Global Vegan Food Market Outlook 2023-2028:

The global vegan food market is expected to exhibit a CAGR of 9.7% during 2023-2028.

Vegan food consists of various products that are derived or processed from plant-based sources and are commonly consumed as a substitute for regular meat and meat-based products. They are produced using vegetarian ingredients, such as almonds, soy, oats, wheat, tofu, rice, and coconuts, and lack animal-derived products, including milk, eggs, honey and gelatin. A balanced diet with vegan food products is a rich source of vitamins B1, C and E, folic acid, magnesium, and iron while being low in cholesterol and saturated fats.

Market Trends and Drivers:

The rising incidences of chronic diseases represent one of the primary factors boosting the sales of vegan food as it helps in maintaining the blood glucose levels and minimizing the risks of stroke, obesity, cholesterol and cancer. Besides this, various non-government organizations (NGOs) are spreading awareness regarding the nutritional benefits of an animal-free diet and promoting farm animal welfare. This, along with the increasing consciousness among individuals about animal health and cruelty against animals, is catalyzing the vegan food market demand. Moreover, market players are launching a variety of premium-quality vegan food items in numerous flavors and attractive packaging solutions to attract a wider consumer base and expand their product portfolio. Furthermore, there is a significant rise in the need for vegan health and nutrition products to eliminate nutritional deficiencies. This is positively influencing the vegan supplements market and demand for vegan food worldwide. The availability of ready-to-eat (RTE) and packaged vegan products, coupled with extensive promotional activities by celebrities and athletes, is also encouraging the vegan food industry growth. Apart from this, with the growing popularity of the Veganuary Challenge on account of various awareness campaigns and the increasing utilization of social media, restaurants and fast-food outlets are coming up with a vegan-friendly menu, which is anticipated to improve the vegan food market statistics.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global vegan food market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, source and distribution channel.

Breakup by Product:

• Dairy Alternatives
  • Cheese
  • Desserts
  • Snacks
  • Others
• Meat Substitutes
  • Tofu
  • Texturized Vegetable Protein (TVP)
  • Seiten
  • Quorn
  • Others
• Others
   

Meat substitutes currently represent the most popular type of vegan food. This can be attributed to the introduction of a wide array of flavored meat substitutes by manufacturers across the globe.

Breakup by Source:

• Almond
• Soy
• Oats
• Wheat
• Others
   

At present, soy accounts for the majority of the overall market share as it is a rich source of proteins, vitamins and minerals.

Breakup by Distribution Channel:

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

Presently, the majority of vegan food is distributed through supermarkets and hypermarkets as these stores offer a wide variety of products from different brands under one roof.

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Australia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Region-wise, North America currently exhibits a clear dominance in the market.

Competitive Landscape:

The competitive landscape of the market is characterized by the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the vegan food manufacturers are 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: