Global Vegan Food Market Synopsis

Vegan Food Market Size Was Valued at USD 17,543.00 Million in 2022 and is Projected to Reach USD 37,332.36 Million by 2030, Growing at a CAGR of 9.9% From 2023-2030

A vegan diet is based on plants (such as vegetables, grains, nuts, and fruits) and foods made from plants. Vegans do not eat foods that come from animals, including dairy products and eggs. A vegetarian does not eat any animal flesh like meat, poultry, or fish.

• A vegan also avoids consuming dairy, eggs, and any other ingredients derived from animals. Rising concern about animal health and animal cruelty has been encouraging people to shift from animal-based to plant-based meals.
• Vegan foods are used to promote weight loss, reduce the risk of heart disease, Lower chances of getting certain types of cancer for instance colon cancer, and manage diabetes by lowering A1C levels. Some consumers are switching to vegan in light of its health benefits. With good planning of a balanced vegan diet, makes healthy and gets all the essential nutrients such as calcium, iron, vitamin B12, iodine, and selenium.
• The various food retailers experienced a significant increase in vegan food sales that further supported the growth of the market. The meat substitute segment accounts for a higher value vegan market share. Dairy-free cheese and desserts are being considered in the dairy alternative segment. Dairy alternative foods are generally prepared from soy, almond, rice, and other ingredient products such as oats, coconut, and cashews.
•  The global vegan food market is segmented based on product type, and distribution channel. Vegan populations coupled with the rise in many health-conscious consumers drive the demand for vegan food products.

Key Players:

Amy’s Kitchen (U.S), Daiya Foods Inc. (CANADA), Danone (FRANCE), Beyond Meat (U.S), Tofutti Brands Inc. (U.S), Plamil Foods Ltd (U.K), VBites Foods Limited (U.K), Eden Foods Inc. (U.S), VITASOY International Holding Limited (CHINA), SunOpta (Canada), Axiom Foods, Inc. (U.S), Archer Daniel's Midland (U.S), Eden Foods, Inc (U.S), Gardein (Canada), Quorn Foods (U.K), Alpro (Belgium), The Hain Celestial Group (New York), Upton's Naturals (U.S), Sweet Earth (U.S), Field Roast (U.S), Other major players.

Global Vegan Food Market Trend Analysis

Increasing Consumer Health-Conscious Awareness

• Increasing demand for healthy food and the change in conventional dietary patterns to plant-based diets, encourage the development of functional products and open new perspectives for industry interests.
• Additionally, the development of vegetable-based products is supported by that plant-based diets help reduce the risk of diseases, reduce stress, and even help maintain a healthy body weight, making this diet a promising development for the future.
•  Food chains, restaurants, and food manufacturers are launching new products and vegan food recipes growing demand in the market.  For instance: Daiya Launched the Next Generation of Plant-Based Cheese Through a Major Investment in Fermentation in 2023. Daiya announced a multi-million-dollar investment in fermentation technology that enable it to create a plant-based cheese that is tastier, meltier, and more stretcher than any other on the market. This was one of the largest investments in next-generation plant-based cheese.

 Popularity of plant-based food

• The trend to plant-based food has grown in recent years and it has been fueled by many drivers including innovation, concerns about food security, and sustainability, among others.
• However, multiple challenges, especially consumer acceptance of sensory properties of plant-based foods such as flavor, texture, and color are still hindering them from reaching a broader market.
• Plant-based diets were reported to be health-beneficial due to reduced risk of cancer, obesity, and cardiovascular diseases. Public health guidelines recommended and promoted their consumption as healthier options than animal-derived products World Health Organization, 2021. Plant-based food popularity is growing the demand for vegan food market for the forecast period.

Lack of Nutrients

• A vegan diet makes it more challenging to obtain vital nutrients that the body needs. Those nutrients are iron, calcium, and zinc.  Proper planning can meet the recommended daily intake for each one.
• The Academy of Nutrition and Dietetics agrees that an appropriately planned vegetarian, including vegan, diet is healthful, nutritionally adequate, and may provide health benefits for the prevention and treatment of certain diseases.  Lack of nutrients not only causes developmental failure, loss of various body functions, and several other diseases such as diabetes, vision loss, immunity loss, and cancer, but it also has several long-term effects on economic productivity. Nowadays, consumers are more health conscious about their health prospects. This lack of nutrients causes many diseases and hampered the market growth over the forecast period.

