London, United Kingdom, May 11, 2023 (GLOBE NEWSWIRE) -- According to new study published by Market Research Future (MRFR), the global vegan food market was estimated to be worth USD 24.2 billion in 2022. The vegan food market is expected to increase from USD 27.39 billion in 2023 to USD 73.86 billion by 2032, at a compound annual growth rate (CAGR) of 16.26% between 2023 and 2032. The primary market drivers boosting market expansion include increased awareness of the benefits of a vegan diet and altering consumer tastes.
Vegan Food Market Overview:
The vegan food industry's consumer base is growing as people become more aware of the health benefits of plant-based foods. Other advantages of plant-based foods include a lower risk of heart disease, stroke, and early death. If the demand for alternative dairy products and animal alternatives rises, it will aid in the adoption of vegan diets.
Furthermore, people seek nutritional alternatives. Market participants are introducing unique and distinctive food products in order to broaden their client base and improve their image. Lactose intolerant people are also contributing to the growth of the vegan food business. The market CAGR is being influenced by changing lifestyle patterns.
Vegan food is more expensive to produce than animal-based food because of the high cost of plant-based ingredients utilised in preparation. This aspect is predicted to limit the uptake of vegan edibles in low- and middle-income nations. However, a number of prominent firms are utilising modern technology to achieve considerable advances in the flavours and textures of plant-based meals, which are projected to present significant growth prospects.
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For example, Motif FoodWorks, Inc., a food technology firm, is developing plant-based meat and cheese using extrudable fat technology and prolamin technology.
Furthermore, the expanding global popularity of plant-based foods boosts market growth. This indicates that veganism is gaining popularity around the world. According to Google Trends from 2004 to 2022, the top regions with a vegan interest include the United Kingdom, Israel, New Zealand, Australia, and Austria. Furthermore, there has been a decrease in consumer meat consumption.
Report Scope:
| Report Attribute | Details |
| Market Size | USD 73.86 Billion |
| CAGR | 16.26% (2023 to 2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018-2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Changing consumer preferences |
Market Competitive Landscape:
Companies are boosting their production and technological capacities in order to develop and launch new vegan product versions. Vegan products are being developed and released by startups, further fragmenting the market's competitive environment.
Key Companies in the Vegan Food market include
- General Mills Inc.
- Amway
- Conagra Brands Inc.
- Cargill Incorporated
- Abbott Laboratories
- Kraft Foods Group Inc.
- The Coca-Cola Company
- PepsiCo Inc.
- Atkins Nutritionals Inc.
- Brunswick Corporation
Market Drivers:
Increased awareness of the benefits of a vegan diet is a major element driving the growth of this market in many countries. There is a shift in purchasing due to the benefits of a vegan diet. Vegan products are becoming more popular among young people all around the world. The market for vegan cuisine is being driven by increased demand for alternative dairy products, animal substitutes, and other dietary substitutes. Vegan dishes are made from or prepared entirely from plant-based materials. Vegan foods are accessible as meat replacements that are both healthier and more flavorful than meat. They are mostly made of wheat, soy, and other components. Dairy-free meals and beverages are made from soy, rice, coconut, and almond. As a result, such elements are propelling the vegan food market revenue.
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Segmentation
The global vegan food market is segmented on the basis of product, distribution channel, and region.
By product, the vegan food market is segmented into meat & seafood, creamer, ice cream and frozen novelties, yogurt, cheese, butter, meals, protein bars, and others. Of these, the meat & seafood segment held dominant share in the revenue of market in 2022 and is expected to remain dominant over the forecast period.
By distribution channel, vegan food market is segmented into offline and online. Of these, the offline segment held dominant share in the market owing to large number of supermarkets and hypermarkets, which has contributed in increased product sales overall.
By region, the vegan food market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
Browse In-depth Market Research Report (128 Pages) on Vegan Food Market: https://www.marketresearchfuture.com/reports/vegan-food-market-11517
Regional Insights
In 2022, the North American vegan food market will lead this market. Concerns about animal abuse in the food industry, as well as its detrimental impact on the environment, are driving the market. Furthermore, the number of lactose-intolerant people in the United States drives demand for alternative dairy products.
Europe has the second-largest market share for Vegan Food. Europe is a major consumer of plant-based culinary goods worldwide. Due to a surge in vegan consumers in the region, well-known food companies such as Domino's and Starbucks have created new vegan goods for regional customers. Veganism is becoming more popular in the region as people become more environmentally conscientious.
Furthermore, the German Vegan Food market dominated, while the UK Vegan Food market was the fastest expanding in the European region.
From 2023 to 2032, the Asia-Pacific Vegan Food Market is predicted to develop at the quickest CAGR. Consumers' growing health consciousness is driving the market. Because of the strong potential opportunities in Asia-Pacific, the market's main manufacturers have focused on expanding their operations there. Furthermore, China's Vegan Food market had the greatest market share, while India's Vegan Food market was the fastest expanding in the Asia-Pacific region.
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