activism and movements, retail expansion. Major trends in the forecast period include innovative product development, plant-based protein boom, vegan convenience foods, vegan seafood, vegan fast food, personalized nutrition.

The increasing number of vegans and vegetarians is expected to propel the growth of the vegan food market in the coming years. A vegan is a person who lives a lifestyle that strives to avoid, as far as feasible and practicable, all types of animal exploitation and cruelty for apparel, food, or any other reason. A vegetarian is a person who follows a diet that eliminates meat, fish, and fowl. They eat a plant-based diet rich in fruits and vegetables, grains, nuts, and seeds. Vegan cuisine delivers critical nutrients, beneficial fats, and humanitarian and ecological concerns to vegetarians and vegans. Vegans and vegetarians need to consume an appropriate diet that conceals all of their nutritional demands. For instance, in July 2023, according to the World Animal Foundation, a US-based digital platform that advocates for animal rights, ethical ownership of pets, and humane awareness, veganism was practiced by 6 percent of the US population. Nearly one-third of Americans are inclined to eat more vegan food. Therefore, the increasing number of vegans and vegetarians is driving the vegan food market.

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The vegan food market covered in this report is segmented –

1) By Product Substitute: Dairy Alternative; Meat Substitute; Other Product Substitutes

2) By Source: Wheat; Soy; Oats; Almond; Other Sources

3) By Distribution Channel: Online; Offline

The vegan food market report table of contents includes:

1. Executive Summary

2. Vegan Food Market Characteristics

3. Vegan Food Market Trends And Strategies

4. Vegan Food Market – Macro Economic Scenario

5. Global Vegan Food Market Size and Growth