Market Overview:
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 increasing awareness and concerns about animal welfare, environment sustainability, health and wellness considerations, increasing celebrity endorsements and influencer culture, and significant advancements in food technology are some of the major factors propelling the market.
Report Attribute
|
Key Statistics
|
Base Year
|
2023
|
Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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US$ 18.3 Billion |
Market Forecast in 2032
|
US$ 39.8 Billion |
Market Growth Rate 2024-2032 |
9.03% |
Vegan food refers to plant-based product that excludes meat, poultry, seafood, dairy, eggs, honey, and other ingredients derived from animals. It predominantly consist of fruits, vegetables, grains, legumes, nuts, and seeds. Veganism is often embraced for ethical, environmental, and health reasons. By abstaining from animal-derived foods, vegans support the well-being of animals, reduce their carbon footprint, and enjoy a diet rich in fiber, vitamins, and minerals. Vegan cuisine has evolved tremendously, offering a diverse range of innovative and delicious options that cater to a growing population interested in sustainable and cruelty-free choices.
The increasing awareness and concerns about animal welfare have escalated the demand for vegan alternatives. Consumers are becoming more conscious about the ethical treatment of animals and are actively seeking plant-based options as a compassionate choice. Additionally, the environmental sustainability has become a major driving force. The detrimental impact of animal agriculture on climate change, deforestation, water usage, and pollution has prompted individuals to adopt vegan diets as a means to reduce their carbon footprint and promote a more sustainable food system. Other than this, health and wellness considerations also play a pivotal role in the market growth as numerous individuals are recognizing the potential health benefits associated with plant-based diets, such as reduced risk of chronic diseases, weight management, and improved overall well-being. The availability of nutritious and delicious vegan alternatives has made it easier for individuals to adopt and maintain a healthy lifestyle. Moreover, advancements in food technology, such as the development of innovative plant-based substitutes that closely mimic the taste and texture of animal products, including plant-based meats and dairy alternatives, have attracted both vegans and flexitarians, making the transition to a vegan diet more accessible and appealing.
Vegan Food Market Trends/Drivers:
Increasing awareness and concerns about animal welfare
As individuals become more educated about the ethical implications of animal agriculture, they are motivated to make choices that align with their values. This includes a shift toward vegan alternatives. Consumers who are deeply concerned about animal welfare often choose to abstain from consuming animal products altogether. They opt for plant-based foods that are free from animal exploitation and cruelty. This demand for ethically-produced food has prompted the development and availability of a wide range of vegan options. The rising awareness of the harsh realities of factory farming, animal testing, and the negative impact on animals' lives has spurred a compassionate movement. Many individuals now actively seek vegan alternatives to contribute to a more compassionate food system. As a result, companies and food producers have responded by creating and marketing a variety of innovative and tasty vegan products, catering to this growing demand.
Rising environmental consciousness
Individuals are becoming more aware of the environmental consequences, they are seeking sustainable and eco-friendly alternatives like vegan food. Vegan diets have a lower carbon footprint compared to diets that include animal products. By eliminating or reducing animal-based foods, individuals can significantly reduce their contribution to greenhouse gas emissions and climate change. This resonates with environmentally conscious consumers who are eager to make choices that align with their desire to protect the planet. Moreover, animal agriculture is a major driver of deforestation and land degradation. The expansion of livestock farming requires vast amounts of land for grazing and growing animal feed, leading to the destruction of forests and natural habitats. By choosing plant-based alternatives, consumers can help mitigate these environmental issues and support conservation efforts.
Advancements in food technology
Advancements in food technology have led to the development of innovative plant-based substitutes that closely mimic the taste, texture, and appearance of animal products. This has attracted both vegans and flexitarians, making the transition to a vegan diet more accessible and appealing. Plant-based meats, such as burgers, sausages, and nuggets, are now available that replicate the taste and texture of traditional meat products. These alternatives are made using ingredients like soy, wheat, pea protein, and other plant-based sources. Similarly, dairy alternatives like almond milk, coconut milk, and oat milk offer comparable taste and functionality to dairy milk. Food technology has also facilitated the creation of vegan cheese, ice cream, yogurt, and other dairy substitutes that closely resemble their animal-based counterparts. Texture modifiers, flavor enhancers, and emulsifiers have been used to improve the overall sensory experience of vegan alternatives. These advancements have expanded the options available to individuals seeking vegan alternatives, making it easier to adopt and maintain a plant-based lifestyle.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
Vegan Food Industry 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 represented the largest segment.
Meat substitutes aim to replicate the taste, texture, and appearance of meat, providing a familiar and satisfying experience for individuals transitioning to a vegan diet or looking to reduce their meat consumption. By offering similar sensory attributes, plant-based meats cater to the preferences of consumers who enjoy the taste of meat, however, are seeking a more sustainable and ethical choice. They address the health concerns associated with consuming excessive amounts of animal products. They are typically lower in saturated fats and cholesterol, and some varieties are fortified with additional nutrients. This appeals to health-conscious individuals looking for alternatives that align with their dietary goals. Additionally, meat substitutes contribute to the overall variety and versatility of vegan cuisine. They can be used as ingredients in a wide range of dishes, from burgers and sausages to stir-fries and pasta sauces, expanding the options available for vegan meal preparation.
