The vegan food market is expected to grow from US$ 17 billion in 2022 to US$ 31 billion by 2028; it is expected to grow at a CAGR of 10.2% from 2022 to 2028.
Vegan food products are generally dairy-free and meat-free food products derived from plant-based sources. Such products are increasingly being used as a meat substitute with increasing health awareness. Various vegan food products such as meat substitutes and dairy alternatives are derived from soy, wheat, almond, coconut, and other plant-based sources. Further, the increasing health consciousness has increased the demand for different healthy food products, such as vegan food.
MARKET DYNAMICS
Rising concern about animal health and cruelty and awareness about the benefits of a vegan diet has encouraged people to shift from animal-based to plant-based meals. According to data published by Veganuary (a non-profit organization that encourages individuals worldwide to go vegan for the whole month of January), approximately 5.8 million people signed up for the ‘Veganuary Campaign’ in 2021. Thus, the growing trend of veganism among the population is increasing the demand for vegan food. Moreover, manufacturers are making significant investments in product innovation to attract a large number of consumers. For instance, Imagine Meats, an India-based startup, offers innovative products such as Chicken Biryani, Mutton Biryani, and Chicken Seekh Kebab, which are a few of the well-known food items in Indian cuisine. Such product innovations help companies penetrate the domestic markets and offer a competitive edge in international markets. However, the high cost of vegan food products, such as plant-based meat, is hampering the vegan food market growth.
MARKET SCOPE
The "Global Vegan Food Market Forecast to 2028" is a specialized and in-depth study of the vegan food market with a special focus on the global market trend analysis. The report aims to provide an overview of the vegan food market with detailed market segmentation. It provides key statistics on the status of leading market players and offers major trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The global vegan food market is bifurcated into product type and distribution channel. Based on product type, the market is segmented into dairy alternatives, meat substitutes, baked goods & confectioneries, sauces & spreads, and others. Based on distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others.
REGIONAL FRAMEWORK
The global vegan food market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The report covers an analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in these regions.
North America dominated the vegan food market in 2021. The rising vegan population is a major factor boosting the demand for vegan food products. According to the Harris Poll conducted on behalf of the Vegetarian Resource Group, as of March 2019, 2% of US citizens reported themselves as a vegan. Moreover, a large number of people in the US are lactose intolerant, which fuels the demand for dairy alternative vegan products. These are the major factors anticipated to drive the market growth in the region.
Source: The Insight Partners Analysis
The report analyzes the factors, such as drivers, restraints, opportunities, and future trends, that impact the vegan food market. It also provides an exhaustive Porter's five forces analysis, highlighting the factors influencing the market in these regions.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic has had a mixed impact on the overall vegan food market. The imposition of the lockdown temporarily discontinued various manufacturing activities, resulting in a decrease in supply, which substantially impacted the vegan food market. In addition, the transportation of raw materials experienced many difficulties due to travel restrictions, which adversely impacted the global economy.
Consumers are becoming highly concerned about their health and fitness as a response to the impacts of the COVID-19 pandemic, which has dramatically increased the demand for plant-based and vegan food products. Consumers are also focusing on all-natural and vegan products as they perceive them to be more effective and healthier than conventional food products.
In 2021, the marketplace witnessed growth as governments of various countries announced the relaxation of several restrictions, including lockdowns. The manufacturers resumed their operations at full capacity, which helped them overcome the demand and supply gap. Many manufacturers expanded their production capacities to meet the rising consumer demand for vegan food.
E-commerce played a significant role during the COVID-19 pandemic as the shutdown of brick-and-mortar stores compelled consumers to purchase various products via online platforms. The sales of vegan packaged food increased through online stores as these platforms provided home delivery services even during lockdowns. For instance, Grubhub, one of the online food delivery apps, accounted for the upsurge of 17% in overall vegan food deliveries in 2021. Thus, consumers are expected to continue purchasing packaged vegan food products through online portals, which is further anticipated to favor the growth of the vegan food market during the forecast period.
MARKET PLAYERS
The reports cover key developments in organic and inorganic growth strategies in the vegan food market. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Inorganic growth strategy activities witnessed in the market were acquisitions, partnerships, and collaborations. These activities have encouraged business expansion and the customer base of market players. Market players are anticipated to have lucrative growth opportunities in the coming years due to the rising demand for vegan food.
The report includes key company profiles operating in the vegan food market, along with their SWOT analysis and market strategies. It also focuses on leading industry players with information, such as company profiles, components and services offered, financial information of the last three years, and key development in the past five years.
The list of a few key companies operating in the vegan food market is mentioned below:
- Beyond Meat.
- Earth's Own
- Gooddot
- Mona Naturprodukte GmbH
- Danone S.A
- PANOS brands
- Tofutti Brands, Inc.,
- Unilever
- Plamil Foods Ltd
- VBites Foods Ltd
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.