Report Details

Food & Beverages

Vegan Food Market Size, Share & Analysis By Product (Meat & Seafood, Creamer, Ice Cream & Frozen Novelties, Yogurt, Cheese, Butter, Meals, Protein Bars, Others), By Source (Almonds, Soy, Oats, Wheat, Others), By Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Specialty Stores, Online Stores, Others), By Regional Outlook, Competitive Landscape And Forecast, 2032

By Type : Meat & Seafood, Creamer, Ice Cream & Frozen Novelties, Yogurt, Cheese, Butter, Meals, Protein Bars,

By Application : Supermarkets and Hypermarkets, Convenience Stores, Specialty Stores, Online Stores, Others

ID: XI567198 | Published: Jan 2024 | Pages: 190 | Format: PDF | Industry: Food & Beverages

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Vegan Food Market Overview 2024:

The global vegan food market size was USD 17.7 billion in 2023 and is expected to register a robust revenue CAGR of 10% during the forecast period. Key factors such as rising concerns about animal health and animal cruelty, growing awareness about health and environment, and rising availability of different types of vegan food on online platforms and offline stores are expected to drive global market growth during the forecast period.

Veganism is rapidly gaining popularity across the globe due to various factors such as ethics, health awareness and environment. A vegan diet is another form of a vegetarian diet where only plant-based food and food products such as fruits, vegetables, legumes and beans, grains, edible mushrooms, plant-based milk and yogurts, tofu, vegan cheese, and nuts are consumed. Certain vegan foods also contain vitamins and minerals like B12, calcium, and iron to address potential nutrient deficiencies.

This diet is devoid of all animal products such as meat, poultry, fish, seafood, dairy products, and honey. Vegan food encompasses a diverse range of delicious, healthy, and innovative culinary creations.

Food manufacturers and businesses are seen to heavily invest in R&D activities to develop and launch different types of plant-based food alternatives mimicking the original taste, texture, and appearance. In addition, they are experimenting with different flavors, textures, and ingredients to develop innovative and delicious products. 

However, the cost associated with sourcing and manufacturing vegan food is high. Thus, vegan food can be more expensive than traditional animal-based products, leading to limited adoption worldwide.

Key Takeaways:

Rapid Advancements in Vegan Food Technology and Celebrity Endorsements:

Rapid advancements in food technology have resulted in significant improvements in the quality and variety of vegan food products. This has resulted in increasing demand for different types of vegan food products. Moreover, these products are gaining popularity as celebrities and social media influencers who have turned vegan are promoting the importance of veganism and vegan food.

Limited Availability in Rural and Remote Areas and Skepticism About Taste and Nutrition:

Though vegan food is rapidly gaining traction, some consumers are skeptical about the taste and nutritional value of these products mainly due to low awareness about the quality and variety. In addition, many vegan products are not as widely available as traditional animal-based products, especially in remote and rural areas. These factors can hamper overall market growth to a certain extent during the forecast period.

Market Opportunities:

The growing popularity of veganism and vegan diet is expected to open new avenues for food companies and new entrants in the market. These players can focus on expanding plant-based meat and dairy alternatives, offering ready-to-eat snacks and meal kits, and exploring more alternative protein sources. In addition, these can focus on younger generations and flexitarians, expand globally, and address challenges related to pricing, transparency labeling and common misconceptions.

Type Outlook:

The global market has been segmented into meat & seafood, creamer, ice cream & frozen novelties, yogurt, cheese, butter, meals, protein bars, and others based on type. The meat and seafood segment is expected to register robust revenue CAGR over the forecast period. Factors such as presence of large number of meat and seafood lovers across the globe, growing adoption of veganism, rising number of brands providing plant-based meat, and seafood alternatives, and high preference for vegan meat and seafood due to resemblance to taste and texture of original products are expected to drive segment revenue growth between 2024 and 2032.

