Vegan Food Market - Global Industry Analysis

Vegan Food Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2028

Category: Food & Beverage Report Format : PDF Report Code: ZMR-6923 Status : Upcoming

Description

Global Vegan Food Market: Overview

The global vegan food market was estimated at USD 15.7 billion in 2021, expanding at a CAGR of 10.9% to reach USD 34.5 billion by 2028. Vegan food has exploded in popularity as it is gradually becoming popular for health, environmental, and ethical reasons. When done correctly, a vegan diet can lead to better blood sugar management and a slimmer waistline. Veganism is a lifestyle that attempts to end all forms of animal exploitation and suffering, whether for clothes, food, or any other purpose. As a response, the vegan diet forbids the consumption of any animal products, including eggs, meat, and dairy. Vegan food is popular for a number of reasons, and new products are projected to increase the market as new companies enter the market.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Global Vegan Food Market: Growth Factors

The market for vegan food is expanding at a speedy rate. The global vegan food market is strengthened by an increase in awareness of animal health and brutality in the food business, which has resulted in a considerable movement away from animal-based foods and toward plant-based foods. Vegan cuisine is in high demand due to the rising popularity of the vegan diet and the growing trend of practicing veganism. For example, the increased popularity of this diet among celebrities has boosted sales growth as more and more followers choose to follow suit. The customer base of this business has grown as people become more aware of the different health advantages given by plant-based foods. Plant-based foods can help keep blood pressure in check while also lowering the risk of stroke, colorectal cancer, prostate cancer, heart disease, and early mortality. In addition to this, vegan food business development is also being aided by the provision of packed and ready-to-eat (RTE) vegan products, as well as substantial promotional initiatives. Also, new vegan food product launches are adding up to the growth of the global vegan food market. For instance, in February 2022, the brand VegaBytz, which is controlled by Chennai-based Functional Foods Pvt. Ltd, will be launched in India soon. The firm is a forerunner of world-class, award-winning, plant-based, 100 percent vegan meat products, which are now available in the UK market. Furthermore, the growing demand for dairy alternatives especially from people with lactose intolerance is anticipated to fuel the growth of the global vegan food market during the forecast period. However, nutritional deficits associated with veganism may hamper the growth of the global vegan food market.

Global Vegan Food Market: Segmentation

The global market for vegan food is categorized into product type, distribution channel, and region. Based on type, the global market for vegan food is bifurcated into meat substitutes, dairy alternatives, and others. The distribution channel segment of the global vegan food market is segregated as online and offline.

Global Vegan Food Market: Regional Analysis

Europe is expected to remain the largest region in the global vegan food market. The region is also projected to register the highest CAGR during the forecast period. For a few years, per-capita meat consumption in the United Kingdom, France, Germany, and other Western European nations has decreased. This is because the ready meals, packed mock meats, burgers, fillets, pizza, patties, sausages, meatless meatballs, and other foods and snacks are becoming popular in the region. The market for meat substitutes in Europe is quite competitive. Some of the most well-known meal replacement brands, such as Cauldron Foods, Quorn Foods, and others, are available in the market. In recent years, the market has also seen the introduction of certain well-known businesses from the meat food industry, such as Rugenwalder Muhle. Quorn Foods, a market leader in the European meat substitute sector, has concentrated on expanding its market while increasing its manufacturing capacity.

Global Vegan Food Market: Competitive Players

The global vegan food market is fragmented, major players are expanding their customer reach by launching a new product. Some of these market players include Hain Celestial Group Inc., Whitewave Foods Company Inc., Sun Opta Inc., Bhlue Diamond Growers, Organic Valley Corporative, Archer Daniel Midland Company, Pascual Group, Panos Brand LLC., Living Harvest Food Inc., Earth’s Own Food Company Inc., and others.

Global Vegan Food Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

What Reports Provides

  • Full in-depth analysis of the parent market
  • Important changes in market dynamics
  • Segmentation details of the market
  • Former, on-going, and projected market analysis in terms of volume and value
  • Assessment of niche industry developments
  • Market share analysis
  • Key strategies of major players
  • Emerging segments and regional markets
  • Testimonials to companies in order to fortify their foothold in the market.

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FrequentlyAsked Questions

The market for vegan food is expanding at a speedy rate. The global vegan food market is strengthened by an increase in awareness of animal health and brutality in the food business, which has resulted in a considerable movement away from animal-based foods and toward plant-based foods. Vegan cuisine is in high demand due to the rising popularity of the vegan diet and the growing trend of practicing veganism.

Major market players include Hain Celestial Group Inc., Whitewave Foods Company Inc., Sun Opta Inc., Bhlue Diamond Growers, Organic Valley Corporative, Archer Daniel Midland Company, Pascual Group, Panos Brand LLC., Living Harvest Food Inc., Earth’s Own Food Company Inc., and others.

Europe is expected to remain the largest region in the global vegan food market. The region is also projected to register the highest CAGR during the forecast period. For a few years, per-capita meat consumption in the United Kingdom, France, Germany, and other Western European nations has decreased. This is because the ready meals, packed mock meats, burgers, fillets, pizza, patties, sausages, meatless meatballs, and other foods and snacks are becoming popular in the region.

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