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The vegan food market is projected to reach a value of USD 46.13 billion in 2027, with a CAGR of 12.07% between 2022 and 2027. The growing number of vegan consumers is expanding the market and driving the demand for plant-based food options. The health benefits associated with vegan food, such as lower risk of heart disease and weight management, are attracting more consumers to adopt a vegan diet. The rise of private-label brands offering vegan products is also increasing accessibility and variety, further fueling the market's growth. Market analysis and reports forecast substantial market growth, emphasizing the importance of staying informed about market trends for effective decision-making.
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The market is segmented by product (dairy alternatives, meat alternatives, and Eggs), Distribution Channel (Offline and Online) and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
The growing demand for dairy alternative products is due to the growing vegan population and awareness of lactose intolerance. These dairy alternatives are rich in fiber, antioxidants, and beneficial plant compounds. It is also rich in potassium, magnesium, folate, and vitamins A, C, and E. The main growth driver for the dairy alternative segment in the market is the increasing consumption of products such as milk of plant origin. In addition, the increasing prevalence of lactose intolerance is expected to increase the demand, which will propel the growth of the dairy alternative segment during the forecast years.
Vegan or meat alternatives are animal-free meats. These products are typically made with soybeans, tapioca, vegetables, tempeh, pea protein, and other plant-based ingredients. The introduction of new products and increased investment from market players will drive the growth of this segment. In addition, major suppliers operating in the food and beverage industry are venturing into the segment and investing in meat products. However, strict regulations regarding the labeling of these meat products may impede the growth of the market during the forecast period.
The market share growth by the offline segment will be significant during the projection period. Offline distribution channels in markets that generate revenue from product sales through hypermarkets, supermarkets, club stores, convenience stores, and independent retailers. Market players manage their sales through store expansion in local and regional markets. In addition, manufacturers sell their products through specialty stores and retail outlets such as hypermarkets, supermarkets, convenience stores, clubs, and department stores.
The offline segment was valued at USD 13.92 billion in 2017 and continued to grow until 2021.
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With the growth of retail channels in cities and regions, customers have become familiar with different types. This will increase sales. Hypermarkets, Supermarkets, and Club Stores. Hypermarkets and supermarkets offer a wide range of brands and storage units (SKUs) at competitive prices. Furthermore, department stores are unique solutions to shopping. The availability of all products under one roof is the main reason why consumers prefer to buy at department stores. Hence, such factors will drive the sales of these products through this channel are expected to increase during the projection period.
The shift in shopping preferences drives the sales through the online channel. Some of the major online retailers offering are Amazon, Rakuten Inc., Alibaba Group Holding Ltd., and JD.com Inc. Retailers like Walmart, Costco, and Sears, which sell food, have also introduced their e-commerce portals. Online searches for these recipes have increased by 70% in the past decade. Furthermore, the factors that attract customers to online distribution channels include secure transactions, cash on delivery, simple and convenient return policy, centralized and efficient customer service, shopping convenience, product assortment, and many payment options. Thus, such factors will drive the growth of the segment in this market during the forecast years.
North America is estimated to contribute 40% to the growth of the global market during the forecast years.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market forecast years. The US, Canada, and Mexico are among the top food-producing countries in North America. The growing population and growing awareness of the benefits of following a vegan diet are the key factors driving the growth of the market in the region. Other factors that support the growth of the market in this region are rising disposable income and high personal consumption expenditure. Retail stores in the US have begun to offer more space for these foods to take advantage of the growing demand. The entry of smaller regional players will increase competition in the US market over the projection period.
The market is flourishing, especially in city centers where the demand for cooking these foods is on the rise. Markets dedicated to food offer a variety of plant-based ingredients, making it easier for individuals to embrace a vegan lifestyle. From innovative vegan dishes to classic favorites, the market continues to grow, reflecting a shift towards more sustainable and compassionate choices in urban areas. As the market for vegan ingredients expands, it contributes to the accessibility and popularity of vegan cooking, making it a dynamic and evolving part of the culinary landscape in cities worldwide.
