Market Definition
Vegan food consists of products derived from natural or plant-based ingredients and used as dairy or meat substitutes. Dairy alternatives prepared from almonds, soy, rice, coconut, etc., are consumed in place of animal-based milk, ice cream, cheese, & butter, among others. Similarly, vegan meat substitutes are products that resemble actual meat in terms of texture, flavor, & appearance but are based on organic ingredients like soy, wheat, etc.
The increasing obesity rates worldwide and growing prevalence of lifestyle-related diseases like diabetes & high blood pressure, among others, have uplifted the health consciousness levels worldwide. The evolving concerns over animal health & cruelty in the food industry and the rising consumer awareness about the various health benefits of a plant-based diet are thus leading to the upward demand trend for vegan food globally.
Market Insights
The Global Vegan Food Market is projected to grow at a CAGR of 9.5% during the forecast period, i.e., 2022-27. Most of the market expansion would be driven by the mounting consumer awareness about the various health benefits of a vegan diet and the globally rising concerns over animal cruelty. Besides, the surging incidence of obesity, heart diseases, high blood pressure, & diabetes, among others, is another prominent aspect driving consumers toward healthy diets and, in turn, boosting the global vegan food market.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2021 | |
| Forecast Period: 2021-26 | |
| CAGR (2022-2027) | 9.5% |
| Regions Covered | North America: The US, Canada, Rest of North America |
| Europe: Germany , The UK, France, Italy, Spain, Rest of Europe | |
| Asia-Pacific: India, China, Japan, Rest of Asia-Pacific | |
| Latin America: Mexico, Brazil, Argentina, Rest of Latin America | |
| Middle East & Africa: GCC, South Africa, Rest of Middle East & Africa | |
| Key Companies Profiled | Amy’s Kitchen, Archer Daniels Midland Company, Beyond Meat , Conagra, Inc., Danone S.A., Daiya Foods, Inc., Eden Foods, Inc. , Impossible Foods Inc., Kellogg Company , Tofutti Brands, The Hain Celestial Group, Inc., VBites Foods Ltd, Others. |
| Unit Denominations | USD Million/Billion |
Over the years, there has been a growing number of lactose-intolerant people worldwide, especially across North America & Europe. It, in turn, has prompted them to adopt plant-based food products due to their benefits like controlled blood pressure levels, fewer possibilities of heart diseases, stroke, prostate cancer, colorectal cancer, etc.
In addition, the Covid-19 pandemic that significantly raised health awareness among consumers has drastically impacted their dietary patterns and, in turn, surged the sales of vegan products. Moreover, the digital transformation across different industries, including the food & beverage sector, resulted in the emergence of numerous e-commerce platforms worldwide to cater to the consumer requirements for online deliveries of vegan food & other products amidst the crisis. Hence, these aspects project an upward trend for the Global Vegan Food Market in the years ahead, with numerous startups for vegan food supplies & production entering the industry.