Global Vegan Food Market Segment Analysis:

Global Vegan Food Market is Segmented into by Product and Distribution Channel. By Product, Dairy alternatives the segment is anticipated to dominate the Market Over the Forecast period.

• The dairy alternative segment is expected to drive the growth of the vegan food market over the forecast period. Dairy alternatives are packed with calcium, protein, and lots of other essential nutrients. Calcium is vital for healthy teeth and bones. It is also important for muscles and the heart and to help your body form blood clots. They include soy, elements, oats, or other similar products. These products are beneficial for losing weight and are also suitable for lactose-rigid consumers. Manufacturers are focusing on increasing their product portfolio as there could be rising cases of lactose-rigid consumers.
• Based on distribution channels supermarkets and hypermarkets are helping with the sales of the product. The supermarket and hypermarket segments are expected to drive the growth of the vegan food market over the forecast period.

Global Vegan Food Market Regional Insights:

Asia Pacific is expected to Dominate the Market over the Forecast period.

• Asia-Pacific region is the largest vegetarian part in the world. Asia-Pacific, some intangible vegans choose their dietary taste based on their intangible judgment and concept of nonviolence. For instance, many Jains strictly bond to a vegan diet to avoid participating in violence of any form.
• APAC funding has been going to countries like Singapore, China, Australia, and Korea. But dozens of talented founders are building promising startups in India, Indonesia, and other large Southeast Asian markets.
• Plant-based food production at the national level can benefit from and encourage an expanding global market for plant protein crops, processed protein ingredients, and manufactured goods.
•  The demand for plant-based meals is surging in North America, Europe, and Asia, which will create chances to bridge supply gaps and benefit from technology that is rapidly updating shortly. The increasing demand for plant-based food in the Asia Pacific region drives the market growth over the forecast period.

COVID-19 Impact on Vegan Food Market

• The COVID-19 pandemic impacted the dietary behavior of consumers. In the early stages, consumers stockpiled food products, including plant-based products and plant-free products. The stockpiling further strained the production and supply of food products in the market.
• Additionally, concerns regarding planetary sustainability, personal health, and ethical animal treatment surged this increased attention toward plant-based diets, and now it appears that the pandemic has only fostered this trend. Companies ramped up the production scale to meet the growing demand for vegan food. Health became a crucial factor contributing to their shift in purchase patterns, causing a rise in the sales of vegan products in the global market.
• Furthermore, E-commerce platforms for selling food products also grew during the COVID-19. Delivery services also saw a surge in vegan food delivery during the COVID-19 pandemic, owing to a high number of adopting a healthy lifestyle while working from home.

Top Key Players of The Vegan Food Market

• Amy’s Kitchen (U.S)
• DAIYA FOODS INC. (CANADA)
• Danone (FRANCE)
• Beyond Meat (U.S)
• Tofutti Brands Inc. (U.S)
• Plamil Foods Ltd (U.K)
• VBites Foods Limited (U.K)
• Eden Foods Inc. (U.S)
• VITASOY International Holding Limited (CHINA)
• SunOpta (Canada)
• Axiom Foods, Inc. (U.S)
• Archer Daniel’s Midland (U.S)
• Eden Foods, Inc (U.S)
• Gardein (Canada)
• Quorn Foods (U.K)
• Alpro (Belgium)
• The Hain Celestial Group (New York)
• Upton’s Naturals (U.S)
• Sweet Earth (U.S)
• Field Roast (U.S)

Key Industry Developments

In March 2023, Daiya Launched the Next Generation of Plant-Based Cheese Through a Major Investment in Fermentation. Daiya announced a multi-million-dollar investment in fermentation technology that enable it to create a plant-based cheese that is tastier, meltier, and more stretcher than any other on the market. This was one of the largest investments in next-generation plant-based cheese.

In July 2022, Danone launched a new Dairy & Plants Blend baby formula to meet parents' desire for more plant-based foods. It is the industry's first blended baby formula for healthy babies, in which more than half (60%) of the protein comes from plants. Vegetable oils, such as sunflower, coconut, and rapeseed oils DHA, an omega-3 fatty acid from sustainably sourced algae, and fiber derived from chicory roots.

In August 2022, Tofutti Brands, Inc., the company that started it all in the dairy-free foods industry, launched its new packaging later this month. Plant-based before plant-based was cool, Tofutti’s new look improves branding and puts the company in a better position to compete in an ever-growing and competitive market.

