Vegan Food Market

Global Vegan Food Market:

The global vegan food market size reached US$ 18.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 39.8 Billion by 2032, exhibiting a growth rate (CAGR) of 9.03% during 2024-2032. The rising awareness and concerns about animal welfare, environmental sustainability, health and wellness considerations, increased celebrity endorsements and influencer culture, and substantial improvements in food technology are some of the primary factors driving the vegan food market.

Vegan Food Market Analysis:

• Market Growth and Size: Health and wellness concerns play an important role in the vegan food industry growth, as many people recognize the potential health benefits of plant-based diets, such as lower risk of chronic illnesses, weight control, and increased overall well-being. Additionally, the availability of nutritious and delicious vegan options has made it simpler for people to adopt and stick to a healthy diet.
• Technological Advancements: Advances in food technology, such as the development of innovative vegan food products that closely resemble the taste and texture of animal-derived foods, such as plant-based meats and dairy alternatives, have attracted both vegans and flexitarians, making vegan food brands more feasible and appealing.
• Industry Applications: The vegan food industry growth is due to the widespread adoption of vegan food items across various industries, reflecting changing consumer preferences and increased knowledge of health, environmental, and ethical concerns. Some of the key industry applications include the food and beverage sector, retail and grocery, health and wellness, hospitality and food service, food technology and innovation, sustainability and environmental initiatives.
• Geographical Trends: North America, especially the United States and Canada, dominates the largest vegan food market share. Additionally, the growth of veganism in major cities such as Los Angeles, New York, and Toronto, with several restaurants, cafés, and food trucks serving plant-based alternatives, is also propelling the vegan food market demand. Furthermore, vegan food items are becoming increasingly available in supermarkets and conventional food chains, which is positively influencing the market.
• Competitive Landscape: The competitive environment for vegan food market business opportunity has rapidly evolved in recent years, with a combination of established competitors, rising startups, and traditional food firms expanding into the plant-based area. Some of the top key players in the market include 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., among others.
• Challenges and Opportunities: Key components for vegan food items, such as plant-based proteins and dairy replacements, may be unavailable owing to supply chain restrictions or variations in agricultural productivity, posing threats to vegan food market statistics. Ensuring a dependable and sustainable supply chain for these substances is vital for addressing vegan food market demand. Moreover, as per the vegan market research report, ongoing innovation and product development have chances to offer novel plant-based alternatives to a variety of animal goods, such as meat, dairy, eggs, and shellfish. Additionally, the growing investment in R&D to improve the flavor, texture, and nutritional profile of vegan goods will help drive market growth in the coming years.
• Future Outlook: The future outlook for the vegan food market appears promising, with opportunities for sustained growth, innovation, technological advancements and positive impact on health, sustainability, and animal welfare. As more consumers adopt plant-based diets for health, environmental, and ethical reasons, the scope of the vegan food industry in future is likely to grow significantly.
   

Vegan Food Market Trends:

Increasing Awareness and Concerns about Animal Welfare

As individuals learn more about the ethical implications of animal husbandry, they are more inclined to make decisions that reflect their values. This includes a shift toward vegan choices. Consumers who are deeply concerned about animal welfare may choose to forego consuming animal products entirely. They choose plant-based meals free of animal abuse and misery. The need for ethically produced food has resulted in the development and availability of a wide variety of vegan options. The increased public awareness of the harsh realities of industrial farming, animal testing, and their negative impact on animal life has generated a humane movement. Many individuals are actively looking for vegan alternatives to help build a more compassionate food system. Consequently, firms and food manufacturers have responded by developing and promoting a wide range of creative and delicious vegan goods to meet the rising demand. For instance, the data released by Vegconomist ( The vegan business magazine) shows that among 130 million people living in Mexico, a startling 20% have eliminated animal-based food and beverages as a part of their vegan lifestyle. Furthermore, the veganism trend is supported by the rising prevalence of chronic disease including diabetes, heart disease, and stroke, among others.

Rising Environmental Consciousness

People are becoming more aware of the environmental consequences, thus they are seeking sustainable and eco-friendly alternatives, such as vegan meals. Vegan diets emit less carbon than diets containing animal products. Individuals who avoid or limit their use of animal-based foods can significantly reduce their contribution to greenhouse gas emissions and climate change. This appeals to environmentally conscious clients who want to make decisions that show their dedication to protecting the planet. Furthermore, animal husbandry is a major contributor to deforestation and soil degradation. The expansion of livestock farming needs vast amounts of land for grazing and growing animal feed, leading to the deterioration of forests and natural ecosystems. Customers may help relieve environmental concerns and support conservation initiatives by switching to plant-based alternatives. For instance, ShelfNow, an online food retailer accounted a 156% growth in vegetarian meal sales and a 150% upsurge in vegan meal sales. Moreover, various food retailers experience a significant increase in vegan food sales that further supports the growth of the market.

Advancements in Food Technology

Advances in food technology have led to the development of unique plant-based substitutes that closely imitate the flavor, texture, and appearance of animal products. This has drawn in both vegans and flexitarians, making the transition to a vegan diet more feasible and appealing. Plant-based meats, such as burgers, sausages, and nuggets, are now available with the same flavors and textures as traditional meat products. These alternatives are made from plant-based ingredients including soy, wheat, and pea protein. Similarly, dairy replacements like almond milk, coconut milk, and oat milk have the same flavor and use as dairy milk. Food technology has also permitted the creation of vegan cheese, ice cream, yogurt, and other dairy alternatives that are remarkably identical to their animal-based counterparts. Texture modifiers, taste enhancers, and emulsifiers have all been employed to enhance the sensory experience of vegan alternatives. These improvements have increased the options accessible to people looking for vegan alternatives, making it easier to adopt and maintain a plant-based diet. For instance, Shiru, Inc., a U.S.-based company, announced the launch of OleoPro, a plant-based fat ingredient. The company’s proprietary technology platform, Flourish, was used for developing the ingredient. The platform leverages Artificial Intelligence (AI) to generate insights for unique plant proteins.

Growing Investment And Corporate Interest

The vegan food industry has emerged as a hotbed of investment and corporate interest, reflecting shifting consumer preferences for healthier, more sustainable, and socially conscious diets. This movement is being fueled by a surge in venture capital, private equity, and strategic investments, as well as significant acquisitions and collaborations between conventional food industry behemoths and emerging vegan firms. As major corporations see the great potential of plant-based products, they are diversifying their portfolios, investing in R&D, and forging alliances to win market supremacy in this emerging industry. Furthermore, the rising valuation of vegan food companies, paired with public listings and IPOs, emphasizes the vegan food market's appeal to investors seeking to profit on its growing potential. Additionally, the growing investment and corporate interest in the vegan food market indicate a fundamental shift in the food industry's landscape toward more sustainable and plant-based alternatives. For instance, Unibel Group launched Nurishh, its first 100% plant-based brand. With this expansion, the company hopes to gain as much market share as possible in the plant-based dairy alternatives market. The online retailing platform also plays a significant role in accelerating the growth of the non-dairy cheese market.

Vegan Food Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global vegan food market report, along with forecasts at the global, regional, and country levels from 2024-2032. 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 dominate the vegan food market

The report has provided a detailed breakup and analysis of the market based on the product. This includes dairy alternatives (cheese, desserts, snacks, and others), meat substitutes (tofu, texturized vegetable protein (TVP), seiten, Quorn, and others), and others. According to the report, meat substitutes accounted for the largest market share.

Meat substitutes are intended to resemble the flavor, texture, and look of meat, providing a familiar and satisfying experience for people transitioning to a vegan diet or attempting to limit their meat consumption. Customers who enjoy meat's flavor but prefer a more sustainable and ethical option are drawn to plant-based foods. They address the health hazards associated with an excessive intake of animal products. They are typically low in saturated fat and cholesterol, and certain versions are fortified with additional nutrients. This appeals to health-conscious individuals looking for solutions that satisfy their nutritional needs. Furthermore, meat replacements contribute to the overall richness and versatility of vegan cuisine. They may be used as ingredients in a variety of cuisines, including burgers, sausages, stir-fries and pasta sauces, expanding the options available for vegan meal preparation. For instance, as stated by the Good Food Institute, the Food Safety and Standards Authority of India (FSSAI) is setting a regulatory framework for the approval of cell-based foods, including cultivated meat and seafood. Also, BECA, a committee on treating cancer, is promoting plant-based meat products as an alternative to meat consumption, owing to the increasing mortality rate of cancer, accounting for 1.9 million deaths.

Breakup by Source:

• Almond
• Soy
• Oats
• Wheat
• Others
   

Soy holds the largest share in the market

The report has provided a detailed breakup and analysis of the market based on the source. This includes almond, soy, oats, wheat, and others. According to the report, soy accounted for the largest market share.

