Vegan Food Market Dynamics - 2021 to 2031
The Vegan Food Market is expected to register a CAGR of 10% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by source (soy, pea, almond, cashew, others) and product type (patties, cheese, yogurt, ice cream, butter, milk, others). The report further presents analysis based on distribution channel (supermarkets and hypermarkets, specialty stores, online retail, and others). The global analysis is further broken-down at regional level and major countries. In terms of geography, the market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America). The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Vegan Food Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Vegan Food Market Segmentation
Source- Soy
- Pea
- Almond
- Cashew
- Others
- Patties
- Cheese
- Yogurt
- Ice Cream
- Butter
- Milk
- Others
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Retail
- Others
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Vegan Food Market Growth Drivers- Increased Standards of Living and Disposable Income: Increased standards of living and disposable income improved living conditions, a number of which ended up experiencing premium and artisanal vegan food products. Economic prosperity allows for increased spending on specialty ingredients, thereby sustaining the growth of vegan food market worldwide.
- Growing Popularity of Plant-Based and Vegan Food Products for Health and Wellness: Plant-based and vegan food products are becoming popular among consumers seeking a healthy lifestyle. Being made primarily from soy, oats, cashew, coconut, and other vegan ingredients, various vegan food products are an excellent source of wholesome nutrients, and carbs.
- Innovation and Strategic Development by Key Market Players: In fact, innovation and strategic development initiatives by key market players is being witnessed at high levels in the market. Brands are today introducing various types of vegan food products, for specific dietary requirements. which helps the product appeal to a broader audience and hence boosts market growth.
- Veganism on the Rise: The increasing vegan population and rising trend of veganism driving the demand for vegan food products. According to Veganuary Organization, more than 620,000 people registered for the Veganuary campaign in 2022, and the registrations increased by 200% in the last three years.
- Veganism as a Solution to the Climate Crisis: Moreover, various organizations such as Good Food Institute, PETA believe that veganism can help save the planet from the climate crisis. The rising awareness regarding the harmful effects of the livestock industry on the environment further boosts the demand for vegan food products.
- Urban Transformation: Further, Major cities like Los Angeles and New York are turning rapidly into vegan dining destinations as many restaurants and food trucks present these alternatives. All this urbanization trends have a very strong impact on the demand for vegan products in general.
- The Rise of Fast, Plant-Based Meals: Busy consumers are increasingly demanding easier, more plant-based options that better fit their fast lives. This presents a huge opportunity to innovate and provide vegan options for fast food chains, not just in traditional fast foods but the healthier, gourmet versions, which would guarantee more appeal.
- Innovative Technologies Shaping the Future of Vegan Food: Companies will pay for investments in research and development that yield plant-based meats, dairy alternatives, and more to fuel the customer's desires. Advanced technologies such as extrudable fat technology and prolamin technology afford food manufacturers the opportunity to make vegan products more attractive and believably realistic. This innovation will not only appeal to dedicated vegans but also to flexitarians and meat-eaters who may want to reduce their meat intake.
- E-Commerce Revolution: The COVID-19 pandemic has further accelerated the shift in shopping behavior towards the online platform. E-commerce, however, offers tremendous opportunities for vegan food brands to reach out to consumers in ways that are otherwise not possible. This trend can continue; therefore, a single growth avenue for the vegan food market is going to be one of the online platforms.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Vegan Food Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Vegan Food Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Distribution Channel, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The report can be delivered in PDF/Word format, we can also share excel data sheet based on request.
Based on geography, Europe held the largest share of the vegan food market.
Beyond Meat, Plamil Foods Ltd, Unilever, N?kd, Oatly, Danone S.A., Nestlé, Hain Celestial, Vego Good Food GmbH are among the leading players operating in the vegan food market.
The rising consumers’ inclination towards vegan food due to rising veganism trend is likely to remain the key trends in the market.
The growing popularity of plant-based vegan products and innovation & strategic development initiatives by key market players is driving the vegan food market growth.
