Global Vegan Food Market Research Report: Forecast (2024-2030)

Market Definition

Products that are derived or produced using natural or plant-based materials are called vegan food products. 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 resemble actual meat in terms of texture, flavor, and appearance but are based on organic ingredients like soy, wheat, etc.

Market Insights & Analysis: Global Vegan Food Market (2024-30):

The Global Vegan Food Market size was valued at around USD 22.2 Billion in 2023 and is estimated to grow at a CAGR of around 10.5% during the forecast period, i.e., 2024-30. This is attributed to the rising rate of obesity, heart disease, high blood pressure, and diabetes among the global population & the prevalence of lifestyle-related diseases. Along with this, the increasing concerns for animal health & cruelty across the food industry & rising awareness about numerous health benefits are influencing individuals to opt for vegan food.

Moreover, as it is a vegetarian alternative to dairy & meat products, many individuals who have issues related to dairy or meat products opt for it. A vegan diet is said to be the healthiest diet and aids in eliminating high-calorie foods & unhealthy carbs, eventually leading to weight loss. Also, over the past few years, there has been an increasing number of lactose-intolerant populations across the globe, particularly in the nations of Europe & North America. Thus, lactose-intolerant people are adopting plant-based food products, further enhancing the Vegan Food Market size.

Furthermore, there is a wide variety of vegan food products, such as vegan cheese, vegan meat, vegan seafood, vegan frozen food, vegan junk food, vegan curd, vegan milk & milk products, etc. Hence, owing to their vast variety vegan food products are witnessing high popularity across the food & beverage sector. Additionally, the easy availability in offline & online stores and the restaurants offering vegan dishes on their menus is also aiding in elevating the Vegan Food Market growth in the coming years.

Global Vegan Food Market Driver:

Growing Health Awareness Among Individuals – In the present times, it is being observed that several individuals globally are suffering from diseases like obesity, heart disease, blood pressure issues, etc., owing to their bad lifestyle & eating habits. To overcome the widely increasing health issues & diseases, numerous people are inclining towards healthy habits or foods. As vegan foods are high in fiber, contain less fat & carbs, and help improve the metabolism, individuals are including them in their diet, therefore increasing the vegan foods demand. Also, many of the high-fine dining restaurants, cafes, and food manufacturers are introducing food items & dishes cooked or baked with plant-based ingredients, and are offering several vegan dishes to attract consumers seeking for healthy plant-based diet. Hence, owing to the growing popularity of vegan food among consumers, the Vegan Food Market is destined to drive.

Global Vegan Food Market Opportunity:

Launch of Innovative Vegan Foods – Nowadays, there are a variety of vegan food products available in the market, this is due to the launch of several new vegan food items & cuisines. This variety helps in meeting a wide range of dietary requirements, taste preferences, and culinary customs.  Plant-based cheese, meat, sweets, dairy-free milk & other products, etc., are the wide varieties of vegan food products. Also, with the rising variety of vegan food, many non-vegan dietary consumers are also inkling towards it, thus creating a profitable opportunity for the Vegan Food Market.

Furthermore, the market is flourishing due to the presence of vegan food meal kits, grab0ndgo snacks, plant-based protein bars, and ready-to-eat meals. Also, the production of plant-based substitutes for conventional Indian cuisine, like ghee, curd, butter, and many more, is leading to the growth of the Vegan Food Industry.

Global Vegan Food Market Challenge:

Overpriced Vegan Products & Associated Deficiencies –  Vegan food manufacturers are producing and launching varied plant-based substitutes into the market, however, their cost is generally higher than any traditional animal-based food or dairy products. This, in turn, is limiting their consumption across the middle-class & lower-middle-class population, therefore creating a challenge for the Vegan Food Market. Also, there are several nutrients that are specifically present in animal-based products and lacking in plant-based products, hence following the vegan diet completely could lead to some deficiencies in one's body. Thus, in line with the associated deficiencies, the adoption of vegan food is limited, thus impeding market growth.

