Overview and Scope
Vegan foods are foods that are produced without the use of animal ingredients or animal-derived ingredients.
Sizing and Forecast
The vegan food market size has grown rapidly in recent years. It will grow from <b>$24.58 billion in 2023 to $27.8 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. </b> The growth in the historic period can be attributed to growing awareness of health and wellness, increasing concerns about the environmental impact of animal agriculture, ethical and animal welfare consideration, rising disposable incomes, globalization of veganism, government support.
The vegan food market size is expected to see rapid growth in the next few years. It will grow to <b>$42.86 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. </b> The growth in the forecast period can be attributed to growing influence of social media, prevalence of food allergies, vegan activism and movements, retail expansion. Major trends in the forecast period include innovative product development, plant-based protein boom, vegan convenience foods, vegan seafood, vegan fast food, personalized nutrition.
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Segmentation & Regional Insights
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
<b>Asia-Pacific</b> was the largest region in the vegan food market in 2023. <b>Western Europe</b> 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.
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Major Driver Impacting Market Growth
The increasing number of vegans and vegetarians is expected to propel the growth of the vegan food market in the coming years. A vegan is a person who lives a lifestyle that strives to avoid, as far as feasible and practicable, all types of animal exploitation and cruelty for apparel, food, or any other reason. A vegetarian is a person who follows a diet that eliminates meat, fish, and fowl. They eat a plant-based diet rich in fruits and vegetables, grains, nuts, and seeds. Vegan cuisine delivers critical nutrients, beneficial fats, and humanitarian and ecological concerns to vegetarians and vegans. Vegans and vegetarians need to consume an appropriate diet that conceals all of their nutritional demands. For instance, in July 2023, according to the World Animal Foundation, a US-based digital platform that advocates for animal rights, ethical ownership of pets, and humane awareness, veganism was practiced by 6 percent of the US population. Nearly one-third of Americans are inclined to eat more vegan food. Therefore, the increasing number of vegans and vegetarians is driving the vegan food market.
Key Industry Players
Major companies operating in the vegan food markbet include <b> 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 </b>
The vegan food market report table of contents includes:
1. Executive Summary
2. Vegan Food Market Characteristics
3. Vegan Food Market Trends And Strategies
4. Vegan Food Market – Macro Economic Scenario
5. Global Vegan Food Market Size and Growth
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26. South America Vegan Food Market
27. Brazil Vegan Food Market
28. Middle East Vegan Food Market
29. Africa Vegan Food Market
30. Vegan Food Market Competitive Landscape And Company Profiles
Top Major Players:
- Amy’s Kitchen
- VITASOY International Holdings Ltd
- Beyond Meat
- Tofutti Brands Inc
- Plamil Foods Ltd
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