Dublin, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The "Vegan Food Market Size, Share & Trends Analysis Report By Product (Meat & Seafood, Creamer, Ice Cream & Frozen Novelties, Yogurt, Cheese, Butter, Meals, Protein Bars, Others), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global vegan food market is poised for significant growth, projected to reach a size of USD 37.5 billion by 2030 with an impressive CAGR of 10.7%
The rising consumer preference for plant-based food, driven by increasing awareness regarding animal cruelty and the health benefits of a vegan diet, is expected to be a major growth driver for the industry. However, the high prices of vegan foods due to their expensive manufacturing process may pose a challenge to the market's expansion.
Nevertheless, the growth of the global vegan food industry is bolstered by the growing adoption of veganism worldwide, supported by its positive impact on metabolism due to its rich fiber content. Initiatives by key players to introduce plant-based food in developed and developing countries are also contributing to market growth.
In 2022, North America held the largest revenue share, fueled by social media campaigns promoting vegan food adoption by celebrities like Jake Gyllenhaal and Serena Williams, along with the increasing demand for dairy alternatives among lactose-intolerant consumers in the region.
Major players, including Amy's Kitchen, Danone S.A, Daiya Foods Inc., and Beyond Meat, among others, are adopting various strategies such as global expansion, partnerships, new product launches, and acquisitions to strengthen their market presence.
The meat & seafood segment is expected to register the fastest CAGR during the forecast period. The significant presence and high demand for plant-based meat in developing countries are expected to drive the growth of the segment. The availability of a variety of meat categories coupled with the availability of a wide range of plant-based meat products including deli slices, meatballs, tenders, chicken nuggets, and others is driving the growth.
The offline distribution channel led the market and is estimated to continue dominating during the forecast period. The high share is attributed to the easy accessibility of offline stores. Products from different brands are easily available in one place in offline stores resulting in their higher purchase.
Moreover, offline distribution channels such as convenience stores, supermarkets, hypermarkets, and others provide the facility of physical verification of the product, which is further expected to drive segment growth.
Vegan Food Market Report Highlights
- Asia Pacific is expected to register the fastest CAGR over the forecast period owing to the growing demand for plant-based food and rising health consciousness among consumers
- The yogurt segment is estimated to grow at the second highest CAGR over the forecast period. The rising preference for dairy-free products among millennials is expected to drive the segment's growth
- The vegan cheese segment is expected to expand at a significant CAGR over the forecast period. The increasing consumption of vegan cheese by lactose intolerant consumers is anticipated to contribute to the growth of the segment
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 80 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $16.55 billion |
| Forecasted Market Value (USD) by 2030 | $37.5 billion |
| Compound Annual Growth Rate | 10.7% |
| Regions Covered | Global |
Competitive Analysis
- Recent developments & impact analysis, by key market participants
- Company Categorization
- Participant's Overview
- Financial Performance
- Product Benchmarking
- Company Market Share Analysis, 2022 (%)
- Company Heat Map Analysis
- Strategy Mapping
Company Profiles
- Amy's Kitchen
- Danone S.A
- Daiya Foods Inc.
- Beyond Meat
- Tofutti Brands Inc.
- Plamil Foods Ltd
- VBites Foods Limited
- Eden Foods Inc.
- VITASOY International Holdings Limited
- SunOpta
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Product Outlook
2.3. Distribution Channel Outlook
2.4. Regional Outlook
2.5. Competition Outlook
Chapter 3. Vegan Food Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.2.1. Raw Material Outlook
3.2.2. Manufacturing and Technology Outlook
3.2.3. Profit Margin Analysis
3.3. Market Dynamics
3.4. Industry Analysis - Porter's Five Forces Analysis
3.5. Market Entry Strategies
Chapter 4. Consumer Behavior Analysis
4.1. Demographics Analysis
4.2. Consumer Trends and Preferences
4.3. Factors Affecting Buying Decision
4.4. Consumer Product Adoption
4.5. Key Observations & Findings
Chapter 5. Vegan Food Market: Product Estimates & Trend Analysis
5.1. Product Movement Analysis & Market Share, 2022 & 2030
5.2. Meat & Seafood
5.2.1. Meat & seafood market estimates and forecast, 2017 - 2030 (USD Billion)
5.3. Creamer
5.4. Ice Cream and Frozen Novelties
5.5. Yogurt
5.6. Cheese
5.7. Butter
5.8. Meals
5.9. Protein Bars
Chapter 6. Vegan Food Market: Distribution Channel Estimates & Trend Analysis
6.1. Distribution Channel Movement Analysis & Market Share, 2022 & 2030
6.2. Online
6.3. Offline
Chapter 7. Vegan Food Market: Regional Estimates & Trend Analysis
7.1. Regional Movement Analysis & Market Share, 2022 & 2030
For more information about this report visit https://www.researchandmarkets.com/r/8lu6kd
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