Global Vegan Food Market Trend:

Rising Corporate Appeal & Investments – The market for vegan food has become a key point for investments due to the altering consumer preferences for sustainable & healthier diets. This trend is instigated by the wave of venture capital, strategic investments, and private equity between various established food industries, that are promoting vegan diets. Besides, identifying the wide potential of plant-based products, leading vegan food companies are expanding their portfolios, investing in R&D, and forming strategic alliances to secure market dominance in this growing food sector. Moreover, the growing valuation of vegan food companies along with public and initial public offerings (IPOs), underscores the attractiveness of the Vegan Food Industry to investors focussing to capitalize on its growth potential.

Global Vegan Food Market (2024-30): Segmentation Analysis

The Global Vegan Food Market study by MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2030 at the global level. Based on the analysis, the market has been further classified as:

Based on Product Type:

• Dairy Products
• Meat Substitutes

The Meat Substitutes segment holds the potential share of the Vegan Food Market, as they intend to resemble similar texture, taste, and appearance offering a satisfying experience to the consumer.  As awareness related to the environment and animal cruelty is growing among the population across the world, many consumers are adopting diets that are influenced by plant-based products. Hence, the demand for meat substitutes is tremendously increasing.

Moreover, earlier, meat substitutes did not taste or look like meat, but, with increasing R&D, several innovative, healthier, & sustainable food products have surfaced globally and labeled exclusively as alternatives for animal meat. Hence, with these advancements & the above-stated health benefits, the demand for meat alternatives is projected to rise at a significant pace and, in turn, fuel the overall growth of the Global Vegan Food Market.

Based on the Distribution Channel:

• Online
• Offline

• Convenience Stores
• Specialty Stores
• Hypermarkets/Supermarkets

The Offline segment is predicted to capture the highest revenue share of the Vegan Food Market. Under the offline segment hypermarkets & supermarkets lead the market share due to the high availability of vegan products with clean labels. A large variety of vegan food products are being offered to consumers by big supermarkets & hypermarket chains. These stores have a prominent display sign to indicate the customer towards recently launched vegan food items, thus drawing attention to increasing the sales graph.

Also, supermarkets have a designated display for plant-based items, increasing their visibility to the consumers, and thus attracting the customers to buy them. Also, as in offline stores, the customer gets the freedom to physically examine the product before buying and check all the labels, thus making them the first choice to buy any product.

Global Vegan Food Market (2024-30): Regional Projection

Geographically, the Global Vegan Food Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

North America accounted for a prominent share of the Vegan Food Market over the past few years & is presumed to flourish in the forecast years. It owes primarily to the shifting living standards of people and their growing sensitivity & inclination toward a vegan diet as an initiative to reduce animal cruelty. These aspects are instigating food manufacturers to increase their production & distribution capabilities, offering vegan whole food, vegan raw food, vegan frozen food, and others, to cater to the burgeoning consumer demand for plant-based food products across North America.

In addition, the mounting consumer focus on maintaining health owing to the rising number of people with lactose intolerance & other health-related issues associated with toxic additives used in dairy products is another prominent aspect expected to augment the demand, thus infusing the North America Vegan Food Market Share. Moreover, Europe & Asia-Pacific are also estimated to witness an upward trajectory in the future years. Europe is one of the leading consumers of plant-based products, and a frequent rise in vegan diets has been observed across the region, pushing food companies such as Domino’s & Starbucks to launch new vegan products. Besides, owing to the cultural variations in nations of Asia-Pacific, including China, Japan, India, etc., have elevated the trend for vegan food across the region.

Global Vegan Food Industry Recent Development:

• May 2024: Beyond which is one of the leading vegan food companies. Declared that it had launched a new Beyond Burger, which is cooked with avocado oil & has a patty made with peas, brown rice, red lentils, and faba beans & is widely available in every retail store worldwide. Meat,
• March 2024: Conagra, Inc., introduced a wide variety of new meals, vegetable sides, and snacks at the Natural Products Expo West 2024, This was inspired by the growing culinary trend & popular restaurant dishes. The company’s latest offerings blend quality ingredients, great flavor, and convenience.

Gain a Competitive Edge with Our Global Vegan Food Market Report

• Global Vegan Food Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global Vegan Food Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.