The market is rapidly expanding, driven by growing awareness of animal health and cruelty, along with the rising popularity of plant-based meals. The food industry is witnessing a significant shift, with a surge in demand for plant-based ingredients and products. This trend is not limited to affluent nations but is also gaining traction in low and middle-income countries. Innovative technologies, such as prolamin technology, are enabling the creation of realistic plant-based meat and cheese alternatives. Moreover, studies show that a vegan diet can have numerous health benefits, including lower blood pressure, reduced risk of heart disease, stroke, prostate cancer, colorectal cancer, and lower cholesterol levels, ultimately leading to a decreased risk of premature death. As a result, the market for plant-based milk, ice cream, frozen novelties, meat & seafood, creamer, yogurt, and other dairy and meat alternatives is experiencing rapid growth.
A growing number of vegan consumers is a major market growth and trend.
The market offers a wide variety of plant-based products and alternatives to traditional animal-derived foods, with demand steadily increasing in recent years due to health, environmental, and ethical considerations. This trend is driven by the rise of the vegan diet and concerns about animal health and cruelty. The market includes various categories, such as vegan meat substitutes, dairy alternatives, plant-based snacks, and vegan desserts, reflecting a shift in the food industry and food supply chains towards more sustainable practices. This market encompasses various categories, including vegan meat substitutes, dairy alternatives, plant-based snacks, and vegan desserts.
The rise in veganism, driven by concerns about health and ethics, has led to an increasing demand for nutritious plant-based foods, particularly plant-based dairy products. Veganism is a lifestyle that avoids all forms of animal exploitation and cruelty in the production of food and other products. Many restaurants now offer dishes like non-dairy cheese, veggie burgers, veggie drinks, and vegan packaged food to cater to this growing demand. These factors are expected to drive the global market's growth in the coming years.
The growing organized retail sector is the primary trend in the market. To generate more sales and revenue, sellers continuously focus on strengthening their distribution network through organized retail. Organized retailing has grown with the establishment of a number of supermarkets, hypermarkets, and specialty stores. Hypermarkets and supermarkets are the two main offline distribution channels.
Moreover, organized retail is an integral part of the offline distribution channel, facilitating consumers' shopping process and allowing them to choose from a wide variety. Walmart Inc., Carrefour, Kroger Co., and Penny Market are some of the top supermarkets in the world, offering a wide range of markets. Thus, an increase in the number of organized retailers offering more storage space is expected to propel the growth of the global market during the forecast period.
The future outlook for the market is promising, with a diverse menu that caters to every mealtime, from breakfast to dinner, including ordering vegan fast food from restaurants. These marketing strategies are evolving, emphasizing fair and ethically sourced food. Restaurants worldwide are expanding their food options, including Italian, French, Mexican, and Japanese cuisines, offering everything from vegan pizza to seafood alternatives. The demand for vegan chicken, vegan cheese, and plant-based options is on the rise, reflecting a shift towards sustainable and cruelty-free choices. As these food becomes widely consumed, the market continues to grow, promising a vibrant future where these options are seamlessly integrated into every dining experience.
High price and limited awareness are the challenges that affects the growth of the market. In developing regions such as the MEA, APAC, South America, and Europe, the high price of these foods compared to traditional dairy products is one of the main reasons for their limited penetration and adoption. Furthermore, middle-income people in developed countries also avoid buying these foods due to the high prices. The price per pound of these foods varies widely depending on the brand offering the food and is almost 1.5 to 2 times the price of the same amount of products that are conventionally processed.
Furthermore, although the global market is growing, awareness is very limited among consumers, especially in South America, Southeast Asia, MEA, and Eastern Europe. As a result, the market in these regions is very underdeveloped, with negligible penetration. This is of great concern to market players as these regions represent more than two-thirds of the world's population. Hence, these factors are expected to impede the growth of the global market during the forecast years.
Marketing strategies for brands involve targeting the growing market by highlighting meatless, dairy-free, and gluten-free options. Emphasizing plant protein, substitutes, and fair trade practices appeals to health-conscious and ethically-driven consumers. Engaging with the vegan community through events like Vegan Night Market and Vegan Fair creates awareness and builds a loyal customer base. Social media promotion using hashtags like vegan and the vegan night market and consuming these foods helps connect with vegans seeking a variety of vegan snacks, desserts, and ingredients. Collaborations with these restaurants and a focus on quality vegetarian food further contribute to the success of food brands in the competitive market.
