Vegan Food Market Analysis by Product Type (Dairy Alternatives, Meat Substitutes, Egg Alternative, Vegan Bakery, Confectionery, Plant-Based Snacks), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online) and by Region: Global Forecast, 2024 - 2034.
- PUBLISHED ON
- 2024-06-12
- NO OF PAGES
- 201
- CATEGORY
- Food & Beverages
Market Overview
The Vegan Food market is predicted to
develop at a compound annual growth rate (CAGR) of 15.3%from 2024 to 2034, when
it is projected to reach USD 153.77 Billion, based on an average growth pattern.
The market is estimated to reach a value of USD 37.03 Billion in 2024.
SOURCE: We Market Research
Vegan food is
made up entirely of plant-based foods and does not contain any animal products
like meat, dairy, eggs, or honey. It contains fruits, vegetables, grains,
legumes, nuts, seeds, and plant-based proteins such as tofu and tempeh. Vegan
dairy alternatives include plant-based milks, cheeses, and yoghurts. Veganism
is frequently adopted for ethical, environmental, and health reasons. The
cuisine can be broad, including meals from other countries as well as vegan
adaptations of typical foods like burgers and sweets, all made without the use
of animal products.
Plant-based diets have been linked to a lower incidence of chronic disease, hence the worldwide vegan food business is expanding as health awareness grows. Ethical concerns about animal welfare and the environmental impact of animal production drive demand. Plant-based food technology advancements enhance flavor and texture, enticing more customers. Vegan options are now more widely available in grocery shops, restaurants, and foodservice establishments. Furthermore, altering dietary trends towards flexitarian and plant-based diets, combined with successful marketing and education activities, are driving market expansion. These characteristics help to explain why vegan dishes are becoming increasingly popular around the world.
Market Scope
|
Report Attributes |
Description |
|
Market Size in 2024 |
USD 37.03 Billion |
|
Market Forecast in 2034 |
USD 153.77 Billion |
|
CAGR % 2024-2034 |
15.3% |
|
Base Year |
2023 |
|
Historic Data |
2016-2022 |
|
Forecast Period |
2024-2034 |
|
Report USP
|
Production, Consumption, company share, company
heatmap, company production capacity, growth factors and more |
|
Segments Covered |
By Product Type, By Distribution Channel and By Region |
|
Regional Scope |
North America, Europe, APAC, South America and
Middle East and Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic
Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia;
Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa;
Nigeria |
Vegan Food Industry: Dynamics & Restrains
Market opportunity:
We Market
Research: Vegan Food Dashboard
Our marketing platform offers a comprehensive dashboard that provides clients with valuable insights into market trends over the years. Included below is a sample image of our dashboard, and specific PDF logins will be furnished to grant access to this insightful tool.
Vegan Food Segmentation
Market- By Product Type Analysis
By Product Type, the Vegan Food Market is Categories into Dairy Alternatives, Meat Substitutes, Egg Alternative, Vegan Bakery, Confectionery, Plant-Based Snacks. The Plant-Based Snacks segment accounts for the largest share of around 41% in 2024.
The driver for plant-based snacks in the
global vegan food market includes rising health consciousness, increasing
demand for convenient, nutritious options, and growing awareness of
environmental and ethical concerns, which collectively fuel consumer preference
for plant-based alternatives.
The
following segments are part of an in-depth analysis of the global Vegan Food
market:
|
Market Segments |
|
|
By Distribution
Channel |
·
Supermarkets/Hypermarkets ·
Convenience Stores ·
Specialty Stores ·
Online |
Vegan Food Industry: Regional Analysis
Asia-Pacific Market Forecast
Asia-Pacific dominate the Vegan Food Market with the highest revenue generating market with share of more than 46%. The Asia-Pacific market benefits from a growing awareness of health issues and cultural traditions favoring plant-based diets. Rapid urbanization and rising disposable incomes contribute to increased demand for vegan products. Local adaptation and innovation are key, with expanding product ranges meeting diverse consumer preferences.
North America Market Statistics
In North America, the vegan food market thrives due to heightened health consciousness, environmental concerns, and ethical considerations. A strong demand for plant-based diets and a wide range of innovative products, including meat and dairy substitutes, reflect the region's commitment to sustainable and healthy living.
