Global Vegan Food Market - WishTree Insight

Global Vegan Food Market by Product Type (Cheese, Yogurt, Butter, Meat Substitute, Meals), Distribution Channel (Offline and Online), and Regions, (APAC, Europe, North America, and LAMEA) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032

The Vegan Food market was valued at USD 25.9 billion in 2022 and is expected to surpass USD 61.37 billion by 2032, expanding at a CAGR of 12.9 % during the forecast period, 2022–2032. The market's growth is attributed to the increasing awareness about the benefits of a vegan diet and rising concern about animal cruelty and health.

INTRODUCTION

Vegan food is a type of diet that excludes all animal products, including meat, dairy, eggs, and honey. Instead, vegan food is based on plant-based ingredients such as fruits, vegetables, whole grains, legumes, nuts, and seeds. There are many delicious and nutritious vegan food options available. Fruits and vegetables are the foundation of any vegan diet and provide a wide range of nutrients, vitamins, and minerals. Whole grains - such as quinoa, brown rice, and oats, are great sources of fiber, protein, and other important nutrients.

Being vegan means adhering to a lifestyle that avoids the consumption of animal products or any product derived from animals. This includes food, clothing, cosmetics, and other products containing animal-derived ingredients or by-products. People choose to follow a vegan lifestyle for various reasons, including ethical concerns about animal rights and welfare, environmental sustainability, and personal health reasons.

A vegan diet primarily consists of plant-based foods such as fruits, vegetables, grains, legumes, nuts, and seeds. It excludes animal products such as meat, dairy, eggs, and honey. However, with the availability of plant-based alternatives, it is possible to enjoy a wide variety of tasty and nutritious vegan meals.

In addition to a vegan diet, some people choose to adopt a vegan lifestyle by avoiding the use of animal-derived products such as leather, wool, and silk. They may also opt for vegan-friendly cosmetics and personal care products that do not contain any animal products or by-products and have not been tested on animals.

Market Trends, Drivers, Restraints, and Opportunities

• Growing adoption of innovative food packaging of vegan food products is expected to foster the market growth.
• Rising demand for animal cruelty-free products is anticipated to propel market growth.
• The high cost of vegan food products and their associated deficiencies is expected to hamper market growth.

Scope of the Report

Market Segment Insights

The meat substitute segment is projected to register a considerable CAGR

Based on type, the vegan food market is divided into cheese, yogurt, butter, meat substitute, and meals. The meat substitute segment is expected to expand rapidly during the forecast period owing to the significant demand for plant-based meat substitutes in developed economies. However, the vegan cheese segment is anticipated to hold a key share of the market in the coming years due to the changing food habits and trends in the food & beverage industry.

The Offline segment holds the largest share of over 80%

Based on the distribution channel, the vegan food market is divided into offline and online. The offline distribution channel segment holds the largest share and is expected to expand rapidly during the forecast period owing to the rising number of hypermarkets and Supermarkets. However, the online distribution channel segment is anticipated to hold a key share of the market in the coming years due to the rising penetration of the internet.

North America garnered the key market share of 36%

In terms of regions, the vegan food market is classified as APAC, Europe, North America, and LAMEA. The market of North America constitutes a key share of the market owing to the increased concerns about animal cruelty in the food industry. However, the market of the Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to the rising health consciousness among consumers.

Competitive Landscape

Key players competing in the Vegan Food market are Plamil Foods Ltd; Danone S.A; Beyond Meat; Amy’s Kitchen; VBites Foods Limited; Eden Foods Inc.

FAQs

How much is the market worth?

The Vegan Food market was valued at USD 25.9 billion in 2022 and is expected to surpass USD 61.37 billion by 2032.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 12.9%.

What are the key drivers of the market?

The market's growth is attributed to the increasing awareness about the benefits of a vegan diet and rising concern about animal cruelty and health.

What segments are covered in the Vegan Food report?

The segments covered in the report are type (cheese, yogurt, butter, meat substitute, meals), and distribution channel (offline and online).

Mention which region is expected to hold the highest share of the Vegan Food market.

The North American region is expected to hold the highest share of the Vegan Food market.

Which segment holds the largest market share in Vegan Food by 2032?

The met substitute segment holds the largest market share in Vegan Food by 2032.

Mention the key players in the market.

Plamil Foods Ltd; Danone S.A; Beyond Meat; Amy’s Kitchen; VBites Foods Limited; Eden Foods Inc.