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The vegan food market size is forecast to increase by USD 29.93 billion at a CAGR of 15.2% between 2023 and 2028. The market is experiencing significant growth due to the increasing number of consumers adopting veganism as a lifestyle choice. This trend is driven by growing awareness of animal welfare and ethical concerns, health benefits of vegan eggs, and environmental sustainability. New product launches are a key growth factor, as companies introduce innovative plant-based alternatives and vegan supplements to traditional animal-derived food products. However, the lack of standardization guidelines poses a challenge to market growth, as it can lead to inconsistencies in product quality and safety. Additionally, the need for education and awareness campaigns to help consumers distinguish between authentic and counterfeit vegan products is essential to ensure market trust and credibility. Overall, the market is expected to continue its growth trajectory, driven by consumer demand and innovative product offerings.
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The market is witnessing significant growth due to the increasing adoption of vegan and plant-based diets worldwide. This dietary trend is driven by various factors, including health consciousness, weight loss, and ethical considerations such as animal health and animal cruelty. The market for meat substitutes and alternative dairy products is thriving, with consumers seeking out plant-based options for their nutritional value, antioxidants, fiber, and other health benefits. Obesity and cardiovascular disease are major health concerns driving the demand for vegan and vegetarian meals. Food chains are responding to this trend by increasing their vegan and plant-based meal sales. Lactose malabsorption and food intolerance are also contributing to the growth of the market for plant-based milk and dairy alternative plant milk beverages. The vegan lifestyle is gaining popularity, with consumers turning to vegan cheese and other plant-based food options for their taste and nutritional value.
The vegan food market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The offline segment is estimated to witness significant growth during the forecast period. The market is witnessing significant growth due to the increasing adoption of plant-based diets for weight loss and improved health consciousness. Meat substitutes and alternative dairy products such as vegan yogurt are gaining popularity as they offer nutrient-rich, fiber-filled, and antioxidant-loaded options for individuals following a vegan diet. These food choices have been linked to reduced risks of obesity, cardiovascular disease, and other health implications. The cultural variations and consumer behavior trends indicate a shift towards a vegan lifestyle, with food chains embracing sustainable packaging and animal cruelty-free production. The market for vegan milk and alternative dairy products is thriving, addressing nutrient deficiencies and lactose malabsorption concerns.
Moreover, product innovation in the plant-based food sector continues to expand, with the introduction of plant-based meat, cheese, and other meals. The flexitarian diet, which includes occasional consumption of animal products, is also contributing to the growth of vegan meal sales. The environmental implications, such as reduced greenhouse emissions, further support the consumer shift towards plant-based food products. Millennials are leading the charge in this trend, with vegan restaurants and food deliveries becoming increasingly popular. The health benefits, ethical considerations, and innovative food packaging are driving consumer preferences towards veganism. Overall, the market is poised for continued growth, offering a wide range of plant-based options such as vegan cheese for health-conscious individuals and those seeking to reduce their carbon footprint.
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The offline segment accounted for USD 14.71 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 44% to the growth of the global vegan food market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The plant-based milk segment in the market is witnessing significant growth due to the rising number of lactose intolerant consumers and increasing health awareness. Approximately 65% of the global population has some degree of lactose intolerance. This has led to an increase in demand for dairy alternatives, including plant-based milks. With increasing internet penetration, grocery platforms are emerging as a preferred distribution channel for vegan food products. Vegan cheese, tofu, packaged vegan foods, and other meat-free, dairy-free options are gaining popularity among consumers due to environmental concerns and health issues. Brands are leading the market with their innovative plant-based sources.
In addition, obesity rates and health problems associated with meat consumption are also driving consumer preferences towards vegan food. Revenue contribution from the market is projected to increase significantly in the coming years. Consumers are increasingly opting for online shopping for convenience and a wider range of options. Supermarkets and hypermarkets are also expanding their vegan offerings to cater to this growing demand.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing number of vegan consumers is the key driver of vegan food market growth. The market is witnessing significant growth due to the increasing preference for plant-based diets and meat substitutes. With the rise in health consciousness and concerns over obesity, cardiovascular disease, and nutrient deficiencies, consumers are turning to veganism as a viable option. Veganism is a lifestyle choice that excludes the use of animal products, including dairy, eggs, and meat. This trend is driven by cultural variations and the growing number of millennials who are increasingly conscious of animal cruelty and greenhouse emissions. The demand for alternative dairy products, such as vegan milk and cheese, is on the rise. Innovative food packaging and product innovation are key trends in the market, with vegan restaurants and food deliveries offering plant-based meals.
Furthermore, the flexitarian diet, which allows for occasional consumption of animal products, is also contributing to the growth of the market. The health implications of a vegan diet, including the intake of antioxidants, fiber, and essential nutrients, make it an attractive option for those seeking a sustainable and ethical lifestyle. Despite the availability of plant-based meat and cheese, lactose malabsorption remains a challenge for some consumers, necessitating continued innovation in the market.
