Vegan Food Market is expected to grow at a CAGR of 11.45% through 2031
The growing trend towards health-conscious
diets and the rising preference for cruelty-free products are the leading
factors driving the global Vegan Foods market during the projected period.
According to TechSci Research report, “Vegan Food Market
– Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast,
2021-2031F” The Global Vegan Food Market will grow from USD 19.38
Billion in 2025 to USD 37.14 Billion by 2031 at a 11.45% CAGR owing to growing
numbers of vegan eaters. For instance, in a 2021 global poll conducted by NSF
(National Sanitation Foundation), 88% of food industry professionals stated
that they anticipate an increase in the demand for plant-based products.
According to 74% of respondents, plant-based diets are preferred by
consumers because they lead better lifestyles, and 60% claimed they do so for
environmental reasons as these animal ingredients are primarily used in
traditional food production geared toward meat eaters. Animal agriculture thus
intensifies the greenhouse effect and quickens climate change.
Moreover, the days of merely offering tofu options made
from plant proteins are passed because today's vegan market offers many more
possibilities than anyone could have anticipated 25 years ago. This is one of
the key elements driving the global vegan food market. Additionally, the
preference for gen Z, rising obesity issues, increasing needs, and awareness
about the negative influence of meat food are other reasons supporting the
growth of the market. Furthermore, consumers are offered to purchase from various
options thanks to the growing popularity of flexitarians.
But as more and more plant-based items hit the market,
there needs to be more shelf space in brick-and-mortar stores. This opens up a
massive possibility for businesses that want to sell directly to customers
online or through other e-commerce platforms. For instance, one of the top
plant-based meat producers, Beyond Meat, started its online store in August
2020 to sell to customers directly. Numerous new websites are being developed
to meet the demand due to the potential for plant-based items in e-commerce and
the importance of having a centralized location to buy vegan products. For
instance, Vejii, a USA-based e-commerce site, sells only vegan items through
partnerships with regional distributors and intends to use geolocation
techniques, where locally produced goods are made available to clients nearby
for easy shipping and distribution.
Browse over XX market data Figures spread
through 110 Pages and an in-depth TOC on the "Global
VeganFood Market."
The Vegan Food Market is segmented based on the product
type, source, distribution channel, and region. The distribution channel
segment is divided into supermarkets/hypermarkets, specialty stores,
convenience stores, online, and others. The segment's growth is anticipated to
be boosted by several factors, including an increase in the variety of
products, a preference for a keto-friendly diet, a rise in environmental
concern, and the penetration of e-commerce platforms.
Among product types, the market is segregated into Dairy
Alternatives, Meat substitutes, Vegan Bakeries, Vegan Confectionery, Other
(including Egg alternatives, Plant-Based Snacks, etc.). Among these, the most
developed market for plant-based foods is plant-based dairy, which commands a
significant market share. Vegan milk accounts for about the maximum share
within the dairy alternatives category of the vegan market. The trend later
follows the sales of vegan yogurts followed by those of vegan cheeses and vegan
creamers. Rakuten's 2021 worldwide consumer survey revealed that 81% of
respondents had tried vegan milk, 48% had tried various dairy substitutes, 44%
had tried vegan meat substitutes, and 25% had tried a vegan egg substitute.
Therefore, the market is fueling a growing preference for vegan food worldwide.
Key market players in the Vegan Food market
include:
- Danone
S.A.
- Amy’s
Kitchen, Inc. (U.S.)
- Archer
Daniels Midland Company
- Beyond
Meat Inc. (U.S.)
- The
Hain Celestial Group, Inc. (U.S.)
- Earth’s
Own Food Company Inc. (Canada)
- Daiya
Foods Inc.
- Vitasoy
International Holdings Ltd.
- VBIte
Food Ltd (U.K.)
- Sun
Opta Inc.
Various domestic and international companies that offer
general food products are shifting their focus to cater to the growing vegan
food demand within the market. For instance, Hemp & Coco M*lk and Hemp
& Oat M*lk are two products that Gaia's Farming Co. introduced in its milk
substitute market category in February 2022. Additionally, producers in the
market have unveiled a variety of high-quality goods in a range of flavors with
eye-catching packaging options, which is anticipated to support industry
expansion throughout the forecast period.
Most of this development within the vegan food market is
fueled by well-known vegan meat and dairy firms like Beyond Meat, Impossible
Foods, and Oatly. Through their collaborations with eateries, fast-food chains,
and major food producers, vegan options are becoming more widely available.
Additionally, the partnerships are dispelling myths about vegan food.
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According to Google Trends, the United Kingdom was where
people searched the most about veganism in 2021, followed by Germany and
Austria. 36% of Brits support a vegan diet, and many have indicated an interest
in being vegan, according to a YouGov survey by the Guardian. Additionally,
there has been a decline in consumer meat consumption.
"To enhance the market growth, various national and
international companies are interested in this Vegan Foods category. With the
growing companies, the market is witnessing a stiff competition range of
products with the additional and innovative varieties expected to grow
significant popularity of this market in the forecasted period.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Vegan Food Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Dairy
Alternative, Meat Substitute, Vegan Bakery, Vegan Confectionery, Others
(include Egg Alternative, Plant-Based Snacks etc.)), By Source (Wheat, Soy,
Oats, Almond, Nuts, Others (include Pulses, Quinoa, Brown & Wild Rice,
etc.)), By Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores,
Specialty Stores, Online, Others (include direct sales, Distributor sales,
etc.)), By Region, Competition 2021-2031F”, has evaluated
the future growth potential of vegan foods and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision-makers take
sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges and opportunities
present in vegan foods globally.
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