Pune, India, April 27, 2023 (GLOBE NEWSWIRE) -- The global vegan food market size was valued at USD 23.31 billion in 2020 and is expected to grow from USD 26.16 billion in 2021 to USD 61.35 billion by 2028, exhibiting a CAGR of 12.95% during the forecast period. Rising demand for the product and increasing health consciousness are expected to bolster the market development. Fortune Business Insights™ presents this information in its report titled “Vegan Food Market, 2021-2028.”
The Vegan Food Market has experienced tremendous growth in recent years, driven by increasing awareness about the environmental and health benefits of plant-based diets. Consumers are looking for delicious, convenient, and affordable vegan options, and food manufacturers are responding with a wide range of innovative products, from meat substitutes to plant-based milk and cheese alternatives. The market is also benefiting from the rise of e-commerce and direct-to-consumer sales channels, which allow smaller, niche brands to reach a wider audience.
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List of Key Players Profiled in the Vegan Food Market Report:
- Danone S.A. (Paris, France)
- Conagra, Inc. (Illinois, U.S.)
- The Hain Celestial Group, Inc. (New York, U.S.)
- Axiom Foods, Inc. (Los Angeles, U.S.)
- DAIYA FOODS INC. (Burnaby, Canada)
- Alpro (Wevelgem, Belgium)
- Kellogg Company (Michigan, U.S.)
- Amy’s Kitchen (California, U.S.)
- Impossible Foods Inc. (California, U.S.)
- Beyond Meat (California, U.S.)
- Archer Daniels Midland Company (Illinois, U.S.)
- Tofutti Brands, Inc. (New Jersey, U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 12.95 % |
| 2028 Value Projection | USD 61.35 Billion |
| Vegan Food Market Size in 2021 | USD 26.16 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 160 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Vegan Food Market Growth Drivers | Growing Adoption of Innovative Food Packaging of Vegan Food Products to Foster Industry Growth |
| Rising Demand for Animal Cruelty-Free Products to Fuel Vegan Food Market Growth |
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Segments
Product Type, Distributional Channel, and Region are Studied
By product type, the market is segmented into vegan meat, vegan milk, and others. As per distributional channel, it is categorized into online retails, convenience stores, supermarkets/hypermarkets, and others. Geographically, it is grouped into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving & restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Increasing Adoption of Innovative Products to Boost Market Progress
Strong demand for sustainable materials for food packaging and rise in awareness of animal cruelty are expected to bolster market development. The rising demand for innovative products is expected to bolster industry development. Furthermore, innovative products are expected to bolster market development. As per the information published by a science journal, dairy and meat products generate approximately 60% greenhouse gasses from the agricultural sector. These factors may drive the vegan food market growth.
However, the rising cost of vegan products is expected to bolster market development.
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COVID-19 Impact
Rising Demand for Healthy Vegan Products to Bolster Market Development
This market is expected to grow positively during the COVID-19 pandemic due to the rising demand for healthy vegan products. Despite increase in cases, the demand for healthy products is expected to increase rapidly. Furthermore, the rising adoption of online shopping and e-commerce is expected to boost the adoption of food products. Moreover, the rising demand for a healthy and nutritional diet is expected to foster market development. These factors may propel the market growth during the pandemic.
Regional Insights
Presence of Vegetarian Population to Boost Market Growth in North America
Asia Pacific is expected to dominate the vegan food market share due to the presence of vegetarian population in India. The market in Asia Pacific stood at USD 9.74 billion in 2020 and is expected to gain a huge part of the market share in the coming years. Furthermore, rising investments in innovative and novel products are expected to foster market development. These factors may propel market development in the coming years.
In North America, many vegan food consumers are expected to boost the product adoption. Furthermore, rising climate awareness and increasing partnerships among brands are expected to drive the growth of the industry.
In Europe, the presence of major consumer’s vegan consumers and major food chains such as Starbucks and Domino’s is expected to boost market development. Furthermore, rising climate awareness, vegan diet adoption, and the adoption of flexitarian diet are expected to nurture development.
Competitive Landscape
Companies Launch Novel Products to Boost Brand Image
Prominent companies operating in the market introduce novel products to attract consumers and boost brand image. For example, the U.S. retail corporation Target announced a sub-brand titled “Good & Gather Plant-based " in May 2021. The company aims to announce 30 novel plant-based vegan foods under the brand through this launch. Furthermore, companies devise research and development, mergers, acquisitions, and expansions to boost their market position. In addition, the rising adoption of technologically advanced production techniques may enable companies to reduce costs, enhance the production capacity, improve productivity, and achieve goals.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Regulatory Framework
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis Related to COVID-19
- Impact of COVID-19 on the Market
- Supply Chain Challenges amidst Pandemic
- Potential Opportunities due to this Global Crisis
- Global Vegan Food Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type
- Vegan Meat
- Vegan Milk
- Others
- By Distribution Channel
- Hypermarkets/Supermarkets
- Online Retails
- Convenience Stores
- Others
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product Type
- North America Vegan Food Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type
- Vegan Meat
- Vegan Milk
- Others
- By Distribution Channel
- Hypermarkets/Supermarkets
- Online Retails
- Convenience Stores
- Others
- By Country (Value)
- U.S.
- By Product Type
- Vegan Meat
- Vegan Milk
- Others
- By Product Type
- Canada
- By Product Type
- Vegan Meat
- Vegan Milk
- Others
- By Product Type
- Mexico
- By Product Type
- Vegan Meat
- Vegan Milk
- Others
- By Product Type
- U.S.
- By Product Type
TOC Continued...!
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Industry Development
- February 2021: France-based company Danone completed the acquisition of Follow Your heart for USD 6 million. The company aims to improve its capabilities to develop and launch novel vegan products in the industry.
Read Related Insights:
Meat Substitutes Market Revenue to Hit $12.30 Billion by 2029 | At a CAGR of 11.11%
With 13.58% CAGR, Dairy Alternatives Market to Hit USD 61.43 Billion by 2029 | Rising Veganism & Lactose Intolerant Population to Boost Growth
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