Breakup by Source:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
- Almond
- Soy
- Oats
- Wheat
- Others
Soy holds the largest share in the market
A detailed breakup and analysis of the market based on the source has also been provided in the report. This includes almond, soy, oats, wheat, and others. According to the report, soy accounted for the largest market share.
Soy plays a significant role in propelling the vegan food market due to its versatility and nutritional profile. Soybeans are a complete protein source, meaning they provide all essential amino acids necessary for human health. This makes soy an attractive alternative to animal-based proteins for vegans and those seeking plant-based options. Soy products, such as tofu, tempeh, and soy milk, have become staples in vegan diets, offering a wide range of culinary possibilities. Tofu and tempeh can be used as meat substitutes in various dishes, providing a substantial and protein-rich component. Soy milk serves as a popular dairy milk alternative, used in cooking, baking, and as a standalone beverage. Furthermore, soy-based ingredients are commonly utilized in the development 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.
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
A detailed breakup and analysis of the market based on the distribution channel has also been provided in the report. 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 a one-stop shopping experience for consumers, making it easier to access a variety of vegan food options in a single location. This convenience encourages individuals to explore and try plant-based alternatives. Additionally, these retail establishments have the power to influence consumer behavior through product placement, marketing, and promotional activities. By dedicating shelf space and showcasing vegan products prominently, supermarkets and hypermarkets increase their visibility and desirability, attracting both vegans and non-vegans to explore plant-based options. Besides this, supermarkets often engage in partnerships with vegan brands, encouraging the development and availability of a wider range of vegan products. This collaboration fosters innovation, making vegan food more appealing, diverse, and accessible to a larger audience.
Breakup by Region:
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- North America
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Australia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
North America exhibits a clear dominance in the market
The report has also provided a comprehensive analysis of all the major regional markets, which include 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. According to the report, North America was the largest market for vegan food.
In North America, there is a growing awareness and concern about health and wellness among consumers. Many individuals are adopting plant-based diets as a means to improve their overall well-being, manage weight, and reduce the risk of chronic diseases. This health-conscious mindset has fueled the demand for vegan food options. Additionally, the rising environmental consciousness among the masses has increased concerns about the impact of animal agriculture on climate change, deforestation, and resource depletion. Moreover, as individuals are becoming more aware of the ethical implications of animal exploitation and cruelty, they are choosing vegan options, supporting a compassionate and cruelty-free food system.
Competitive Landscape:
The market is currently experiencing a high level of competition and a significant threat from new entrants. The increasing popularity of veganism and the growing consumer demand for plant-based food options have led to a surge in companies entering the market, offering a wide range of vegan products. This has created a highly competitive landscape, as companies strive to differentiate themselves and capture market share. Existing players in the vegan food industry are constantly innovating and expanding their product portfolios to stay ahead of the competition. They are investing in research and development to create new and improved plant-based alternatives to traditional animal-based products. Additionally, they are focusing on enhancing taste, texture, and nutritional profiles to appeal to a wider consumer base. Moreover, the market is witnessing a steady influx of new entrants, including both small startups and established food companies. These newcomers are attracted by the growth potential of the vegan food sector and the increasing consumer awareness of the environmental and health benefits of a plant-based diet. While competition is fierce, the threat of new entrants adds another layer of challenge for existing players. With lower barriers to entry and the availability of alternative ingredients, new companies can enter the market relatively easily. This intensifies competition and puts pressure on existing players to continuously innovate and adapt to changing consumer preferences.
The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the 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.
Recent Developments:
- Beyond Meat Inc. has replaced its signature plant-based burger with a better version, which is designed to taste more like animal beef. The recipe includes more vitamins and minerals in order to make the product taste meatier.
- Danone S.A. has launched dairy and plants blend baby formula to meet parents’ desire for feeding options suitable for vegetarian, flexitarian and plant-based diets, while still meeting their baby’s specific nutritional requirements.
- UK-based Plamil vegan confectionery business has made a key investment in its Kent-based facilities to double its production volumes, as it continues to grow its global presence.
Vegan Food Market Report Scope:
Report Features |
Details |
Base Year of the Analysis |
2023 |
Historical Period |
2018-2023 |
Forecast Period |
2024-2032 |
Units |
US$ Billion |
Scope of the Report |
Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
- Product
- Source
- Distribution Channel
- Region
|
Products Covered |
- Dairy Alternatives: Cheese, Desserts, Snacks, Others
- Meat Substitutes: Tofu, Texturized, Vegetable Protein (TVP), Seiten, Quorn, Others
- Others
|
Sources Covered |
Almond, Soy, Oats, Wheat, and Others |
Distribution Channels Covered |
Supermarkets and Hypermarkets, Convenience Stores, Specialty Stores, Online Stores, and Others |
Regions Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
Countries Covered |
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
Companies Covered |
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. |
Customization Scope |
10% Free Customization |
Report Price and Purchase Option |
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899 |
Post-Sale Analyst Support |
10-12 Weeks |
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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.