Europe Market Forecasts
Europe is
expected to be the fastest-growing regional segment of the Vegan Food market
during the forecast period. Europe’s vegan food market is driven by a robust
vegan culture and increasing consumer preference for organic, clean-label
products. Western European countries lead in adoption, influenced by
environmental sustainability and ethical practices. The market is supported by
strong regulatory frameworks and growing availability of diverse vegan options.
The Vegan
Food Market is dominated by a few large companies, such as
·
The Hain Celestial Group, Inc.
·
DAIYA FOODS INC.
·
Alpro
·
Beyond Meat
·
Danone S.A.
·
Kellogg Company
·
Amy’s Kitchen
·
Impossible Foods Inc.
·
Conagra, Inc.
·
Tofutti Brands, Inc.
·
Axiom Foods, Inc.
·
Archer Daniels Midland Company
· Others
1.
Global
Vegan Food Market Introduction and Market Overview
1.1. Objectives of the Study
1.2. Global Vegan Food Market Scope
and Market Estimation
1.2.1.Global Vegan Food Overall Market
Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023 - 2034)
1.2.2.Global Vegan Food Market Revenue
Share (%) and Growth Rate (Y-o-Y) from 2019 - 2034
1.3. Market Segmentation
1.3.1.Product Type of Global Vegan
Food Market
1.3.2.Distribution Channel of Global Vegan
Food Market
1.3.3.Region of Global Vegan Food
Market
2.
Executive Summary
2.1. Market Dynamics
2.1.1.Drivers
2.1.2.Limitations
2.1.3.Opportunities
2.1.4.Impact Analysis of Drivers and
Restraints
2.2. Pricing Trends Analysis &
Average Selling Prices (ASPs)
2.3. Key Mergers & Acquisitions,
Expansions, JVs, Funding / VCs, etc.
2.4. Porter’s Five Forces Analysis
2.4.1.Bargaining Power of Suppliers
2.4.2.Bargaining Power of Buyers
2.4.3.Threat of Substitutes
2.4.4.Threat of New Entrants
2.4.5.Competitive Rivalry
2.5. Market Investment Opportunity
Analysis (Top Investment Pockets), By Segments & By Region
3.
Global Vegan Food Market Estimates & Historical Trend Analysis (2019 - 2023)
4.
Global Vegan Food Market Estimates & Forecast Trend Analysis, by
Product Type
4.1. Global Vegan Food Market Revenue
(US$ Mn) Estimates and Forecasts, by TYPE, 2019 to 2034
4.1.1.Dairy Alternatives
4.1.2.Meat Substitutes
4.1.3.Egg Alternative
4.1.4.Vegan Bakery
4.1.5.Confectionery
4.1.6.Plant-Based Snacks
5.
Global Vegan Food Market Estimates & Forecast Trend Analysis, by
Distribution Channel
5.1. Global Vegan Food Market Revenue
(US$ Mn) Estimates and Forecasts, by End-user, 2019 to 2034
5.1.1.Supermarkets/Hypermarkets
5.1.2.Convenience Stores
5.1.3.Specialty Stores
5.1.4.Online
6.
Global Vegan Food Market Estimates & Forecast Trend Analysis,
by Region
6.1. Global Vegan Food Market Revenue
(US$ Mn) Estimates and Forecasts, by Region, 2019 to 2034
6.1.1.North America
6.1.2.Europe
6.1.3.Asia Pacific
6.1.4.Middle East & Africa
6.1.5.South America
7.
North
America Vegan Food Market: Estimates & Forecast Trend Analysis
7.1.
North
America Vegan Food Market Assessments & Key Findings
7.1.1.North America Vegan Food Market
Introduction
7.1.2.North America Vegan Food Market
Size Estimates and Forecast (US$ Million) (2019 – 2034)
7.1.2.1. By Product Type
7.1.2.2. By Distribution
Channel
7.1.2.3. By Country
7.1.2.3.1. The U.S.
7.1.2.3.2. Canada
7.1.2.3.3. Mexico
8.
Europe
Vegan Food Market: Estimates & Forecast Trend Analysis
8.1. Europe Vegan Food Market
Assessments & Key Findings
8.1.1.Europe Vegan Food Market
Introduction
8.1.2.Europe Vegan Food Market Size
Estimates and Forecast (US$ Million) (2019 – 2034)
8.1.2.1. By Product Type
8.1.2.2. By Distribution
Channel
8.1.2.3.
