The vegan food market was valued at US$ 17 billion in 2022; registering at a CAGR of 10.2% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Surging Veganism Trend Boost Demand for Vegan Food
Vegan Food Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: by Product Type (Dairy Alternative, Meat Substitutes, Baked Goods & Confectioneries, Sauces & Spreads, and Others), Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Vegan Food Market Dynamics - 2021 to 2031
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Vegan food is food products derived from plant-based sources. Vegan food includes dairy alternatives, meat substitutes, baked goods & confectioneries, sauces & spreads, etc. Meat substitutes and dairy alternatives are major vegan food products that are derived from soy, wheat, almond, coconut, and other plant-based sources. The rising awareness regarding health and overall wellness is driving the demand for vegan food products.
In recent years, the vegan population has grown significantly. According to the Harris Poll conducted on behalf of the Vegetarian Resource Group, as of March 2019, 2% of US citizens considered themselves vegan. In addition, veganism was one of the top 5 searched terms on Google in 2019 in the UK and across the globe, according to Google Trends. Moreover, as per the data published by Veganuary (a nonprofit organization that encourages individuals worldwide to become 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 is driving the vegan food market growth.
Consumers are highly inclined toward plant-based or vegan-friendly products owing to increased health concerns and rising awareness regarding animal welfare. The health consciousness among people has grown due to the increasing prevalence of obesity, diabetes, and other diseases, which is compelling people to change their dietary habits. People generally perceive vegan food products to be healthier than conventional ones. This factor is also expected to boost the consumption of vegan food. Thus, the growing demand for plant-based meat products is expected to boost the vegan food market over the forecast period.
Based on product type, the vegan food market is segmented into dairy alternatives, meat substitutes, baked goods & confectioneries, sauces & spreads, and others. The meat substitutes segment is expected to grow at the highest CAGR from 2022 to 2028. Plant-based meat products are lower in saturated fat and calories than conventional meat products, making them a healthier choice for consumers. Moreover, as per the Plant-Based Food Association, the retail sales of meat & seafood products in the US have increased by 74% since 2019. These factors are expected to boost the demand for meat substitutes.
Further, manufacturers are making significant investments in product innovation to attract a large number of consumers. For instance, NotCo, a plant-based food manufacturer that offers plant-based meat, burger, milk, and ice cream, has invested in Giuseppe a program based on artificial intelligence and machine learning. The program uses an algorithm to find unlimited combinations of plants to make products with similar taste and texture to animal products. Such technological investments are expected to boost the product development process, which will support the vegan meat market growth in the coming years.
Beyond Meat.; Earth's Own; Gooddot; Mona Naturprodukte GmbH; Danone S.A; PANOS brands; Tofutti Brands, Inc.; Unilever; Plamil Foods Ltd; and VBites Foods Ltd are a few of the key players profiled in the study of the vegan food market. Several other major companies were analyzed in this research study to get a holistic view of the market and its ecosystem.
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