Vegan Food Market Size, Share & Industry Analysis, Product Type (Vegan Meat, Vegan Milk, and Others), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retails, and Others), and Regional Forecast, 2024-2032

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 global impact of COVID-19 has been unprecedented and staggering, with witnessing a positive impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a higher growth of 12.95% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

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. Vegan foods are rich in antioxidants, fiber, plant compounds, vitamins A, C, E and more. Vegetarians and vegans consume significantly more legumes, fruits and vegetables, tomatoes, allium vegetables, fiber, and vitamin C through a plant-based diet, which helps protect the human body from the risk of cancer. A plant-based diet that incorporates plenty of vegetables and non-dairy products helps with better absorption of food and nutrients. These benefits of vegan products are attracting new consumers toward a vegan diet.

The outbreak of the COVID-19 pandemic significantly impacted the dietary behavior of consumers. In the early stages, consumers stockpiled food products, including meat-based products and meat free products. The stockpiling further strained the production and supply of food products in the market. Gradually, the companies ramped up the production scale to meet the growing demand for vegan food.

Vegan Food Market Trends

Increasing Health Consciousness among Consumers to Propel Market Growth

As consumers lead sedentary lifestyles, people suffer from health complications such as obesity and cardiovascular disease. Adoption of a vegan diet helps to reduce weight, improves blood flow, and reduces the chance of cardiovascular disease. A study published in JAMA Internal Medicine Journal states that people who adopt a vegan lifestyle have higher life expectancy than those who adopt a meat-based diet. As a vegan-based diet is rich in fiber, adopting such diets also helps improve the body’s metabolism. Hence, the demand for a vegan diet gradually increases among health-conscious consumers.

Food chains, fine dining restaurants, and food manufacturers such as Amy's Kitchen, Inc. are launching new products and vegan food recipes, keeping in mind the growing demand in the market. Vegan food recipes composed of pumpkin, avocado, and other healthy ingredients are launched in the market to attract health-conscious consumers who intend to experience new tasty and healthy food.

Request a Free sample to learn more about this report.

Vegan Food Market Growth Factors

Growing Adoption of Innovative Food Packaging of Vegan Food Products to Foster Industry Growth

As vegan food groups are environmentally conscious, the demand for sustainable food packaging materials on meat free products is increasing rapidly. Product labeling change is also becoming important among consumers; hence, vegan product manufacturers, such as Oatly, have carbon labeling provided on their packaging. Additionally, No Evil Foods Sacred Serve, a U.S.-based company, is investing in developing new and innovative sustainable packaging materials that can be used on its products.

Rising Demand for Animal Cruelty-Free Products to Fuel Vegan Food Market Growth

Consumers are becoming more aware of animal cruelty. Thus, they adopt lifestyles and diets that aim to reduce animal cruelty and prevent adverse environmental impacts caused by animal-meat consumption. As per reports published in a science journal, dairy and meat products generate around 60% of the greenhouse emission from agriculture. Adopting a vegan diet also helps prevent the exploitation of animals for developing food products.

Furthermore, the outbreak of the COVID-19 pandemic further propelled the demand for vegan products due to rising concerns among consumers about zoonotic infections. Consumers are becoming aware of the food products they consume and thus, researching to understand their health implications. For instance, as per data provided by Google AdWords, there was growth of 47% on searching vegan type of food products.  

RESTRAINING FACTORS

High Cost of Vegan Food Products and their Associated Deficiencies to Impede Market Growth

Several manufacturers develop and launch plant-based alternatives in the market, but the prices associated with such products are comparatively higher than animal-based food products. The taste and texture of plant-based food products vary significantly from animal-based products, making them less appealing. Hence, the vegan food market forecasts slow adoption among consumers. 

Vegan type of food products are also associated with certain nutrient deficiencies. In some instances, low protein content in vegan diet causes people to suffer from health disorders such as anemia, hormonal disbalance, Vitamin B12 deficiencies, and others. Hence, consumers need to undertake advice from healthcare professionals who can provide a plan based on the vegan-food pyramid and ensure that they receive a balanced and healthy diet. 

Vegan Food Market Segmentation Analysis

By Product Type Analysis

To know how our report can help streamline your business, Speak to Analyst

Vegan Milk Exhibits Promising Growth Owing To Increased Consumption of Among Consumers

The market is segmented into vegan meat, vegan milk, and others based on product type.

The demand for alternative dairy products is rising rapidly among consumers compared to meat substitutes. Different vegan milk products comprise oats, almonds, soy, and similar products. These products are suitable for consumers who are lactose intolerant and weight conscious. As health is becoming one of the significant factors influencing purchasing behavior, the demand for such food products is rising.

Vegan meat is available in different forms, including shelf-stable, frozen meat substitutes, and refrigerated meat alternative products. Due to the growing concerns among consumers about the spread of the pandemic in the meat manufacturing facilities, the consumers shifted to healthier and safer alternatives such as plant-based meat products.

