Vegan Food Market

The Vegan Food Market size was valued at USD 13,520 million in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 9.6% during the forecast period.

Vegan Food Market

Vegan food products are type of vegetarian diet that are processed from plant based resources. The various types of ingredients used in vegan food products include dairy, meat, and all other animal-derived ingredients. Vegan foods provide all the nutrients required to maintain a healthy diet without the use of any animal-derived food product. Vegan food products include dairy substitutes, meat substitutes, and other bakery products, confectionery products, fruits, vegetables, and whole grains. Dairy substitute products include food and beverages that are prepared from almond, soy, rice, coconut, hemp seed, flaxseed, and other raw materials. Dairy-free vegan foods include milk, ice cream, butter, yogurt, coffee creamer, cheese, and mayo. The texture, flavor, and the appearance of vegan food products is similar to the meat products and are environment friendly.

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Growing consciousness about the health benefits of plant-based food items which include less risk of heart diseases, stroke, colorectal cancer, cholesterol, and premature death, high blood pressure, and asthma is one of the major factors driving the vegan food market growth. In addition, the increasing awareness about animal health and animal cruelty in the food industry have inclined individuals towards vegan diet to prevent the adverse environmental impact, fueling the market growth. As per the Vegan Society, from 2012 to 2017, the demand for plant-based food grew by 987%. Rising demand for gluten-free and vegetarian food, coupled with the easy availability of different variety of plant-based meat and dairy products, will further bolster the market growth. Moreover, as per the vegan food market analysis, increasing research and development activities by different companies to innovative products to strengthen their consumer base and improve their brand image will augment the market growth. For example, in 2019, Danone launched Two Good Greek low-fat yogurt with different flavors, such as Strawberry, Vanilla, Mixed Berry, Blueberry, and Peach. However, the high price of vegan food products as compared to animal-based products will hamper the vegan food market size.

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Based on the product type, the dairy substitutes segment in the vegan food market is expected to grow at a higher CAGR over the forecast period owing to the large number of lactose intolerant populations across the globe. Additionally, the easy availability of a wide range of vegan dairy products, including cheese, milk, ice creams, yogurt, dessert, and snacks, also contributed to the growth in the global vegan food market.

Based on the distribution channel, the online distribution channel is projected to witness a faster CAGR over the forecast period in the global vegan food market due to the rising usage of the internet and smartphones for purchasing vegan food products. The growing inclination of consumers towards online purchasing has been encouraging major companies to invest considerably in online distribution channels. The increasing emphasis on the online sales of vegan food products will directly propel the growth of the segment. The increasing number of supermarkets and hypermarkets throughout the globe and expanding number of dedicated vegan sections in the supermarkets are contributing to the growth of the market.

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Based on the region, the North America region is anticipated to dominate the market during the forecast period due to the rising number of vegans in the region as a result of the increasing concerns for animal brutality. Additionally, a large number of lactose intolerance populations in the region has also boosted the demand for dairy alternative products. On the other hand, the Asia-Pacific region is expected to witness a higher CAGR over the forecast period owing to the increasing health and environment awareness among the population. The easy availability of alternative meat and dairy food products, a large number of vegan consumers, and high demand for vegan bakery and fast foods in this region are some of the major factors propelling the market growth. Furthermore, increasing per capita income of people in developing countries, including India, China, Bangladesh, and Thailand in the region coupled with the awareness of consumers towards healthy food habits is expected to provide high growth opportunities for the vegan food market in the Asia-Pacific region.

Various notable players operating in the global vegan food market include Annie’s Homegrown, Plamil Foods Ltd., Atlantic Natural Foods, Inc., Kite Hill, Make My Day Food Inc., Miyoko’s Creamery, Tofurky, Amy’s Kitchen, Beyond Meat, Earth Balance, Eden Foods, Cedar Lake Foods, Earth’s Own Food Company, and The WhiteWave Foods Company, among others.

Key Developments:

• • In 2022, UK-based Plamil vegan confectionery business invested in its Kent-based facilities to expand its production volumes and extend its global presence.
  • In 2021, Miyoko’s creamery decided to raise $52 million funds to expand vegan cheese into restaurants
  • In 2021, Beyond Meat announced the Huge Expansion of its plant-based offerings across Europe,Germany and Austria
  • In 2020, Kite Hill, one of the leading plant-based food company launched two new products, including Kite Hill Blissful, a coconut milk-based yogurts, and Kite Hill Sour Cream Alternative, a plant-based sour cream made with coconut and almond milk. Through this product launching, the company has expanded its range of alternative dairy products.
  • In November 2019, the Vegetarian Butcher, which is acquired by Unilever Group, partnered with the Burger King to launch a plant-based sandwich known as Rebel Whopper in Europe. Through this partnership, Unilever has planned to expand its plant-based food product portfolio and the burger King will become one of the largest restaurants offering vegan patty across the European region.
  • In 2019, Plamil Foods Ltd., the UK-based producer of organic and vegan chocolate launched a range of snack bars named as finest dark chocolate, espresso dark chocolate, and cool mint dark chocolate. These three snack bars are nut-free, sugar-free as well as vegan. Through this launch, the company has expanded its range of vegan products portfolio.

The global vegan food market has been segmented on the basis of product type, distribution channel, and regions. Based on product type, the market is segmented into dairy substitutes, meat substitutes, and others. The dairy substitutes segment is further categorized into cheese, ice cream, milk, yogurt, and others. The meat substitutes segment is also categorized into tofu, tempeh, Seiten, TVF, Quorn, and others. Based on distribution channel, the market is segmented into grocery stores, convenience stores, specialty stores, supermarkets/hypermarkets, and online platforms.

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Key questions answered in this research report:

• • At what pace is global vegan food market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in vegan food market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global vegan food market?
  • Which product generated maximum revenues in 2019 and identify the most promising products during the forecast period?
  • What are the various distribution channels of global vegan food market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Vegan Food Market by Product Type

• • • Dairy Substitutes
      • Cheese
      • Ice Cream
      • Milk
      • Yogurt
      • Others
    • Meat Substitutes
      • Tofu
      • Tempeh
      • Seiten
      • TVF
      • Quorn
      • Others
    • Others

Global Vegan Food Market by Distribution Channel

• • • Grocery Stores
    • Convenience Stores
    • Speciality Stores
    • Supermarkets/Hypermarkets
    • Online Platforms

Global Vegan Food Market by Region

• • North America Vegan Food Market (Option 1: As a part of the free 25% customization)

• • • By Product Type
    • By Distribution Channel
    • US Market All-Up
    • Canada Market All-Up

• • Europe Vegan Food Market (Option 2: As a part of the free 25% customization)

• • • By Product Type
    • By Distribution Channel
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

• • Asia-Pacific Vegan Food Market (Option 3: As a part of the free 25% customization)

• • • By Product Type
    • By Distribution Channel
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

• • RoW Vegan Food Market (Option 4: As a part of the free 25% customization)

• • • By Product Type
    • By Distribution Channel
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Vegan Food Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Annie’s Homegrown
  • Plamil Foods Ltd.
  • Atlantic Natural Foods, Inc.
  • Kite Hill
  • Make My Day Food Inc.
  • Miyoko’s Creamery
  • Tofurky
  • Amy’s Kitchen
  • Beyond Meat
  • Earth Balance
  • Eden Foods
  • Cedar Lake Foods
  • Earth’s Own Food Company
  • The WhiteWave Foods Company