Soy's versatility and nutritional profile contribute considerably to the expansion of the vegan food industry. Soybeans are a complete protein source, which means they contain all of the necessary amino acids for human health. This makes soy a viable alternative to animal-based proteins for vegans and those seeking plant-based alternatives. Soy products like tofu, tempeh, and soy milk have become vegan staples, offering a wide range of culinary alternatives. Tofu and tempeh may be used as meat substitutes in a number of dishes, providing a substantial and protein-rich addition. Soy milk is a popular dairy-free alternative that may be used in cooking, baking, or as a standalone beverage. Furthermore, soy-based ingredients are commonly employed in the manufacture of vegan meat substitutes. Soy Protein Isolates or concentrates are used to create products that mimic the texture and taste of meat. These meat alternatives have gained popularity due to their ability to cater to the preferences of consumers who desire the familiarity of meat in a plant-based form. For instance, among women, a soy-rich diet is scientifically proven to pose a lower risk of breast cancer, which affects approximately 2.3 million women worldwide. Consequently, tempeh is widely used, as it is often fortified with vitamin B12, which is not bioavailable in plant-based foods, making it an alternative to animal-derived meat accommodated in their diet plan.

Breakup by Distribution Channel:

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

The majority of the vegan food is distributed through supermarkets and hypermarkets

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes, supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others. According to the report, supermarkets and hypermarkets accounted for the largest market share.

Supermarkets and hypermarkets provide customers a one-stop shopping experience, making it easier to locate a variety of vegan food options in one location. This convenience encourages individuals to investigate and try plant-based alternatives. Furthermore, these retail shops have the power to influence consumer behavior through product placement, marketing, and promotional initiatives. Supermarkets and hypermarkets increase visibility and appeal by reserving shelf space and prominently exhibiting vegan goods, encouraging both vegans and non-vegans to explore plant-based diets. Furthermore, the packaged vegan foods market within the food industry is focusing on pre-packed plant-based food items for vegans, owing to factors like as changing consumer preferences and increasing availability of vegan choices. Apart from this, supermarkets frequently collaborate with vegan firms, promoting the creation and availability of a broader selection of vegan items. This relationship promotes creativity, making vegan cuisine more attractive, diversified, and accessible to a wider audience. For instance, Campbell Soup Company acquired Pacific Foods of Oregon LLC for US$ 700 million, with expectations of strengthening Campbell’s health and well-being portfolio in the growing natural and organic category, thus promoting the market growth.

Breakup by Region:

• 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
   

North America exhibits a clear dominance in the market

The report has provided a detailed breakup and analysis of the market based on the region type. This includes the fastest-growing vegan countries like North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa, and others. According to the report, North America accounted for the largest market share.

Consumers in North America are becoming more informed and concerned about their health and fitness. Many individuals are adopting plant-based diets to improve their overall health, decrease weight, and reduce their risk of chronic diseases. This health-conscious attitude has boosted demand for vegan meals. Furthermore, rising environmental consciousness in the general population has increased concerns about the influence of animal husbandry on climate change, deforestation, and resource scarcity. Furthermore, as people become more aware of the ethical implications of animal exploitation and suffering, they are turning to vegan alternatives that promote a compassionate and cruelty-free food system. For instance, Amy’s Kitchen Inc., a US-based vegetarian and vegan foods manufacturer opened a third plant-based and vegan-friendly “Amy’s Drive-Thru” restaurant in Walnut Creek, California.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the key market players in the vegan food market include:

• 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.

Vegan Food Market News:

• March 2024: The Kraft Heinz Not Company LLC debuted NotHotDogs and NotSausages, the first ever plant-based Oscar Mayer offerings and the first plant-based meat innovation from the joint venture between The Kraft Heinz Company (Nasdaq: KHC) (“Kraft Heinz”) and TheNotCompany, Inc. (“NotCo”). With its mission to create mouthwatering plant-based foods for all, The Kraft Heinz Not Company’s Oscar Mayer NotHotDogs and NotSausages offer the savory and smoky experience that brand fans have known and loved for more than 140 years.
• March 2024: dsm-firmenich, innovators in nutrition, health and beauty, has opened a new pilot plant in Plainsboro, New Jersey designed to enable collaboration with customers. The pilot facility is part of dsm-firmenich's Taste, Texture & Health Business Unit and will support the company's commitment to accelerate global diet transformation by providing food & beverage brands with the capabilities to create enjoyable eating and drinking experiences that are healthier for people and more sustainable for the planet.
• March 2023: Daiya, the company that kickstarted the plant-based cheese category in North America 15 years ago, announced a multi-million-dollar investment in fermentation technology that will enable it to create a plant-based cheese that is tastier, meltier, and stretchier than any other on the market.

Vegan Food Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the vegan food market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global vegan food market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the vegan food industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.