By
Country
8.1.2.3.1. Germany
8.1.2.3.2. U.K.
8.1.2.3.3. France
8.1.2.3.4. Italy
8.1.2.3.5. Spain
8.1.2.3.6. Russia
8.1.2.3.7. Rest of Europe
9.
Asia
Pacific Vegan Food Market: Estimates & Forecast Trend Analysis
9.1. Asia Pacific Market Assessments
& Key Findings
9.1.1.Asia Pacific Vegan Food Market
Introduction
9.1.2.Asia Pacific Vegan Food Market
Size Estimates and Forecast (US$ Million) (2019 – 2034)
9.1.2.1. By Product Type
9.1.2.2. By Distribution
Channel
9.1.2.3.
By
Country
9.1.2.3.1. China
9.1.2.3.2. Japan
9.1.2.3.3. India
9.1.2.3.4. Australia
9.1.2.3.5. South Korea
9.1.2.3.6. ASEAN
9.1.2.3.7. Rest of Asia Pacific
10. Middle East & Africa Vegan
Food Market: Estimates & Forecast
Trend Analysis
10.1. Middle East & Africa Market
Assessments & Key Findings
10.1.1. Middle
East & Africa Vegan
Food Market Introduction
10.1.2. Middle
East & Africa Vegan
Food Market Size Estimates and Forecast (US$ Million) (2019 – 2034)
10.1.2.1. By Product Type
10.1.2.2. By Distribution
Channel
10.1.2.3. By Country
10.1.2.3.1. U.A.E.
10.1.2.3.2. Saudi Arabia
10.1.2.3.3. Egypt
10.1.2.3.4. South Africa
10.1.2.3.5. Rest of Middle East & Africa
11. South America
Vegan Food Market: Estimates &
Forecast Trend Analysis
11.1. South America Market Assessments
& Key Findings
11.1.1. South America Vegan Food Market
Introduction
11.1.2. South America Vegan Food Market
Size Estimates and Forecast (US$ Million) (2019 – 2034)
11.1.2.1. By Product Type
11.1.2.2. By Distribution
Channel
11.1.2.3. By Country
11.1.2.3.1. Brazil
11.1.2.3.2. Argentina
11.1.2.3.3. Colombia
11.1.2.3.4. Rest of South America
12. Competition Landscape
12.1. Global Vegan Food Market
Competition Matrix & Benchmarking, by Leading Players / Innovators /
Emerging Players / New Entrants
12.2. Global Vegan Food Market
Competition White Space Analysis, By End-user
12.3. Global Vegan Food Market
Competition Heat Map Analysis, By End-user
12.4. Global Vegan Food Market
Concentration & Company Market Shares (%) Analysis, 2022
13. Company Profiles
13.1.
The Hain Celestial Group, Inc.
13.1.1. Company Overview & Key Stats
13.1.2. Financial Performance & KPIs
13.1.3. Product Portfolio
13.1.4. Business Strategy & Recent
Developments
* Similar details would be provided
for all the players mentioned below
13.2. DAIYA FOODS
INC.
13.3. Alpro
13.4. Beyond Meat
13.5. Danone S.A.
13.6. Kellogg
Company
13.7. Amy’s Kitchen
13.8. Impossible
Foods Inc.
13.9. Conagra, Inc.
13.10. Tofutti
Brands, Inc.
13.11. Axiom Foods,
Inc.
13.12. Archer Daniels
Midland Company
13.13. Others
14. Research
Methodology
14.1. External Transportations /
Databases
14.2. Internal Proprietary Database
14.3. Primary Research
14.4. Secondary Research
14.5. Assumptions
14.6. Limitations
14.7. Report FAQs
15. Research
Findings & Conclusion
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
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Conclusion
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Frequently Asked Questions
What is the market size of Vegan Food Market in 2024?
Vegan Food Market was valued at USD 37.03 Billion in 2024.
What is the growth rate for the Vegan Food Market?
Vegan Food Market size will increase at approximate CAGR of 15.3%during the forecasted period.
Which are the top companies operating within the market?
Major companies operating within the Vegan Food Market Are The Hain Celestial Group, Inc., DAIYA FOODS INC., Alpro, Beyond Meat, Danone S.A., Kellogg Company, Amy’s Kitchen, Impossible Foods Inc., Conagra, Inc, Tofutti Brands, Inc., Axiom Foods, Inc., Archer Daniels Midland Company and Others.
Which region dominates the Vegan Food Market?
North America dominates the market with an active share of 46%.
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