Categories: Food & Beverages

Vegan Food Market Size, Share | Forecast 2032

The Vegan Food Global Market Report 2023 by The Business Research Company, provides vegan food market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Vegan Food Global Market Report 2023, the market size is expected to grow from $16.05 billion in 2022 to $18.27 billion in 2023 at a compound annual growth rate (CAGR) of 13.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global vegan food is expected to grow from $29.19 billion in 2027 at a CAGR of 12.4%.

An increase in concern about the environment among the population is driving the growth of the vegan food market. Rearing and breeding livestock such as pigs, hens, cows, and goats on farms contributes to the greenhouse effect. Greenhouse gases are released from the agriculture of livestock such as cows, and the gases are released to block the atmospheric heat from escaping, which increases the overall temperature. The demand for animal meat requires the excess practice of animal farming. Thus, an increase in the number of consumers of vegan food market eliminates the demand for excessive animal farming, following a decrease in greenhouse gas emissions in the environment.

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The vegan food market is segmented:

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

2) By Distribution Channel: Online, Offline

3) By Source: Wheat, Soy, Oats, Almond, Other Sources

One of the trends in the vegan food is the production of meat through cell-based technology. The cell-by-cell identical meat is produced in factories without involving the killing of animals. Production of cell-based meat involves feeding the animal cells with nutrients and proteins, thus eliminating the need for dependence on animals for meat. For instance, in October 2022, a US-based pet food manufacturer introduced the cellular-based meat broth topper for dogs known as chicken broth topper, which will replace factory-framed products with cruelty-free cell-based meet to challenges related to the low quality and contamination of pet food. Other major players such as Tyson Foods., an U.S.A. based processor and marketer of chicken, beef, and pork, are also investing in Memphis Meats in order to support the cell -based meat production.

The vegan food market report table of contents includes: