by The Vegan Food Market is estimated to be valued at Us$ 17987.14 Mn or Bn in 2023 and is expected to exhibit a CAGR Of 8.8% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vegan food includes plant-based food items and beverages that do not contain any animal products and by-products. The vegan food market comprises products like dairy alternatives, meat substitutes, and other food items like vegan mayonnaise, vegan ice-cream and desserts. These vegan products are a healthier option for health-conscious consumers as plant-based diets are linked to several health benefits like reduced risk of heart disease, type 2 diabetes, and obesity.
Market Dynamics:
Rising health consciousness – Consumers are becoming increasingly conscious about their health and the ingredients used in the food they consume. Plant-based, vegan diets are known to provide several health benefits and help reduce risk of chronic diseases. This has significantly boosted demand for vegan food products in recent years.
Growing awareness about animal welfare and environmental sustainability – More people are adopting veganism to support animal welfare and help protect the environment. Animal agriculture has considerable negative impact on the environment due to greenhouse gas emissions and land and water usage. Switching to plant-based diets can help address these issues and make consumption more sustainable. This awareness is propelling growth of the vegan food market.
Segment Analysis
The global vegan food market is segmented into dairy alternatives, meat substitutes and others. The dairy alternatives segment is expected to dominate the market over the forecast period. This is mainly attributed to the increasing number of people adopting vegan diets and thereby switching to plant-based milk alternatives like soy milk, almond milk and coconut milk from conventional dairy products. Consumers are increasingly becoming health conscious and opting for dairy alternatives owing to perceived health benefits like low cholesterol levels.
PEST Analysis
Political: Stringent regulations regarding animal welfare and sustainable food production are positively impacting the vegan food market. Various government initiatives to promote cruelty-free and eco-friendly products are fueling market growth.
Economic: The rising disposable income of consumers and increasing health consciousness are major drivers of market growth. However, the high prices of vegan food products compared to conventional items pose a challenge.
Social: Changing lifestyles, rising vegan population due to ethical beliefs like animal welfare and environmental protection are driving the market. Growing intolerance towards animal products is augmenting demand.
Technological: Advancements in food processing and ingredient sourcing have led to improved taste, texture and nutrient content of vegan food products. New product innovation with enhanced flavors is attracting more consumers.
Key Takeaways
The Global Vegan Food Market Size is expected to witness high growth, exhibiting CAGR of 8.8% over the forecast period, due to increasing health and wellness trends. The market size for 2023 is estimated to be US$ 17987.14 Mn.
Regional analysis:
North America dominates the global market and is expected to retain its leading position over 2023-2030. This is attributed to rising vegan population and rapid adoption of plant-based diets in the region. The Asia Pacific vegan food market is anticipated to grow at the fastest pace during the forecast period driven by growing health awareness in developing nations like India and China.
Key players
operating in the vegan food market are Hain Celestial, SunOpta Inc., WhiteWave, and Others. Hain Celestial is a leading player in the market with a wide range of plant-based products across various categories including dairy alternatives, meat substitutes, snacks and others. WhiteWave manufactures popular brands such as Silk, So Delicious and Vega and has a strong global presence. SunOpta Inc. focuses on sourcing and processing organic and non-GMO ingredients for vegan food companies.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
