Westford, USA, July 12, 2024 (GLOBE NEWSWIRE) -- Global Vegan Food Market size was valued at around USD 16.5 Billion in 2022 and is poised to grow from USD Billion 18.23 in 2023 to USD 40.53 Billion by 2031, at a CAGR of 10.5% over the forecast period (2024-2031).
SkyQuest projects that Global Vegan Food Market will attain a value of USD 40.53 Billion by 2031, with a CAGR of 10.5% over the forecast period (2024-2031). The cost of manufacturing vegan food is expected to be high, as plant-based ingredients are pricier compared to animal products. This means that few people in low- and middle- income countries will eat vegan food, which is likely to happen due to the same mentioned reason. But to significantly improve the tastes and textures of plant-based foods, several important firms are utilising cutting-edge technology, which is anticipated to create major growth prospects.
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Browse in-depth TOC on the " Vegan Food Market "
- Pages - 157
- Tables - 61
- Figures – 75
Vegan Food Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $18.23 Billion |
| Estimated Value by 2031 | $40.53 Billion |
| Growth Rate | Poised to grow at a CAGR of 10.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product and Distribution Channel |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Prevalences of chronic disease globally |
| Key Market Opportunities | Growing number of options increases in the commercial vegan food |
| Key Market Drivers | Rising uptake of innovative packaging solutions for vegan food items |
Advancements in Food Technology by Meat Substitute Product Allows it to Dominate the Market
The global vegan food market is dominated by meat alternatives as result of growing environmental concerns, increased health consciousness, and improvements in food technology. Innovations like plant-based proteins that replicate the textures and flavors of meat satisfy consumer expectations for healthier, sustainable alternatives, expanding the market and boosting product uptake.
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Offering Immediate Product Availability Allows Offline Distribution to Emerge as Dominant
The global vegan food market is dominated by offline distribution channels as they provide instant product availability, direct customer interaction, and the potential to build confidence through physical inspection. The elements increase the comfort and trust of buyers, in case it boosts sales index and expands the market share of vegetable food in general.
High Demand for Dairy Alternatives in the US Allows North America to Lead
With a 40% revenue share in the global vegan food market, North America led the way due to rising demands for dairy substitutes in the US, rising environmental and animal welfare concerns for food safety, and lactose intolerance. Additional effects are noted; according to the National Digestive Disease Information Clearinghouse, lactose intolerance affects between 30 and 50 million Americans.
Vegan Food Market Insight
Drivers:
- Rising Uptake of Innovative Packaging Solutions for Vegan Food Items
- Increasing Awareness about Animal Cruelty
- Growth of Obese Population
Restraints:
- Growing Popularity of Low-Fat Meat Substitutes
- High Price of Vegan Products
- Restricted Research to Back Health Claims
Prominent Players in Vegan Food Market
The following are the Top Vegan Food Companies
- General Mills Inc. (US)
- Amway (US)
- Conagra Brands Inc. (US)
- Cargill Incorporated (US)
- Abbott Laboratories (US)
- Kraft Foods Group Inc. (US)
- The Coca-Cola Company (US)
- PepsiCo Inc. (US)
- Atkins Nutritionals Inc. (US)
- Brunswick Corporation (US)
Key Questions Answered in Global Vegan Food Market Report
- What is SkyQuest's estimated value for the global vegan food market by 2031?
- Due to there is a large demand for dairy substitutes in the US, which region accounts for 40% of the worldwide vegan food market's revenue?
- Which are some of the major factors influencing the vegan food market that the study mentions?
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This report provides the following insights:
- Analysis of key drivers (Growing environmental attention amongst vegan meals groups, sustainable options in meat-free merchandise, plant-based packaging totally substitutes the plastic packaging and lower carbon footprint overall), restraints (Other lean meats are gaining popularity, alternatives over vegan option among consumers and more expensive than animal-based foods), opportunities (Prices are likely to become more competitive, larger number of buyers to enter the vegan food industry and launch of soy-dairy milk), and challenges (Limited research available in the scientific community and negative health implications of vegan food) influencing the growth of vegan food market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the vegan food market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the vegan food market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Plant Based Protein Supplements market
Organic Food And Beverages Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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