The Vegan Food Market is estimated to witness a CAGR of 10% from 2023 to 2031
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Vegan Food Market - By Product
1.3.2 Vegan Food Market - By Distribution Channel
1.3.3 Vegan Food Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. VEGAN FOOD MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. VEGAN FOOD MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. VEGAN FOOD MARKET - GLOBAL MARKET ANALYSIS
6.1. VEGAN FOOD - GLOBAL MARKET OVERVIEW
6.2. VEGAN FOOD - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. VEGAN FOOD MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. DAIRY ALTERNATIVES
7.3.1. Overview
7.3.2. Dairy Alternatives Market Forecast and Analysis
7.4. MEAT SUBSTITUTES
7.4.1. Overview
7.4.2. Meat Substitutes Market Forecast and Analysis
7.5. OTHERS
7.5.1. Overview
7.5.2. Others Market Forecast and Analysis
8. VEGAN FOOD MARKET - REVENUE AND FORECASTS TO 2028 - DISTRIBUTION CHANNEL
8.1. OVERVIEW
8.2. DISTRIBUTION CHANNEL MARKET FORECASTS AND ANALYSIS
8.3. OFFLINE
8.3.1. Overview
8.3.2. Offline Market Forecast and Analysis
8.4. ONLINE
8.4.1. Overview
8.4.2. Online Market Forecast and Analysis
9. VEGAN FOOD MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Vegan Food Market Overview
9.1.2 North America Vegan Food Market Forecasts and Analysis
9.1.3 North America Vegan Food Market Forecasts and Analysis - By Product
9.1.4 North America Vegan Food Market Forecasts and Analysis - By Distribution Channel
9.1.5 North America Vegan Food Market Forecasts and Analysis - By Countries
9.1.5.1 United States Vegan Food Market
9.1.5.1.1 United States Vegan Food Market by Product
9.1.5.1.2 United States Vegan Food Market by Distribution Channel
9.1.5.2 Canada Vegan Food Market
9.1.5.2.1 Canada Vegan Food Market by Product
9.1.5.2.2 Canada Vegan Food Market by Distribution Channel
9.1.5.3 Mexico Vegan Food Market
9.1.5.3.1 Mexico Vegan Food Market by Product
9.1.5.3.2 Mexico Vegan Food Market by Distribution Channel
9.2. EUROPE
9.2.1 Europe Vegan Food Market Overview
9.2.2 Europe Vegan Food Market Forecasts and Analysis
9.2.3 Europe Vegan Food Market Forecasts and Analysis - By Product
9.2.4 Europe Vegan Food Market Forecasts and Analysis - By Distribution Channel
9.2.5 Europe Vegan Food Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Vegan Food Market
9.2.5.1.1 Germany Vegan Food Market by Product
9.2.5.1.2 Germany Vegan Food Market by Distribution Channel
9.2.5.2 France Vegan Food Market
9.2.5.2.1 France Vegan Food Market by Product
9.2.5.2.2 France Vegan Food Market by Distribution Channel
9.2.5.3 Italy Vegan Food Market
9.2.5.3.1 Italy Vegan Food Market by Product
9.2.5.3.2 Italy Vegan Food Market by Distribution Channel
9.2.5.4 United Kingdom Vegan Food Market
9.2.5.4.1 United Kingdom Vegan Food Market by Product
9.2.5.4.2 United Kingdom Vegan Food Market by Distribution Channel
9.2.5.5 Russia Vegan Food Market
9.2.5.5.1 Russia Vegan Food Market by Product
9.2.5.5.2 Russia Vegan Food Market by Distribution Channel
9.2.5.6 Rest of Europe Vegan Food Market
9.2.5.6.1 Rest of Europe Vegan Food Market by Product
9.2.5.6.2 Rest of Europe Vegan Food Market by Distribution Channel
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Vegan Food Market Overview
9.3.2 Asia-Pacific Vegan Food Market Forecasts and Analysis
9.3.3 Asia-Pacific Vegan Food Market Forecasts and Analysis - By Product
9.3.4 Asia-Pacific Vegan Food Market Forecasts and Analysis - By Distribution Channel
9.3.5 Asia-Pacific Vegan Food Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Vegan Food Market
9.3.5.1.1 Australia Vegan Food Market by Product
9.3.5.1.2 Australia Vegan Food Market by Distribution Channel
9.3.5.2 China Vegan Food Market
9.3.5.2.1 China Vegan Food Market by Product
9.3.5.2.2 China Vegan Food Market by Distribution Channel