Application Outlook:

Based on distribution channels, the global market is segmented into supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others. Among these, the online stores segment is expected to account for a significantly larger revenue share during the forecast period. This can be attributed to factors rapidly expanding online sector, better access to wider range of vegan products regardless of the location, and high preference for online shopping due to enhanced convenience, easy comparison, review system, discounts, and home delivery.

Regional Outlook:

North America is expected to account for largest revenue share in the global during the forecast period owing to factors such as growing adoption of veganism across many parts of the region, rising concerns about animal welfare, and increasing availability of various types of vegan products in different online and offline stores. In addition, growing adoption of sustainable food packaging, presence of leading companies, celebrity endorsements, and rising investments in developing high-quality vegan products are expected to drive North America market growth during the forecast period.

Report Coverage:

Report Details  Outcome
 Base Year for Estimation  2023
 Historical Data  2018-2022
 Forecast Period  2024-2032
 Segments Covered:  Product, Source, Distribution Channel and Region
 By Product  Meat & Seafood, Creamer, Ice Cream & Frozen Novelties, Yogurt, Cheese, Butter, Meals, Protein Bars, Others
 By Source  Almonds, Soy, Oats, Wheat, Others
 By Distribution Channel  Supermarkets and Hypermarkets, Convenience Stores, Specialty Stores, Online Stores, Others
 Regional Scope  North America, Europe, Asia Pacific, Latin America, Middle East and Africa
 Country Scope  United States, Canada, Germany, France, UK, Italy, Russia, China, Japan, South Korea, Southeast Asia, India, Mexico, Brazil, Saudi Arabia, UAE, Turkey
 Qualitative Info  •Value Chain Analysis
 •Pricing Analysis
 •Regional Outlook
 •Market Trends
 •Market Share Analysis
 •Competition Analysis
 •Technological Advancements
 Key Players  Amy’s Kitchen Inc., Beyond Meat Inc., Daiya Foods Inc., Danone S.A., Eden Foods Inc., Plamil Foods Ltd., The Archer Daniels Midland Company, Tofutti Brands Inc., VBites Foods Limited, Vitasoy Australia Products Pty Ltd.
 Customization Scope  10 Hours of Free Customization and Expert Consultation


Competitive Landscape:

The global Vegan Food market is extremely competitive, comprising several regional and global level key players. Leading key players are focused on adopting various strategic alliances like mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. They are also focused on innovation, and scalability, and are adapting to evolving technology trends and consumer needs.

Some Leading Market Companies Listed in the Report:

Vegan Food Industry Recent Developments:

  • In November 2023, Nestlé India announced the launch of plant-based protein products.
  • In August 2023, Nestlé expanded its portfolio of shelf-stable plant-based products in Chile under the Maggi Veg brand made with soy.
  • In October 2022, Licious, India’s largest D2C Unicorn announced the launch of its plant-based meat brand UnCrave.

The global Vegan Food Market has been segmented based on product, sources, distribution channel, and Region:

By Product:

  • Meat & Seafood
  • Creamer
  • Ice Cream & Frozen Novelties
  • Yogurt
  • Cheese
  • Butter
  • Meals
  • Protein Bars
  • Others

By Sources:

  • Almonds
  • Soy
  • Oats
  • Wheat
  • Others

By Distribution Channel:

  • Supermarkets and Hypermarkets
  • Convenience Stores
  • Specialty Stores
  • Online Stores
  • Others

By Region:

  • North America
    • United States
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Russia
    • Nordic Countries
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Southeast Asia
    • India
    • Australia
    • Rest of Asia
  • Latin America
    • Mexico
    • Brazil
    • Rest of Latin America
  • Middle East & Africa
    • Turkey
    • Saudi Arabia
    • UAE
    • Rest of MEA

FAQ

The Vegan Food market research report includes specific segments by region (country), i.e. North America, Europe, Asia Pacific, South America, Middle East and Africa

The Vegan Food market report provides global companies with an opportunity to enter new markets, invest in new sectors, analyze consumer reactions, investigate global competition, and ultimately make smart investments.

Vegan Food report covers the latest market developments in terms of acquisitions, growth strategies, joint ventures and collaborations, new product launches, and more on industry.

