Vegan Food Market: Global Industry Analysis and Forecast (2023-2029)

Vegan Food Market was valued at US$ 27 Bn in 2022. Global Vegan Food Market size is expected to grow at a CAGR of 12.5% through the forecast period 2023 to 2029.
Vegan Food Market Overview:
Foods that are produced from plant-based sources and are often free of dairy or meat are known as vegan foods. Products that taste, flavor, and look like real meat but are healthier than meat are called meat replacements. These goods are increasingly used as alternatives to traditional meat and meat-based items. They typically consist of soy, wheat, and other components. The most widely used meat substitute is tofu, which is frequently used in place of hog, chicken, beef, and other meats. Similar to this, dairy-free food and drink items are made from ingredients including almond, soy, rice, coconut, and others. Milk, ice cream, cheese, butter, and other dairy alternative-based goods are frequently consumed.To know about the Research Methodology :- Request Free Sample Report

Rising obesity rates and the prevalence of various health issues like diabetes, asthma, high blood pressure, and heart disease have raised consumer awareness of overall health. The demand for all kinds of healthy food products, including vegan food products, has increased as a result.

Additionally, the number of vegans has increased over the past few years, particularly in industrialized nations like North America and Europe. This group of people is either lactose intolerant or very conscious of what they eat. As a result, the demand for vegan food products is driven by an increase in the population of vegans as well as an increase in the number of customers who are health conscious.

COVID-19 Impact:

Consumer dietary behavior was greatly affected By the COVID-19 pandemic outbreak. Consumers stocked up on food items, including meat-based and meat-free items, in the early phases. The hoarding put additional pressure on the market's food supply and production. To accommodate the rising demand for vegan cuisine, the businesses gradually increased their production capacity.

Their shift in purchasing habits made health and wellbeing the two most important aspects, which led to an increase in the sales of these vegan items on the market. Additionally, around that time, e-commerce platforms for the sale of food items rise. Since so many people adopted a healthy lifestyle while working from home during the COVID-19 pandemic, delivery businesses also noticed an increase in the delivery of vegan meals.
Vegan Food Market Dynamics:
Market Drivers:

Vegan food products are increasingly being packaged in inventive ways to support industry growth. Given that vegan food, groups are concerned about the environment, there is a rising demand for sustainable food packaging materials for items without meat. Consumers are starting to place more importance on product labeling changes, thus vegan product manufacturers like Oatly now include carbon labeling on their packaging. A U.S.-based firm called No Evil Foods Sacred Serve is also spending money on creating fresh, cutting-edge sustainable packaging materials that may be applied to its products.

Growing Consumer Demand for Vegan Products drives the Vegan Food Market. Consumer awareness of animal abuse is growing. In order to lessen animal cruelty and stop the negative environmental effects of eating animal products, they adopt lifestyles and diets. According to findings in a scientific journal, dairy and meat products account for over 60% of the greenhouse gas emissions produced by agriculture.Adopting a vegan diet also lessens the use of animals for the production of food. Additionally, the COVID-19 pandemic epidemic increased demand for vegan goods due to consumers' growing fears about zoonotic illnesses. As consumers become more conscious of the food products they consume, they conduct studies to understand the potential health effects. For instance, according to data from Google AdWords, searches for vegan food products have increased by 47%.

Market Restraints:

Vegan food products are expensive, and their shortcomings limit the market growth. Plant-based substitutes are created and released by a number of firms, but their costs are disproportionately greater than those of foods made from animals. Foods made from plants have a considerably different flavor and texture than those made from animals, which makes them less desirable. As a result, the market for vegan cuisine anticipates gradual consumer adoption.

Certain vitamin deficits are also linked to vegan dietary products. Anemia, hormone imbalances, Vitamin B12 deficiency, and other health problems can occasionally result from a vegan diet's low protein level. In order to guarantee that they consume a balanced and healthy diet, customers should seek help from healthcare specialists who provide a plan based on the vegan-food pyramid.

Market Opportunities:

Vegan health and nutrition products are increasingly needed to address dietary deficits. This has a positive impact on the market for vegan supplements and the demand for vegan meals. Along with major marketing campaigns by athletes and celebrities, the availability of packaged and ready-to-eat (RTE) vegan foods is also fostering the growth of the vegan food sector.

In addition, restaurants and fast-food outlets are developing vegan-friendly food. Menus in response to the growing popularity of the Veganuary Challenge. Owing to numerous awareness initiatives and the increased use of social media areexpected to boost the statistics for the vegan food market.
Vegan Food Market Segment Analysis:
Based on Product, The Dairy Alternativesegment is expected to grow at the highest CAGR during the forecast period.Lactose intolerance affects around 65 % of the population, which is a major driver of the demand for dairy substitute foods. The accessibility of several goods, including cheese, yogurt, ice cream, and snacks, has also drawn non-vegetarians and broadened the market for this niche.

Additionally, producers have released a variety of high-quality foods in a variety of flavours with eye-catching packaging. This is probably going to aid in section growth. The most prevalent dairy substitute among these goods was plant-based cheese. Its demand is anticipated to be fueled by a growing product portfolio and an increase in lactose intolerance instances.Based on Distribution Channel, The Offline segment is expected to grow with the highest CAGR during the forecast period.Convenience stores, specialty stores, hypermarkets, and supermarkets are all included in this section. The overall product sales have increased as supermarkets and hypermarkets have grown in number. Additionally, shoppers choose to buy at physical grocery stores because of accessibility and availability. However, it is expected that the online channel would see the highest CAGR due to rising internet penetration as a result of the significant use of smartphones and other such devices.

Approximately 49% of American consumers purchase at least some of their groceries through online retail, and this number is expected to rise during the forecast period. As a result, numerous prominent retail chains throughout have made significant investments in online distribution platforms. Walmart, a well-known international retailer, has begun offering food delivery online. Therefore, the growth of the category is expected to be fueled by an increase in the number of online grocery platforms.
Vegan Food Market Regional Insights:
The North America region dominated the market with xx% share in 2022. The North America region is expected to witness significant growth at a CAGR of XX% through the forecast period.

Due to a greater vegan population in the region and growing worries about animal cruelty in the food industry and its detrimental effects on the environment, North America dominated the vegan food market. Additionally, a huge percentage of Americans are lactose intolerant, which increases the demand for dairy alternatives. 74 million dollars were lost By Cal-Maine Foods, Inc. as a result of people's growing preference for egg substitutes made from plants.

The region with the strongest growth is expected to be the Asia Pacific, where consumersexperience the highest CAGR during the forecast period. Additionally, rising per capita incomes in developing nations like China, India, Thailand, Taiwan, and Bangladesh support market growth. Due to the strong development potential in APAC, key manufacturers in the market have been concentrating on growing their business there.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Vegan Food Marketdynamic, and structure By analyzing the market segments and projecting the Vegan Food Market size. Clear representation of competitive analysis of key players By Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Vegan Food Market make the report investor’s guide.
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Vegan Food Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 27 Bn.


Forecast Period 2023 to 2029 CAGR:
12.5%
Market Size in 2029:
US$ 61.57 Bn.


 Segments Covered:
by Product
Dairy Alternative
Meat Substitutes
Others


by Distribution Channel
Offline
Online



Vegan Food Market By Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Vegan Food Market Key Players are:
1. Symrise AG
2. Sensient Technologies Corporation
3. Givaudan SA
4. McCormick & Company, Inc.
5. Takasago International Corporation
6. Döhler Group SE
7. Kerry Group
8. The Edlong Corporation
9. Innova Flavors
10. Firmenich SA
11. Mane SA
12. International Flavors & Fragrances, Inc.
13. Amy's Kitchen, Inc.
14. Beyond Meat, Inc.
15. Daiya Foods, Inc.
16. Danone SA
17. Eden Foods, Inc.
18. Plamil Foods Ltd.
19. Archer Daniels Midland Company
20. Tofutti Brands, Inc.
21. VBites Foods Limited
22. Vitasoy Australia Products

Frequently Asked Questions:

1] What segments are covered in the Global Vegan Food Market report?
Ans. The segments covered in the Vegan Food Market report are based on Product and Application.

2] Which region is expected to hold the highest share in the Global Vegan Food Market?
Ans. The North America region is expected to hold the highest share in the Vegan Food Market.

3] What is the market size of the Global Vegan Food Market By 2029?
Ans. The market size of the Vegan Food Market By 2029 is expected to reach US$ 61.57 Bn.

4] What is the forecast period for the Global Vegan Food Market?
Ans. The forecast period for the Vegan Food Market is 2023-2029.

5] What was the market size of the GlobalVegan Food Market in 2022?
Ans. The market size of the Vegan Food Market in 2022 was valued at US$ 27 Bn.