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Vegan Food Market - Share, Size and Industry Analysis

Author : richa sinha | Published On : 27 Mar 2024

Meticulous Research®—leading global market research company, published a research report titled, ‘Vegan Food Market by Type (Dairy Alternatives [Yogurt, Milk, Ice Cream, Cheese, Butter], Meat Substitutes [Tofu, Sausages, Ground Meat, Meatballs, Nuggets]); Distribution Channel (Business-to-Business, Business-to-Consumer) - Global Forecast to 2031.’

According to this latest publication from Meticulous Research®, the vegan food market is projected to reach $116.33 billion by 2031, at a CAGR of 11.7% from 2024 to 2031. The growth of the vegan food market is mainly driven by the growing vegan population, increasing R&D activities and investments, growing demand for protein-rich products, and increasing intolerance for animal proteins. However, the comparatively higher cost of vegan products is expected to restrain the growth of this market.

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The vegan food market is segmented by type (dairy alternatives [yogurt, milk, ice cream, cheese, butter, and other dairy alternatives], meat substitutes [tofu, sausages, ground meat, meatballs, nuggets, and other meat substitutes], ready-to-eat meals, bakery products, confectionery, protein bars & snacks, and other vegan foods), distribution channel (business-to-business, business-to-consumer [modern groceries (supermarkets & hypermarkets), convenience stores, online retail, specialty stores, other distribution channels]), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

 

Based on type, in 2024, the dairy alternatives segment is expected to account for the largest share of the vegan food market. The large market share of this segment can be attributed to the increasing prevalence of lactose intolerance, consumer preference for vegan diets, nutritional benefits offered by plant-based dairy products, growing investments in dairy alternatives, and increasing vegan & vegetarian population.

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Based on distribution channel, in 2024, the business-to-consumer segment is expected to account for the largest share of the vegan food market. The large market share of this segment is attributed to the increased sales of vegan food through supermarket & hypermarket chains and brick-and-mortar grocers, rapid urbanization and rising per capita disposable income, growing number of supermarkets & hypermarkets, and increasing consumer preference for vegan food products.

Based on geography, in 2024, North America is expected to account for the largest share of the vegan food market. North America’s significant market share can be attributed to the rising awareness regarding the importance of sustainable and environment-friendly food and protein diets, technological advancements in the food industry, the growing vegan population, and the presence of the leading market players in the region.

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Key Players

The report includes a competitive landscape based on an extensive assessment of the key strategic developments of leading market players. Some of the key players operating in the vegan food market are The Archer Daniels Midland Company (U.S.), Hain Celestial Group, Inc. (U.S.), SunOpta, Inc. (Canada), Danone S.A. (France), Conagra Brands, Inc. (U.S.), Axiom Foods, Inc. (U.S.), Daiya Foods Inc. (Canada), Kellogg Company (U.S.), Beyond Meat, Inc. (U.S.), Impossible Foods, Inc.  (U.S.), Tofutti Brands, Inc. (U.S.), Amy's Kitchen, Inc. (U.S.), Taifun-Tofu GmbH (Germany), Atlantic Natural Foods, LLC (Part of Aft Holdings, Inc.) (U.S.), VBites Food, Ltd. (U.K.), and Nutrisoy Pty, Ltd. (Australia).

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Key questions answered in the report-

  • What is the current revenue generated by the global vegan food market?
  • At what rate is the global demand for vegan food projected to grow for the next 5–7 years?
  • What are the historical market sizes and growth rates of the global vegan food market?
  • What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing players and new entrants in the market?
  • Which segments in terms of type and distribution channel are expected to create major traction for companies operating in this market?

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