9.3.5.3 India Vegan Food Market
9.3.5.3.1 India Vegan Food Market by Product
9.3.5.3.2 India Vegan Food Market by Distribution Channel
9.3.5.4 Japan Vegan Food Market
9.3.5.4.1 Japan Vegan Food Market by Product
9.3.5.4.2 Japan Vegan Food Market by Distribution Channel
9.3.5.5 South Korea Vegan Food Market
9.3.5.5.1 South Korea Vegan Food Market by Product
9.3.5.5.2 South Korea Vegan Food Market by Distribution Channel
9.3.5.6 Rest of Asia-Pacific Vegan Food Market
9.3.5.6.1 Rest of Asia-Pacific Vegan Food Market by Product
9.3.5.6.2 Rest of Asia-Pacific Vegan Food Market by Distribution Channel
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Vegan Food Market Overview
9.4.2 Middle East and Africa Vegan Food Market Forecasts and Analysis
9.4.3 Middle East and Africa Vegan Food Market Forecasts and Analysis - By Product
9.4.4 Middle East and Africa Vegan Food Market Forecasts and Analysis - By Distribution Channel
9.4.5 Middle East and Africa Vegan Food Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Vegan Food Market
9.4.5.1.1 South Africa Vegan Food Market by Product
9.4.5.1.2 South Africa Vegan Food Market by Distribution Channel
9.4.5.2 Saudi Arabia Vegan Food Market
9.4.5.2.1 Saudi Arabia Vegan Food Market by Product
9.4.5.2.2 Saudi Arabia Vegan Food Market by Distribution Channel
9.4.5.3 U.A.E Vegan Food Market
9.4.5.3.1 U.A.E Vegan Food Market by Product
9.4.5.3.2 U.A.E Vegan Food Market by Distribution Channel
9.4.5.4 Rest of Middle East and Africa Vegan Food Market
9.4.5.4.1 Rest of Middle East and Africa Vegan Food Market by Product
9.4.5.4.2 Rest of Middle East and Africa Vegan Food Market by Distribution Channel
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Vegan Food Market Overview
9.5.2 South and Central America Vegan Food Market Forecasts and Analysis
9.5.3 South and Central America Vegan Food Market Forecasts and Analysis - By Product
9.5.4 South and Central America Vegan Food Market Forecasts and Analysis - By Distribution Channel
9.5.5 South and Central America Vegan Food Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Vegan Food Market
9.5.5.1.1 Brazil Vegan Food Market by Product
9.5.5.1.2 Brazil Vegan Food Market by Distribution Channel
9.5.5.2 Argentina Vegan Food Market
9.5.5.2.1 Argentina Vegan Food Market by Product
9.5.5.2.2 Argentina Vegan Food Market by Distribution Channel
9.5.5.3 Rest of South and Central America Vegan Food Market
9.5.5.3.1 Rest of South and Central America Vegan Food Market by Product
9.5.5.3.2 Rest of South and Central America Vegan Food Market by Distribution Channel
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. VEGAN FOOD MARKET, KEY COMPANY PROFILES
11.1. AMY'S KITCHEN, INC.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. BLUE DIAMOND GROWERS
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. EARTH'S OWN FOOD COMPANY INC
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. HAIN CELESTIAL GROUP INC.
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. LIVING HARVEST FOOD INC.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. PANOS BRAND LLC
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. PLAMIL FOODS LTD
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. THE ARCHER DANIELS MIDLAND COMPANY
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. VITASOY INTERNATIONAL HOLDINGS LTD.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. WHITEWAVE FOODS COMPANY INC.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. Amy's Kitchen, Inc.
2. Blue Diamond Growers
3. Earth's Own Food Company Inc
4. Hain Celestial Group Inc.
5. Living Harvest Food Inc.
6. Panos Brand LLC
7. Plamil Foods Ltd
8. The Archer Daniels Midland Company
9. VITASOY International Holdings Ltd.
10. Whitewave Foods Company Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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