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Chapter 1. Methodology and Scope

1.1. Methodology Segmentation & Scope
1.2. Information Procurement
1.2.1. Purchased database
1.2.2. Secondary Sources
1.2.3. Third-party Perspectives
1.2.4. Primary research
1.3. Information Analysis
1.3.1. Data Analysis Models
1.4. Market Formulation & Data Visualization
1.5. Research Scope & Assumptions

Chapter 2. Executive Summary

2.1. Vegan Food Market- Industry Snapshot, 2018 - 2032

Chapter 3. Vegan Food Market Variables, Trends & Scope

3.1. Market Size and Growth Prospects, 2024-2032
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint/Challenge Analysis
3.3.3. Market Opportunity Analysis
3.4. Penetration & Growth Prospect Mapping
3.5. Business Environment Analysis Tools
3.5.1. Industry Analysis - Porter's Five Forces Analysis
3.5.2. PEST Analysis
3.5.3. COVID-19 Impact Analysis

Chapter 4. Vegan Food Market Type Outlook 2024-2032 (USD Million)

Chapter 5. Vegan Food Market Application Outlook 2024-2032(USD Million)

Chapter 6: Coronavirus Diseases (COVID-19) Impact:

6.1. Introduction
6.2 Current and Future Impact Analysis
6.3 Economic Impact Analysis
6.4 Investment Scenario

Chapter 7. North America Vegan Food Market Share by Region, 2024 & 2032 (USD Million)

7.1. Market Estimates and Forecast 2024 - 2032 (USD Million)
7.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
7.3. Market Estimates and Forecast by Application, 2024-2032 (USD Million)
7.4.1. U.S.
7.4.1.1. Market Estimates and Forecast 2024-2032 (USD Million)
7.4.1.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
7.4.1.3 Market Estimates and Forecast by Application, 2024-2032 (USD Million)

7. 4.2. Canada
7. 4.2.1. Market Estimates and Forecast 2024-2032 (USD Million)
7. 4.2.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
7. 4.2.3 Market Estimates and Forecast by Application, 2024-2032 (USD Million)

Chapter 8. Europe Vegan Food Market Share by Region, 2024 & 2032 (USD Million)

8.1. Market Estimates and Forecast 2024 - 2032 (USD Million)
8.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
8.3. Market Estimates and Forecast by Application, 2024-2032 (USD Million)
8.4.1. Germany
8.4.1.1. Market Estimates and Forecast 2024-2032 (USD Million)
8.4.1.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
8.4.1.3. Market Estimates and Forecast by Application, 2024-2032 (USD Million)
8.4.2. France
8.4.2.1. Market Estimates and Forecast 2024-2032 (USD Million)
8.4.2.3. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
8.4.2.3. Market Estimates and Forecast by Application 2024-2032 (USD Million)
8.4.3. UK
8.4.3.1. Market Estimates and Forecast 2024-2032 (USD Million)
8.4.3.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
8.2.3.3. Market Estimates and Forecast by Application 2024-2032 (USD Million)
8.4.4. Italy
8.4.4.1. Market Estimates and Forecast 2024-2032 (USD Million)
8.4.4.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
8.4.4.3. Market Estimates and Forecast by Application 2024-2032 (USD Million)
8.4.5. Russia
8.4.5.1. Market Estimates and Forecast 2024-2032 (USD Million)
8.4.5.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
8.4.5.3. Market Estimates and Forecast by Application 2024-2032 (USD Million)
8.4.6. Nordic Countries
8.4.6.1. Market Estimates and Forecast 2024-2032 (USD Million)
8.4.6.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
8.4.6.3. Market Estimates and Forecast by Application 2024-2032 (USD Million)
8.4.7. Rest of Europe
8.4.7.1. Market Estimates and Forecast 2024-2032 (USD Million)
8.4.7.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
8.4.7.3. Market Estimates and Forecast by Application, 2024-2032 (USD Million)

Chapter 9. Asia Pacific Vegan Food Market Share by Region, 2024 & 2032 (USD Million)

