The vegan food market is expected to grow from US$ 17 billion in 2022 to US$ 31 billion by 2031; it is expected to grow at a CAGR of 10.2% from 2022 to 2031.
Vegan food products are generally dairy-free and meat-free food products derived from plant-based sources. Such products are increasingly being used as a meat substitute with increasing health awareness. Various vegan food products such as meat substitutes and dairy alternatives are derived from soy, wheat, almond, coconut, and other plant-based sources. Further, the increasing health consciousness has increased the demand for different healthy food products, such as vegan food.
MARKET DYNAMICS
Rising concern about animal health and cruelty and awareness about the benefits of a vegan diet has encouraged people to shift from animal-based to plant-based meals. According to data published by Veganuary (a non-profit organization that encourages individuals worldwide to go vegan for the whole month of January), approximately 5.8 million people signed up for the ‘Veganuary Campaign’ in 2021. Thus, the growing trend of veganism among the population is increasing the demand for vegan food. Moreover, manufacturers are making significant investments in product innovation to attract a large number of consumers. For instance, Imagine Meats, an India-based startup, offers innovative products such as Chicken Biryani, Mutton Biryani, and Chicken Seekh Kebab, which are a few of the well-known food items in Indian cuisine. Such product innovations help companies penetrate the domestic markets and offer a competitive edge in international markets. However, the high cost of vegan food products, such as plant-based meat, is hampering the vegan food market growth.
MARKET SCOPE
The "Global Vegan Food Market Forecast to 2031" is a specialized and in-depth study of the vegan food market with a special focus on the global market trend analysis. The report aims to provide an overview of the vegan food market with detailed market segmentation. It provides key statistics on the status of leading market players and offers major trends and opportunities in the market.
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Vegan Food Market: Strategic Insights
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Vegan Food Market Regional Insights
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You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities
Vegan Food Market: Strategic Insights
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The regional trends and factors influencing the Vegan Food Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Vegan Food Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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Vegan Food Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 18.73 Billion |
| Market Size by 2031 | US$ 40.75 Billion |
| Global CAGR (2023 - 2031) | 10.20% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Market Players Density: Understanding Its Impact on Business Dynamics
The Vegan Food Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Vegan Food Market are:
- Amy's Kitchen, Inc.
- Blue Diamond Growers
- Earth's Own Food Company Inc
- Hain Celestial Group Inc.
- Living Harvest Food Inc.
Disclaimer: The companies listed above are not ranked in any particular order.
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- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Distribution Channel, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
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The List of Companies
1. Amy's Kitchen, Inc.
2. Blue Diamond Growers
3. Earth's Own Food Company Inc
4. Hain Celestial Group Inc.
5. Living Harvest Food Inc.
6. Panos Brand LLC
7. Plamil Foods Ltd
8. The Archer Daniels Midland Company
9. VITASOY International Holdings Ltd.
10. Whitewave Foods Company Inc.
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