ID: MRFR/F-B & N/9997-HCR | 128 Pages | Author: Sakshi Gupta | May 2023
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Numerous consumers lead sedentary lives. Most of the world's population suffers from health-related complications such as cardiovascular disease and obesity. Enhanced awareness of animal welfare and cruelty in the food industry encourages consumers to switch to plant-based foods. Veganism is gaining popularity in numerous nations, including the United States, Australia, New Zealand, the United Kingdom, Ireland, Israel, and Canada. Consumers in the United States have ceased consuming meat products. A greater understanding of the health advantages of plant-based products is expanding the vegan food industry's consumer base. Other benefits of plant-based products include a reduced risk of heart disease, stroke, and premature mortality. It will aid in adopting vegan diets if the demand for alternative dairy products and meat substitutes increases.
Additionally, consumers pursue nutritional alternatives. The market participants are introducing novel and distinct food products to expand their consumer base and better their image. Lactose-intolerant individuals are also contributing to the expansion of the vegan food market. Changing lifestyle patterns are affecting the market CAGR.
Increased awareness of the benefits of a vegan diet is a significant factor driving the expansion of this market in numerous nations. The percentage of vegans in the populations of North American, European, and Asia-Pacific nations is substantial. The outbreak of the COVID-19 pandemic affected the conduct of tigers in numerous nations. Increased awareness about the health and well-being of individuals has contributed significantly to the expansion of the vegan market. Due to the advantages of a vegan diet, there is a transition in purchasing habits. There is a worldwide increase in the acceptance of vegan products among youthful people. The rising demand for alternative dairy products, meat substitutes, and other food substitutes drives the market for vegan cuisine. Vegan foods are derived from or processed using only plant-based ingredients. Vegan foods are available as meat substitutes that are healthier than meat and have a delicious flavor. They are predominantly composed of wheat, soy, and other ingredients. Soy, rice, coconut, and almond manufacture dairy-free foods and beverages. Thus, such factors are driving the vegan food market revenue.
The Vegan Food Market segmentation, based on Products, includes meat & seafood, creamer, ice cream and frozen novelties, yogurt, cheese, butter, meals, protein bars, and others. The meat & seafood segment dominated the market in 2022. The substantial demand for plant-based meat alternatives in developed economies such as the United States, the United Kingdom, and others primarily propels the segment.
Based on distribution channels, the Vegan Food Market segment includes offline and online. The offline category generated the most income (70.4%). The abundance of supermarkets and hypermarkets has increased product sales overall. In addition, consumers prefer brick-and-mortar grocery stores due to their accessibility and availability. In addition, the extensive availability of domestic and international brands and the physical verification of product details before purchase encourage consumers to shop offline.
Figure 1: Vegan Food Market by Distribution channel, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American vegan food market area will dominate this market in 2022. Increased concerns about animal cruelty in the food industry and its negative influence on the environment are primarily driving the market. In addition, many lactose-intolerant individuals in the United States drive demand for alternative dairy products.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: VEGAN FOOD MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Vegan Food market accounts for the second-largest market share. Europe is one of the world's largest consumers of plant-based culinary products. Due to the increase in vegan consumers in the region, prominent food chains such as Domino's and Starbucks have introduced new vegan products for regional consumers. Veganism is gaining popularity in the region due to consumers' growing climate consciousness. Further, the German Vegan Food market held the largest market share, and the UK Vegan Food market was the fastest growing market in the European region
The Asia-Pacific Vegan Food Market is expected to grow at the fastest CAGR from 2023 to 2032. The market is primarily driven by consumers' increasing health consciousness. Due to the high growth opportunities in Asia-Pacific, the market's leading manufacturers have been concentrating on expanding their businesses there. Moreover, China’s Vegan Food market held the largest market share, and the Indian Vegan Food market was the fastest growing market in the Asia-Pacific region.
Companies are investing in increasing their production and technological capabilities to develop and introduce new vegan product variants. Startups are developing and releasing vegan products, fragmenting the competitive landscape of this market.
The high demand for plant-based foods has expanded the growth potential for manufacturers in the global Vegan Food industry. Major Vegan Food market players include Amy's Kitchen, Danone S.A, Daiya Foods Inc., Beyond Meat, Tofutti Brands Inc., Plamil Foods Ltd, VBites Foods Limited, and Eden Foods Inc., VITASOY International Holdings Limited, SunOpta.
Danone SA is a producer and manufacturer of nutritional and dairy products. The company provides fresh dairy products, bottled water, early-life nutrition, and medical nutrition products. Its portfolio comprises fermented dairy products, yogurt, plant-based nutritional cooking products & beverages, dairy specialties, and specialized infant and geriatric foods. Additionally, Danone offers packaged, flavored, and vitamin-enriched water. The company markets its merchandise under Danone, Activia, Aqua, Gallia, Evian, Volvic, Actimel, Nutricia, and Bledina. Danone's products are distributed through retail chains, traditional market locations, and specialized distribution channels, such as hospitals, clinics, and pharmacies. The company operates in the Americas, Europe, Africa, the Middle East, and Asia-Pacific. The headquarters of Danone is in Paris, France.
Since its inception in 1987, Amy's Kitchen has been at the forefront of the organic food movement. It has remained a privately held, family-owned business committed to providing handcrafted, affordable family recipes. Today, Amy's takes pride in preparing delicious, ready-to-eat, organic, and vegetarian meals for over 14 million customers, delivering over 210 million meals annually.
Vegan Food Industry Developments
May 2021 Nestle announced the introduction of a new vegan milk brand called Wunda, a pea-based milk substitute. The company is concentrating on introducing the product to France, the Netherlands, and Portugal.
February 2021 Dannon, a company based in France, acquired Follow Your Heart for $6 million. This acquisition will enhance the company's capacity to develop and introduce novel vegan products.
March 2020 Treeline Cheese launched a line of plant-based cream cheese produced with cultured cashew nuts and other plant-based ingredients. Three varieties are available: plain, chive and onion, and strawberry.
|Market Size 2022||USD 24.2 billion|
|Market Size 2023||USD 27.39 billion|
|Market Size 2032||USD 73.86 billion|
|Compound Annual Growth Rate (CAGR)||16.26% (2023-2032)|
|Market Forecast Period||2023-2032|
|Historical Data||2018- 2022|
|Market Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Distribution Channel, and Region|
|Geographies Covered||North America, Europe, Asia Pacific, and the Rest of the World|
|Countries Covered||The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil|
|Key Companies Profiled||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.|
|Key Market Opportunities||Changing consumer preference|
|Key Market Dynamics||Growing vegan population Rising obese population|
The Vegan Food Market size was valued at USD 24.2 Billion in 2022.
The global market is projected to grow at a CAGR of 16.26% during 2023-2032.
North America had the largest share in the global market
The key players in the market are 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.
The meat & seafood category dominated the market in 2022.
The offline had the largest share in the global market.
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