9.1. Market Estimates and Forecast 2024 - 2032 (USD Million)
9.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
9.3. Market Estimates and Forecast by Application, 2024-2032 (USD Million)
9.4.1. China
9.4.1.1. Market Estimates and Forecast 2024-2032 (USD Million)
9.4.1.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
9.4.1.3. Market Estimates and Forecast by Application, 2024-2032 (USD Million)
9.4.2. Japan
9.4.2.1. Market Estimates and Forecast 2024-2032 (USD Million)
9.4.2.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
9.4.2.3. Market Estimates and Forecast by Application, 2024-2032 (USD Million)
9.4.3. South Korea
9.4.3.1. Market Estimates and Forecast 2024-2032 (USD Million)
9.4.3.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
9.4.3.3. Market Estimates and Forecast by Application, 2024-2032 (USD Million)
9.4.4. India
9.4.4.1. Market Estimates and Forecast 2024-2032 (USD Million)
9.4.4.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
9.4.4.3. Market Estimates and Forecast by Application, 2024-2032 (USD Million)
9.4.5. Australia
9.4.5.1. Market Estimates and Forecast 2024-2032 (USD Million)
9.4.5.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
9.4.5.3. Market Estimates and Forecast by Application, 2024-2032 (USD Million)
9.4.6. Rest of Asia Pacific
9.4.6.1. Market Estimates and Forecast 2024-2032 (USD Million)
9.4.6.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
9.4.6.3. Market Estimates and Forecast by Application, 2024-2032 (USD Million)

Chapter 10. Latin America Vegan Food Market Share by Region, 2024 & 2032 (USD Million)

10.1. Market Estimates and Forecast 2024 - 2032 (USD Million)
10.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
10.3. Market Estimates and Forecast by Application, 2024-2032 (USD Million)
10.4.1. Mexico
10.4.1.1. Market Estimates and Forecast 2024-2032 (USD Million)
10.4.1.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
10.4.1.3. Market Estimates and Forecast by Application, 2024-2032 (USD Million)
10.4.2. Brazil
10.4.2.1. Market Estimates and Forecast 2024-2032 (USD Million)
10.4.2.2 Market Estimates and Forecast by Type, 2024-2032 (USD Million)
10.4.2.3. Market Estimates and Forecast by Application, 2024-2032 (USD Million)
10.4.3 Rest of Latin America
10.4.3.1 Market Estimates and Forecast 2024-2032 (USD Million)
10.4.3.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
10.4.3.3. Market Estimates and Forecast by Application, 2024-2032 (USD Million)

Chapter 11. Middle East and Africa Vegan Food Market Share by Region, 2024 & 2032 (USD Million)

11.1. Market Estimates and Forecast 2024 - 2032 (USD Million)
11.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
11.3. Market Estimates and Forecast by Application, 2024-2032 (USD Million
11.4.1 Turkey
11.4.1.1 Market Estimates and Forecast 2024-2032 (USD Million)
11.4.4.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
11.4.4.3. Market Estimates and Forecast by Application, 2024-2032 (USD Million)
11.4.2. Saudi Arabia
11.4.2.1. Market Estimates and Forecast 2024-2032 (USD Million)
11.4.2.2 Market Estimates and Forecast by Type, 2024-2032 (USD Million)
11.4.2.3. Market Estimates and Forecast by Application, 2024-2032 (USD Million)
11.4.3 UAE
11.4.3.1. Market Estimates and Forecast 2024-2032 (USD Million)
11.4.3.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
11.4.4.1. Market Estimates and Forecast by Application, 2024-2032 (USD Million)
11.4.5. Rest of MEA
11.4.5.1. Market Estimates and Forecast 2024-2032 (USD Million)
11.4.5.2. Market Estimates and Forecast by Type, 2024-2032 (USD Million)
11.4.5.3. Market Estimates and Forecast by Application, 2024-2032 (USD Million)

Chapter 12 Vegan Food Market Competitive Landscape

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