Global Vegan Food Market to Grow at 9.03% During 2024-2032, Impelled by Rising Health Consciousness Among Consumers

IMARC Group's latest report, titled “Vegan Food Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” finds that the global vegan food market size reached US$ 18.3 Billion in 2023. Vegan food refers to various food products processed from plant-based sources, such as soy, oats, wheat, almonds, tofu, rice, and coconuts. It is free from animal-derived ingredients, including eggs, milk, gelatin and honey, and is widely consumed as an alternative to dairy, meat, and meat-based products. it is rich in iron, magnesium, folic acid, and vitamins B1, C, and E and contains low amounts of cholesterol and saturated fats Moreover, vegan food is rapidly gaining traction among health-conscious consumers as it has a similar taste, texture, and flavor and is much healthier than its traditional counterparts.

Global Vegan Food Market Trends:

The rising health consciousness among consumers and the shifting preferences toward plant-based diets represent the primary factors driving the market growth. This can be attributed to the increasing incidences of chronic and lifestyle diseases, such as cancer, obesity, diabetes, and cardiovascular disorders, that have encouraged individuals to opt for healthier substitutes. In addition, several non-governmental organizations (NGOs) are taking favorable initiatives to promote the uptake of vegan food products and prevent cruelty against animals. Apart from this, the growing awareness about animal health and welfare has augmented the product demand. Furthermore, the leading manufacturers are launching premium quality ready-to-eat (RTE) and packaged vegan products in exotic flavors, including vanilla, strawberry, and blueberry, to cater to the diversified tastes and nutritional requirements of vegan consumers. Besides this, the widespread adoption of innovative packaging solutions and aggressive promotional activities by key players, such as athlete and celebrity endorsements, is positively increasing product sales. Other factors, including the availability of vegan-friendly menus in restaurants and fast-food outlets, expanding lactose intolerant population, rapid urbanization, easy product availability through online and offline retail channels, and elevating income levels, are also providing a positive thrust to the market growth. Looking forward, the market value is projected to reach US$ 39.8 Billion by 2032, expanding at a CAGR of 9.03% during 2024-2032.

Market Summary:

• Based on the product, the market has been divided into dairy alternatives (cheese, desserts, snacks, and others), meat substitutes (tofu, texturized vegetable protein (TVP), Seiten, Quorn, and others), and others. Amongst these, meat substitutes account for the majority of the market share. 
• On the basis of the source, the market has been segmented into almond, soy, oats, wheat, and others. Currently, soy represents the largest market segment. 
• The market has been classified based on the distribution channel into supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others. At present, supermarkets and hypermarkets exhibit a clear dominance in the market. 
• Region-wise, North America (the United States and Canada) holds the leading position in the market. Other major regions include Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• The competitive landscape of the market has also been analyzed, with some of the key players being Amy’s Kitchen, Inc., Beyond Meat, Inc., Daiya Foods, Inc., Danone SA, Eden Foods, Inc., Plamil Foods Ltd., Archer Daniels Midland Company, Tofutti Brands, Inc., VBites Foods Limited, and Vitasoy Australia Products Pty Ltd.

Report Coverage:

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