New product launches is the upcoming trend in the vegan food market. The market is witnessing significant growth due to the increasing preference for meat substitutes and alternative dairy products among consumers following a vegan or plant-based diet for weight loss and health consciousness. This shift towards plant-based eating is driven by the health implications of a vegan lifestyle, including the reduction of obesity and cardiovascular disease risks. The market is also fueled by consumer behavior trends, such as the growing preference for animal cruelty-free and sustainable packaging, as well as the rising popularity of veganism among millennials. Product innovation in the form of plant-based meat, cheese, milk, and other dairy alternatives, as well as vegan restaurants and food deliveries, is a key market driver.
For instance, Danone SA's launch of battered fishless fillets under its plant-based green cuisine range, Birds Eye, in the UK, is a testament to this trend. However, it is essential to address nutrient deficiencies associated with a vegan diet, such as iron, calcium, and vitamin B12, through careful meal planning and fortified food products. Cultural variations and the growing popularity of flexitarian diets, which allow for occasional consumption of animal products, also impact market growth. Innovative food packaging solutions and product development are crucial to catering to the diverse needs and preferences of consumers, while minimizing greenhouse emissions and reducing animal cruelty. The market is expected to continue its growth trajectory during the forecast period, driven by these trends and consumer preferences.
Lack of product standardization guidelines is a key challenge affecting vegan food market growth. The market encompasses a wide array of plant-based alternatives to meat substitutes and dairy products, catering to individuals following a vegan diet for various reasons, including weight loss, nutritional needs, and health consciousness. With growing awareness of the health implications of obesity and cardiovascular disease, consumers are increasingly turning to plant-based diets for their nutritional benefits, rich in antioxidants, fiber, and essential nutrients. However, the lack of internationally uniform regulatory policies presents challenges, such as inconsistent labeling and manufacturing procedures, which can create confusion among consumers. Countries implement distinct legislations and regulations regarding the packaging process of vegan food, aiming for consumer safety and product effectiveness.
For instance, the Food Safety and Standards Authority of India (FSSAI) sets the guidelines for food product certification in India. This inconsistency in regulations poses a significant hurdle for global players in the market, as they navigate cultural variations and consumer behavior. The vegan food industry's product innovation includes plant-based meat, cheese, milk, and other dairy alternatives, addressing nutrient deficiencies and lactose malabsorption. Innovative food packaging and vegan meal deliveries further cater to the evolving consumer preferences. The flexitarian diet, which involves reducing meat consumption but not eliminating it entirely, also contributes to the growing demand for plant-based food products. Millennials, who prioritize animal cruelty-free and sustainable practices, are a significant consumer demographic driving the growth of the vegan food industry. Vegan restaurants and food chains are increasingly offering plant-based meals, further fueling the trend. Despite these opportunities, the industry faces challenges, such as addressing consumer education and addressing the environmental implications, including greenhouse emissions.
The vegan food market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the vegan food market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Amys Kitchen Inc. - The company offers vegan food such as vegan broccoli, organic black bean, and indian inspired vegetable pakoras.
The vegan food market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The vegan food market is witnessing significant growth due to the increasing adoption of vegan and plant-based diets for health and ethical reasons. Meat substitutes and alternative dairy products are the key drivers of this market, as consumers seek to reduce their intake of animal products for weight loss and healthier living. A vegan diet rich in nutrients, antioxidants, fiber, and other essential nutrients is linked to a lower risk of obesity, cardiovascular disease, and other health issues. The rise in health consciousness and cultural variations have led to an increase in demand for plant-based food products. Millennials, in particular, are driving the trend towards veganism and flexitarian diets.
In addition, food chains are responding to this demand by offering vegan and plant-based meals, while innovative food packaging solutions are addressing concerns around sustainability and animal cruelty-free production. However, there are challenges around nutrient deficiencies in a vegan diet, particularly with regards to B12, calcium, and iron. Vegan milk and alternative dairy products are addressing these concerns, while veganism's health implications continue to be a topic of consumer behavior research. The market for plant-based meat, cheese, and other food products is expected to continue growing, as consumers seek out delicious and sustainable options that align with their values. Animal health and animal cruelty are also factors influencing consumer behavior, with many people choosing a vegan lifestyle to reduce their carbon footprint and minimize their impact on greenhouse emissions. Vegan food deliveries and vegan restaurants are further expanding the availability and convenience of plant-based meals, making it easier for consumers to make the switch. Lactose malabsorption and dairy alternatives are also important considerations for those following a vegan or plant-based diet.
Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.2% |
Market growth 2024-2028 |
USD 29.93 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
12.86 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 44% |
Key countries |
US, Germany, China, France, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amys Kitchen Inc., Bega Cheese Ltd., Beyond Meat Inc., Blue Diamond Growers, Danone SA, Earths Own Food Co. Inc., Eden Foods Inc., First Grade International Ltd., Fresh Start, Living Harvest Foods, Maple Leaf Foods Inc., Organic Valley, Otsuka Holdings Co. Ltd., PANOS Brands LLC, Ripple Foods PBC, Saputo Inc., SunOpta Inc., The Hain Celestial Group Inc., Tofutti Brands Inc, and VBites Foods Ltd. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our vegan food market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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