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. ANALYSIS OF THE IMPACT OF COVID-19
       1. Impact On The Overall Market
       2. Impact On The Supply Chain
       3. Impact On The Key Manufacturers
       4. Impact On The Pricing
       5. Post COVID Situation
   11. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   12. ECOSYSTEM
6. VEGAN FOOD MARKET BY TYPE (2016-2030)
   1. VEGAN FOOD MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. MEAT & SEAFOOD
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2016 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2016 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. ICE CREAM AND FROZEN NOVELTIES
   5. YOGURT
   6. CHEESE BUTTER
   7. PROTEIN BARS
7. VEGAN FOOD MARKET BY DISTRIBUTION CHANNEL (2016-2030)
   1. VEGAN FOOD MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
      1. SUPERMARKET & HYPERMARKET
      2. Introduction And Market Overview
      3. Historic And Forecasted Market Size in Value (2016 – 2030F)
      4. Historic And Forecasted Market Size in Volume (2016 – 2030F)
      5. Key Market Trends, Growth Factors And Opportunities
      6. Geographic Segmentation Analysis
   3. SPECIALTY STORES
   4. E-COMMERCE
8. COMPANY PROFILES AND COMPETITIVE ANALYSIS
   1. COMPETITIVE LANDSCAPE
      1. Competitive Positioning
      2. VEGAN FOOD Market Share By Manufacturer (2022)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
   2.  AMY’S KITCHEN (U.S)
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves And Recent Developments
      10. SWOT Analysis
   3. DAIYA FOODS INC. (CANADA)
   4. DANONE (FRANCE)
   5. BEYOND MEAT (U.S)
   6. TOFUTTI BRANDS INC. (U.S)
   7. PLAMIL FOODS LTD (U.K)
   8. VBITES FOODS LIMITED (U.K)
   9. EDEN FOODS INC. (U.S)
   10. VITASOY INTERNATIONAL HOLDING LIMITED (CHINA)
   11. SUNOPTA (CANADA)
   12. AXIOM FOODS, INC. (U.S)
   13. ARCHER DANIEL’S MIDLAND (U.S)
   14. EDEN FOODS, INC (U.S)
   15. GARDEIN (CANADA)
   16. QUORN FOODS (U.K)
   17. ALPRO (BELGIUM)
   18. THE HAIN CELESTIAL GROUP (NEW YORK)
   19. UPTON’S NATURALS (U.S)
   20. SWEET EARTH (U.S)
   21. FIELD ROAST (U.S)
9. GLOBAL VEGAN FOODMARKET BY REGION
   1. OVERVIEW
   2. NORTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Impact Of Covid-19
      3. Key Manufacturers
      4. Historic And Forecasted Market Size By Type
      5. Historic And Forecasted Market Size By Distribution Channel
      6. Historic And Forecasted Market Size By Country
         1. USA
         2. Canada
         3. Mexico
   3. EASTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Impact Of Covid-19
      3. Key Manufacturers
      4. Historic And Forecasted Market Size By Segments
      5. Historic And Forecasted Market Size By Country
         1. Russia
         2. Bulgaria
         3. The Czech Republic
         4. Hungary
         5. Poland
         6. Romania
         7. Rest Of Eastern Europe
   4. WESTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Impact Of Covid-19
      3. Key Manufacturers
      4. Historic And Forecasted Market Size By Segments
      5. Historic And Forecasted Market Size By Country
         1. Germany
         2. United Kingdom
         3. France
         4. The Netherlands
         5. Italy
         6. Spain
         7. Rest Of Western Europe
   5. ASIA PACIFIC
      1. Key Market Trends, Growth Factors And Opportunities
      2. Impact Of Covid-19
      3. Key Manufacturers
      4. Historic And Forecasted Market Size By Segments
      5. Historic And Forecasted Market Size By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Malaysia
         6. Thailand
         7. Vietnam
         8. The Philippines
         9. Australia
         10. New-Zealand
         11. Rest Of APAC
   6. MIDDLE EAST & AFRICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Impact Of Covid-19
      3. Key Manufacturers
      4. Historic And Forecasted Market Size By Segments
      5. Historic And Forecasted Market Size By Country
         1. Turkey
         2. Bahrain
         3. Kuwait
         4. Saudi Arabia
         5. Qatar
         6. UAE
         7. Israel
         8. South Africa
   7. SOUTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Impact Of Covid-19
      3. Key Manufacturers
      4. Historic And Forecasted Market Size By Segments
      5. Historic And Forecasted Market Size By Country
         1. Brazil
         2. Argentina
         3. Rest of South America
10. INVESTMENT ANALYSIS
11. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies