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The Vegan Food Market is experiencing dynamic trends that mirror the growing popularity of plant-based diets and the increased awareness of environmental and ethical considerations. One noteworthy trend shaping this market is the expanding range of plant-based alternatives to traditional animal-derived products. As more consumers embrace veganism or incorporate plant-based options into their diets, the demand for vegan alternatives to meat, dairy, and other animal-based products has skyrocketed. This trend is not limited to a niche market; it spans across various demographics as individuals seek healthier, cruelty-free, and sustainable dietary choices.
Clean-label and natural ingredient preferences play a pivotal role in driving the Vegan Food Market. Consumers are scrutinizing product labels more than ever, and they gravitate towards foods with simple, recognizable ingredients. This trend has led to the development of vegan products that prioritize transparency and eschew artificial additives, colors, and preservatives. As consumers increasingly associate plant-based diets with health and wellness, the market responds by providing a diverse array of clean-label vegan options.
Innovation in plant-based product formulations is another key trend in the Vegan Food Market. Manufacturers are investing in research and development to create plant-based alternatives that closely replicate the taste, texture, and nutritional profile of animal-based products. Innovations range from plant-based burgers that "bleed" like traditional meat to dairy-free cheeses that melt and stretch like their dairy counterparts. This focus on sensory attributes addresses the historical challenge of making plant-based products that appeal to the senses, enhancing the overall consumer experience.
The market is witnessing a significant surge in vegan convenience foods. As modern lifestyles become busier, consumers are seeking quick and easy meal solutions without compromising their commitment to a plant-based diet. This has led to the development of a wide range of vegan ready-to-eat meals, snacks, and beverages. From plant-based frozen dinners to grab-and-go vegan protein bars, the convenience category within the Vegan Food Market is flourishing to meet the demands of time-conscious consumers.
Sustainability considerations are increasingly influencing purchasing decisions, and this is evident in the Vegan Food Market. Many consumers are turning to plant-based diets as a means to reduce their environmental footprint, considering the lower greenhouse gas emissions associated with plant agriculture compared to animal farming. Vegan food manufacturers are responding by incorporating sustainability messaging into their marketing strategies, highlighting the eco-friendly aspects of plant-based diets and production processes.
The Vegan Food Market is also experiencing a retail transformation, with increased availability in mainstream grocery stores and online platforms. Previously confined to specialized health food stores, vegan products are now finding space on the shelves of major supermarkets. This shift is driven by the rising demand for plant-based options and the recognition by retailers that catering to the growing vegan consumer base is not just a trend but a fundamental shift in dietary habits.
Additionally, globalization is playing a role in the expansion of the Vegan Food Market. As interest in plant-based diets transcends geographical boundaries, consumers around the world are seeking diverse vegan options inspired by various cuisines. This has led to the introduction of globally inspired vegan products and the adaptation of traditional dishes to meet plant-based standards, making veganism a more accessible and culturally inclusive choice.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Product, Distribution Channel, and Region |
Vegan Food Market Highlights:
Global Vegan Food Market Overview
Vegan Food Market Size was valued at USD 24.2 billion in 2022. The vegan food market is projected to grow from USD 27.39 billion in 2023 to USD 73.86 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.26% during the forecast period (2023 - 2032). Increasing awareness of the benefits of a vegan diet and shifting consumer preferences are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Vegan Food Market Trends
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Changing consumer preferences is driving the market growth
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.
Vegan Food Market Segment Insights
Vegan Food Product Insights
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.
Vegan Food Distribution Channel Insights
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. Â
Figure 1: Vegan Food Market by Distribution channel, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Vegan Food Regional Insights
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.
Vegan Food Key Market Players & Competitive Insights
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.
Key Companies in the Vegan Food market include
- General Mills Inc.
- Amway
- Conagra Brands Inc.
- Cargill Incorporated
- Abbott Laboratories
- Kraft Foods Group Inc.
- The Coca-Cola Company
- PepsiCo Inc.
- Atkins Nutritionals Inc.
- Brunswick Corporation
Vegan Food Industry Developments
May 2021Â 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 2021Â 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 2020Â 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.
Vegan Food Market Segmentation
Vegan Food Product Outlook
- Meat & Seafood
- Creamer
- Ice Cream and Frozen Novelties
- Yogurt
- Cheese
- Butter
- Meals
- Protein Bars
- Others
Vegan Food Distribution Channel Outlook
- Offline
- Online
Vegan Food Regional Outlook
-
North America- US
- Canada
-
Europe- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World- Middle East
- Africa
- Latin America
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