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 food during the projection period.
The market analysis report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
This market growth and forecasting report includes the data that 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. Market companies strategically navigate market trends and analysis to fuel their growth. They rely on insightful market report and forecasts to tailor their offerings. Adapting to evolving market trends, companies play a pivotal role in driving the sustained expansion of the market.
The market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. Stay ahead with comprehensive market reports and accurate market forecasting in this thriving industry.
The Market is witnessing a surge in demand, driven by health-conscious consumers opting for Dairy free food & beverage products. Alternatives like Almond, Coconut, and PlantEver are gaining popularity, reducing Obesity rates and lowering the risk of Health problems such as Heart diseases and High blood pressure. With a focus on Diabetes prevention, the market is exploring innovative Meat & seafood substitutes.
Companies like Quorn Foods and Cauldron Foods are leading the Meat substitute segment with products like Dairy free cheese made from Almond, Oat, Coconut, Hazelnut, and Cashew. Online platforms like Grubhub and ShelfNow are making these products accessible to consumers, contributing to the growth of the market. Market analysis from Food Intolerance Network and ScrapeHero helps in Market player positioning, ensuring a diverse range of Italian cuisine options for Asthma and Health-conscious individuals.
In recent years, alternative dairy products have witnessed a remarkable surge in popularity, largely driven by the growing demand for healthier and more sustainable options. Consumers are increasingly turning to nondairy milk products as a viable alternative to traditional dairy due to various factors, including health consciousness, ethical considerations, and environmental concerns. This shift is particularly pronounced among the younger population, who are more inclined towards embracing plant-based food products. The rise of health and wellness trends has further propelled the adoption of vegan milk and other plant-based alternatives. With the proliferation of e-commerce platforms, accessing these products has become more convenient than ever. Moreover, the emergence of vegan food delivery services has made it easier for consumers to incorporate these options into their daily routines.
The link between dietary choices and health outcomes has drawn attention to the role of cardiovascular disease and other health issues. As a result, consumers are seeking out animal cruelty-free products to support their ethical beliefs and reduce their risk of zoonotic infections associated with animal agriculture. Businesses are also adapting to these changing consumer preferences, with many food chains and fine dining restaurants incorporating plant-based options into their menus. Furthermore, innovations in innovative food packaging and sustainable food packaging materials are helping to minimize environmental impact.
Popular brands like Oatly and No Evil Foods Sacred Serve have gained traction in the market, offering delicious and nutritious alternatives to traditional dairy products. These brands prioritize sustainability and ethical sourcing practices, resonating with consumers who value transparency and integrity. Despite the numerous benefits of plant-based diets, it's essential for individuals to be mindful of potential nutrient deficiencies such as anemia, hormonal imbalance, and Vitamin B12 deficiencies. Conducting thorough product type analysis can help consumers make informed choices and ensure they maintain a balanced diet while enjoying the benefits of vegan milk and other plant-based alternatives. In conclusion, the rising popularity of vegan milk reflects a broader shift towards more sustainable, ethical, and health-conscious dietary choices, driven by evolving consumer preferences and a growing awareness of the interconnectedness between food choices and personal well-being.
The market is experiencing significant growth driven by increasing demand for vegan food products. Factors such as rising health consciousness and the desire for a more sustainable lifestyle are contributing to this trend. Despite the high cost of vegan products, especially in low- and middle-income nations, the market is expanding due to improvements in living standards and the adoption of healthier diets to combat sedentary lifestyles and issues like obesity. Popular vegan food options include Pumpkin, avocado, and products from companies like Future Farms offering shelf-stable and chilled meat alternatives along with vegan ice cream.
Vegan Food Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.07% |
Market growth 2023-2027 |
USD 20.03 billion |
Market structure |
USD Fragmented |
YoY growth 2022-2023(%) |
11.5 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 40% |
Key countries |
US, China, Japan, Germany, and France |
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 Forecasting, market growth and trends, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast years. |
Customization purview |
If our market growth analysis 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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