Vegan Food Market

Market Snapshot

Market Synopsis:

The global Vegan Food Market is valued at USD 20.1 Million in 2021 and is projected to reach a value of USD 28.8 Million by 2028 at a CAGR of 6.20% over the forecast period.

Vegan Food is made up of a variety of goods that are obtained or processed from plant-based sources and are often used as a meat and animal-based product substitute. People suffer from health concerns such as obesity and cardiovascular disease as a result of their sedentary lives. Adopting a Vegan diet can help with weight loss, improve the blood flow, and lower the risk of cardiovascular disease. Adopting a vegan-based diet is beneficial to the body's metabolism since it is rich in dietary fiber. As a consequence, the demand for a vegan diet among health-conscious customers is progressively increasing.

Another major reason for manufacturers to anticipate an increase in the Vegan Food Market is consumers looking for meat alternatives and alternative dairy products. Growing public knowledge of animal health and cruelty in the food industry has led to a major shift away from animal-based foods and toward plant-based foods. Also, due to the obvious increased awareness of the benefits of participation in program and activities related to vegans, consumers have been actively indulging in a variety of physical activities. Alongside from that, a number of non-governmental organizations (NGOs) are raising awareness about the nutritional benefits of an animal-free diet as well as farm animal care. This is adding to the rising demand of Vegan Food in the market. Furthermore, Vegan Food sector growth is also being aided by the availability of ready-to-eat (RTE) and packaged vegan products, as well as considerable celebrity and athlete endorsement.

Market Segmentation:

The Vegan Food Market is segmented on the basis of Product Type and Distribution Channel. On the basis of Product type, the market is segmented into Dairy Alternative, Meat Substitute and Others. On the basis of Distribution Channel, the market is segmented into Online and Offline.

Based on Product Type-

On the basis of Product Type, the market is segmented as dairy alternative, Meat Substitute and Others. Since 2021, the most popular sort of Vegan Food is meat substitutes. This is due to the launch of a diverse range of flavored meat substitutes by companies all over the world. Plant proteins, such as Tofu, Texturized Vegetable Protein (TVP), Seiten, Quorn and Others, are used to make these meat substitute products. As a reason, the health benefits attributed with these ingredients have been a primary driver of increased demand for meat substitutes. Besides, throughout supermarkets, prominent display signs inform customers about the availability of new plant-based product variants. Meat substitutes have a specialized shelf space at supermarkets. This contributes to the market's increased demand for meat substitutes. Furthermore, the demand for these items is rapidly increasing as the younger generation becomes more aware of climate change and its link to meat consumption.

Based on Distribution Channel-

On the basis of Distribution Channel, the market is segmented as Online and Offline. The offline distribution channel includes Supermarkets and Hypermarket, Convenience Stores, Specialty Stores and Others. The majority of Vegan Food in 2021, is distributed through offline channels such as supermarkets and hypermarkets, which offer a diverse range of products from various companies all under one roof. As manufacturers are producing varieties of flavored products and creative packaging to attract the consumers and expand product portfolio, the offline channel segment blooms in the market. Apart from that, restaurants and fast-food outlets are developing vegan-friendly menus in response to the growing popularity of the Veganuary Challenge as a result of numerous awareness initiatives and the increased use of social media, which is expected to improve the Vegan Food market statistics.

Europe is Observed to be the Largest Share Holding Region in the Market

Europe is projected to acquire the largest market share with a share of 37.90%. Major food businesses such as Domino's and Starbucks have released new vegan goods to cater to the region's growing vegan population. This is one of the variables influencing the Vegan Food Market's development. Vegan diet acceptance is expanding in the region as customers become more aware of environmental issues. A small number of customers are switching to a flexitarian diet, which is helping to drive the region's market growth. As a result, Vegan Food producers in the region are competing to innovate and launch new goods in order to lower product prices and increase overall quality. Furthermore, stores set aside a particular shelf for Vegan Food items, making them more accessible to customers.

Competitive Landscape:

Key players operating in the global Vegan Food market include - Sun Opta Inc., Whitewave Foods Company Inc., Hain Celestial Group Inc., Bhlue Diamond Growers, Archer Daniel Midland Company, Organic Valley Corporative, Panos Brand LLC., Pascual Group, Earth’s Own Food Company Inc., Living Harvest Food Inc..

Segmentation of Vegan Food Market: