San Francisco, 14 March 2024: The Report Vegan Food Market Size, Share & Trends Analysis Report By Product (Meat & Seafood, Creamer, Ice Cream & Frozen Novelties, Yogurt, Cheese, Butter, Meals, Protein Bars, Others), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

The global vegan food market size is expected to reach USD 37.5 billion in 2030 and is anticipated to expand at a CAGR of 10.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. Rising consumer preference for plant-based food owing to the growing animal cruelty and awareness regarding the health benefits of a vegan diet are the major factors expected to drive the industry’s growth. However, high prices of vegan foods owing to their expensive manufacturing process are anticipated to hamper the growth.

The growth of the global vegan food industry is supported by growing veganism across the globe. Vegan food helps improve metabolism as it is rich in fiber. This has resulted in its increasing adoption which is anticipated to fuel the growth of the industry. Moreover, increasing initiatives by key players to launch plant-based food in both developed and developing countries are fueling market growth during the forecast period.

The meat & seafood segment is expected to register the fastest CAGR during the forecast period. The significant presence and high demand for plant-based meat in developing countries are expected to drive the growth of the segment. The availability of a variety of meat categories coupled with the availability of a wide range of plant-based meat products including deli slices, meatballs, tenders, chicken nuggets, and others is driving the growth.

The offline distribution channel led the market and is estimated to continue dominating during the forecast period. The high share is attributed to the easy accessibility of offline stores. Products from different brands are easily available in one place in offline stores resulting in their higher purchase. Moreover, offline distribution channels such as convenience stores, supermarkets, hypermarkets, and others provide the facility of physical verification of the product, which is further expected to drive segment growth.

North America accounted for the largest revenue share in 2022. The growing number of campaigns on social media regarding vegan food adoption by celebrities such as Jake Gyllenhaal and Serena Williams is driving the market growth. Moreover, the increasing demand and adoption of dairy alternatives among consumers owing to the high presence of lactose intolerant population in the region is a key factor contributing to the growth.

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Major industry players include 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. Various steps are adopted by these companies including global expansion, partnerships, acquisitions & mergers, development & launch of new products, and others to gain a larger market share.

Vegan Food Market Report Highlights

• Asia Pacific is expected to register the fastest CAGR over the forecast period owing to the growing demand for plant-based food and rising health consciousness among consumers
• The yogurt segment is estimated to grow at the second highest CAGR over the forecast period. The rising preference for dairy-free products among millennials is expected to drive the segment’s growth
• The vegan cheese segment is expected to expand at a significant CAGR over the forecast period. The increasing consumption of vegan cheese by lactose intolerant consumers is anticipated to contribute to the growth of the segment

Increasing awareness about the benefits of following a vegan diet is the key factor driving the growth. Rising concern about animal health and animal cruelty has been encouraging people to shift from animal-based to plant-based meals. Thus, the shift in preference of consumers is leading to an upsurge in consumption of vegan food. For instance, Grubhub, one of the major online food delivery apps accounted for the upsurge of 17% in overall vegan food deliveries in 2021. The COVID-19 pandemic took a toll on various industries including the food industry. Numerous significant shifts were experienced by the food industry due to shutdowns across the globe such as disruption of food supply chains, product distribution channels, and others.

However, the plant-based food category performed well during this situation. For instance, ShelfNow, an online food retailer accounted a 156% growth in vegetarian meal sales and a 150% upsurge in vegan meal sales between 2020 and 2021. Moreover, the various food retailers experience a significant increase in vegan food sales that further supported the growth of the market.

The production of vegan food is comparatively high in price compared to animal-based food owing to the high cost of plant-based ingredients used for the production. This factor is expected to restrain the adoption of vegan edible products in low and middle-income countries. However, various key players are adopting advanced technology to make significant advancements in the flavors and textures of plant-based meals which are expected to present key growth opportunities. For instance, Motif FoodWorks, Inc., a food technology company is working with extrudable fat technology and prolamin technology to develop plant-based meat and plant-based cheese.

Moreover, the growing popularity of plant-based food across the globe further supports market growth. This implies the increasing interest in veganism across the world. For instance, according to google trends from 2004 to 2022, the top regions with an interest in veganism include the U.K., Israel, New Zealand, Australia, and Austria. Moreover, a reduction has been observed in the consumption of meat among consumers. For instance, according to Gallup Poll, published in 2020, 23% of Americans reported eating less meat in 2023 as compared to 2018.

Vegan Food Market Report Scope

Additionally, the rising awareness of various health benefits offered by plant-based food products has increased the consumer base of this industry. Plant-based products help maintain blood pressure levels and lower the risk of heart disease, stroke, prostate cancer, colorectal cancer, cholesterol, and premature death. Moreover, the growing production of plant-based meat alternatives in the Asia Pacific region provides significant growth opportunities. For instance, in June 2020 Cargill, Incorporated launched its brand PlantEver in China, which is a plant-based consumer brand and will provide protein alternative options to consumers.

According to an article by the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), around 68% of the global population has lactose malabsorption, which is a key factor boosting the demand for dairy alternative products such as plant-based milk, cheese, yogurt, ice cream, and frozen novelties. For instance, in February 2022, Gaia's Farming Co. launch two products in the milk alternative market that includes Hemp & Coco M*lk and Hemp & Oat M*lk. In addition, manufacturers in the market have introduced several quality products in different flavors with attractive packaging solutions, which is likely to contribute to industry growth over the forecast period.

List of Key Players in Vegan Food Market

• 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