By Distribution Channel Analysis

Broader Availability of Vegan Food Products to Promote Sales Growth through Supermarkets and Hypermarkets

Vegan type of food products are available through various channels such as supermarkets/hypermarkets, online retails, convenience stores, and others. Among these, sales through supermarkets account for the majority of the share. Moreover, major supermarket chains are launching varieties of plant-based food products for consumers. Consumers are communicated about the availability of new plant-based product varieties through prominent display signs across the supermarkets. Plant-based products occupy niche shelf space in the supermarkets drawing consumers' attention, which also contributed to their rise in sales.

Due to the pandemic, e-commerce portals have also become a major channel adopted by consumers to purchase their products. As these portals provide the option to buy products from the comforts of their home, food products' sales through these channels are increasing gradually.

REGIONAL INSIGHTS

To get more information on the regional analysis of this market, Request a Free sample

As the younger generation becomes more conscious about climate and its association with meat consumption, the demand for these products rises steadily in the Asia Pacific region. Cultural variations in countries such as India, China, and Japan significantly impact the rate of adoption among consumers. Although countries such as India have many vegetarians, adopting an animal-free diet is still low. The increasing awareness among consumers plays a crucial role and propels the growth of the vegan market in the region.  

North America is also one of the largest consumers of vegan food products apart from Europe. The consumers in both regions have depicted the same purchasing pattern. Manufacturers such as Beyond Meat are adopting partnership strategies with restaurant chains such as Panda Express to expand their distribution channels and make their products accessible to consumers present in other regions.

Adoption of vegan diet has spiked in recent years, with some sources such as Plant Protein’s sources stating that around 6% of the consumers in the U.S. have adopted a vegan lifestyle. The millennials account for majority of the consumers, accounting for 40% of the total consumers. The increased awareness about veganism is also spurring the revenue of vegan restaurants in the region. It is expected to positively impact the growth of the vegan market in the coming years.

Europe is one of the major consumers of plant-based food products globally. Due to the rise in vegan consumers in the region, major food chains such as Domino’s and Starbucks have launched new products for consumers in the region. Due to rising climate awareness among consumers, vegan diet adoption is also increasing in the region. A few consumers are adopting a flexitarian diet, further fueling the region's market growth. Thus, vegan food manufacturers in the region are competing to innovate and launch new products to bring down the price of the products and improve their overall quality. Additionally, supermarkets reserve specific shelf space for vegan type of food products, making them accessible for consumers.

The market in South America and the Middle East & Africa is still in the early stages of development. Startups such as Future Farms improve their capabilities to manufacture new vegan products in the evolving market. Health is one of the significant factors propelling the demand for these products in the region. Innovative meat substitutes are being launched in the growing market to increase consumer interest and consumer base.    

To know how our report can help streamline your business, Speak to Analyst

List of Key Companies in Vegan Food Market

Danone S.A. is Adopting Strategies such as Acquisition of Similar Plant-Based Food Company to Increased its Product Capabilities

Danone S.A. occupies high vegan food market share in the global market and focuses on expanding its current plant-based product portfolio by acquiring established market players. For instance, in 2021, the company acquired significant plant food manufacturers, including Follow Your Heart. Other important vegan food industry players in the market are Conagra, Inc. and the Hain Celestial Group, Inc. Along with the key players, startups are evolving and launching their vegan products, making the competitive landscape of this market highly fragmented. Companies are investing in ramping up their production and technological capabilities to develop new variants of vegan type of products and launch them in the market.

LIST OF KEY COMPANIES PROFILED

• 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.)

KEY INDUSTRY DEVELOPMENTS

• April 2023: The Bel Group, one of the leaders in cheese market and biotech start-up, “Climax Foods Inc.”, announced a partnership to create plant-based cheese. Through this partnership, these two companies will produce plant-based portions of Kiri, Laughing Cow, Babybel, Boursin, and Nurishh.


• June 2022: Starbucks Corporation and Imagine Meats entered into a definitive agreement through which Starbucks will sell vegan products made by Imagine Meats through its restaurants in India. Starbucks began selling vegan hummus kebab wraps, vegan sausage croissant rolls, and vegan croissant buns through its outlets in Delhi, Kolkata, Mumbai, Bangalore, Hyderabad, Jaipur, Gurugram, Goa, Noida and Pune.


• February 2022: Planet Based Foods Global Inc. partnered with “Vejii Holdings Ltd.”, an online vegan marketplace, to sell its products easily through the digital platform. Products that are available through the online platform are the Green Chili Southwest Burger, The Original Burger, Breakfast Sausage Patties Hot, The Italian Sausage Crumble, and The Original Crumble.


• May 2021 – U.S. retail corporation Target announced the launch of a new sub-brand named Good & Gather Plant-Based brand. The company aims to launch 30 new plant-based products in the market under this brand.


• May 2021 – Food conglomerate Nestle announced the launch of a new vegan milk brand named Wunda, a pea-based milk alternative. The company focuses on launching the product in France, the Netherlands, and Portugal.

REPORT COVERAGE

An Infographic Representation of Vegan Food Market

View Full Infographic

To get information on various segments, share your queries with us

The market report provides a detailed vegan food market analysis and focuses on key aspects such as leading companies, product types, and distribution channels. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

To gain extensive insights into the market, Request for Customization

Report Scope & Segmentation