The global vegan food market size was USD 33.14 billion in 2023 and is projected to grow from USD 37.37 billion in 2024 to USD 103.00 billion by 2032 at a CAGR of 13.51% during the forecast period. Asia Pacific dominated the vegan food market with a market share of 42.58% in 2023. Moreover, the vegan food market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 26.90 billion by 2032, driven by increased awareness about veganism and rising adoption of vegan diet among.

The rising demand for meat substitutes and alternative dairy products from consumers is expected to boost the product adoption. A vegan diet requires eliminating high-calorie foods and unhealthy carbs, which will automatically help reduce extra weight gain. Additionally, practicing a proper vegan diet contributes to weight loss. A vegan diet involves eliminating animal products and adopting a plant-based diet. Therefore, there are plenty of nutrients to fill a vegetarian’s plate.

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Segments

Analysis by Product Type, Distribution Channel, and Region

The market is segmented based on product type into vegan meat, vegan milk, and others. In terms of distribution channels, it is categorized into online retail, convenience stores, supermarkets/hypermarkets, and others. Geographically, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage

This report offers an in-depth analysis of key market segments and emerging trends. It explores the driving and restraining factors affecting the industry, along with the impact of COVID-19 on market dynamics. Additionally, the report examines regional developments and strategic initiatives undertaken by leading market players.

Drivers and Restraints

Growing Adoption of Innovative Products to Drive Market Expansion

The increasing demand for sustainable food packaging materials and heightened awareness of animal cruelty are anticipated to drive market growth. The rising preference for innovative vegan products is also expected to fuel industry expansion. According to a scientific journal, dairy and meat production accounts for approximately 60% of greenhouse gas emissions within the agricultural sector, further highlighting the importance of sustainable alternatives.

However, the high cost of vegan products may pose a challenge to market growth.

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Regional Insights

North America’s Growing Vegetarian Population to Drive Market Growth

Asia Pacific is expected to lead the vegan food market, largely due to India’s significant vegetarian population. The regional market was valued at USD 9.74 billion in 2020 and is projected to capture a substantial share in the coming years. Additionally, increasing investments in innovative and novel products are likely to contribute to market expansion.

In North America, the rising number of vegan consumers is expected to drive product adoption. Additionally, growing climate awareness and strategic brand partnerships are set to accelerate industry growth.

Europe is poised for significant market expansion due to the presence of major vegan consumer bases and prominent food chains such as Starbucks and Domino’s. Additionally, the increasing adoption of vegan and flexitarian diets, coupled with rising climate consciousness, is expected to propel market development.

Competitive Landscape

Companies Introduce New Products to Strengthen Brand Presence

Leading market players focus on launching innovative products to attract consumers and enhance brand reputation. For instance, in May 2021, U.S. retail giant Target introduced a sub-brand, “Good & Gather Plant-Based,” aiming to launch 30 new plant-based vegan products under this label. Furthermore, companies invest in research and development, mergers, acquisitions, and market expansions to strengthen their industry position. The adoption of advanced production technologies is also expected to help businesses reduce costs, enhance production efficiency, and improve overall productivity.

List of Key Players Profiled in the Report

  • Danone S.A. (Paris, France)
  • Conagra, Inc. (Illinois, U.S.)
  • The Hain Celestial Group, Inc. (New York, U.S.)
  • Axiom Foods, Inc. (Los Angeles, U.S.)
  • DAIYA FOODS INC. (Burnaby, Canada)
  • Alpro (Wevelgem, Belgium)
  • Kellogg Company (Michigan, U.S.)
  • Amy’s Kitchen (California, U.S.)
  • Impossible Foods Inc. (California, U.S.)
  • Beyond Meat (California, U.S.)
  • Archer Daniels Midland Company (Illinois, U.S.)
  • Tofutti Brands, Inc. (New Jersey, U.S.)

Industry Developments

February 2021: France-based Danone completed the acquisition of Follow Your Heart for USD 6 million. This strategic move aims to enhance Danone’s ability to develop and launch innovative vegan products.

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