What Has Been the Growth of the Vegan Food Market So Far?
The vegan food market has seen considerable growth due to a variety of factors.
• In recent times, the vegan food market has expanded promptly. The growth is projected to see an increase from $27.71 billion in 2024 to $31.32 billion in 2025, marking a compound annual growth rate (CAGR) of 13.0%.
Several factors have contributed to this advancement during the historic period, including heightened consciousness about health and wellness, mounting concerns over the environmental repercussions of animal farming, considerations of ethics and animal welfare, growth in disposable income, the global spread of veganism, and government backing.
How Will the Vegan Food Market?
The vegan food market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to witness swift expansion in the coming years, the vegan food market is projected to reach a value of $47.82 billion in 2029, featuring a compound annual growth rate (CAGR) of 11.2%.
This proliferation through the forecast period could be credited to the growing impact of social media, the prevalence of food ailments, vegan activism and initiatives, retail expansion. Of note in the forecast period are trends such as inventive product development, the surge in plant-based protein, vegan ready-to-eat meals, vegan seafood, vegan quick-service food, and tailored nutrition.
Which Factors Are Boosting Growth In The Vegan Food Market?
The vegan food market is predicted to expand due to the rising population of vegans and vegetarians. Vegans essentially shun, as much as is practical and possible, all forms of animal exploitation and cruelty for clothing, food, or any other purpose. On the other hand, vegetarians adhere to a diet devoid of meat, fish, and poultry, consuming a plant-based meal rich in fruits, vegetables, grains, nuts, and seeds. Vegan dishes offer essential nutrients, favorable fats, and address both humanitarian and environmental concerns for vegetarians and vegans. Eating a diet that fulfils all their nutritional needs is crucial for vegans and vegetarians. For example, as reported by the World Animal Foundation, a digital platform based in the US advocating animal rights, ethical pet ownership, and humane awareness, in July 2023, 6 percent of the US population were practicing veganism. Similarly, almost a third of Americans are showing a preference to consume more vegan food. Consequently, the upswing in the number of vegans and vegetarians is propelling the vegan food market.
What Key Areas Define The Segmentation Of The Global Vegan Food Market?
The vegan food market covered in this report is segmented –
1) By Product Substitute: Dairy Alternative, Meat Substitute, Other Product Substitutes
2) By Source: Wheat, Soy, Oats, Almond, Other Sources
3) By Distribution Channel: Online, Offline
Subsegments:
1) By Dairy Alternative: Plant-Based Milk (Almond, Soy, Oat, Coconut), Plant-Based Cheese, Plant-Based Yogurt, Plant-Based Butter, Plant-Based Ice Cream
2) By Meat Substitute: Plant-Based Meat (Soy, Pea Protein, Wheat Gluten-Based), Vegan Sausages, Vegan Burgers, Vegan Chicken And Other Poultry Substitutes, Vegan Seafood Alternatives
3) By Other Product Substitutes: Plant-Based Eggs, Vegan Sweets And Snacks (Chocolate, Cookies, Confectionery), Vegan Sauces And Condiments, Vegan Ready Meals And Snacks
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Which Emerging Market Trends Are Altering The Vegan Food Industry?
One of the emerging trends in the vegan food market is the manufacturing of meat using cell-based technology. This method involves producing meat that is molecularly identical to traditional meat but made in factories without the need to slaughter animals. The process of creating cell-based meat feeds animal cells with essential nutrients and proteins, thereby making it unnecessary to rely on animals for meat production. For example, in October 2022, a US-based pet food company debuted a cellular-based meat broth topper for dogs, known as chicken broth topper. This product aims to replace factory-produced items with a cruelty-free, cell-based meat alternative in response to the issues associated with poor quality and contamination in pet food. Other significant actors, like Tyson Foods., a food processing and marketing company based in the U.S., is also putting capital into Memphis Meats to bolster the cell-based meat production.
Who Are the Key Players In The Vegan Food Market?
Major companies operating in the vegan food market include:
• Amy's Kitchen
• VITASOY International Holdings Ltd.
• Beyond Meat
• Tofutti Brands Inc.
• Plamil Foods Ltd.
• Danone S.A.
• Eden Foods Inc.
• Whitewave Foods Company Inc.
• Sun Opta Inc.
• Pascual Group
• Bhlue Diamond Growers
• Archer Daniel Midland Company
• Earth's Own Food Company Inc.
• Panos Brand LLC.
• Hain Celestial Group Inc.
• Organic Vallet Corporative
• Living Harvest Food Inc.
• Morningstar Farms
• MGP Ingridents Inc.
• Sonic Biochem Extractions Limited
• ADM
• DuPont de Nemours Inc.
• The Nisshin Oillio Group
• Schouten Europe
• Upside Foods
• Alpha Foods
• Corbion Biotech Inc.
• Famleigh Inc.
• 22 Days Nutrition
• Annie's Homegrown
• Earth Balance
• Field Roast
What Is The Most Dominant Region In The Vegan Food Market?
Asia-Pacific was the largest region in the vegan food market in 2023. Western Europe was the second-largest region in the vegan food market report. The regions covered in the vegan food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
