Vegan Food Global Market Report 2024

“Vegan Food Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on vegan food market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for vegan food? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The vegan food market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

• 1) By Product Substitute: Dairy Alternative; Meat Substitute; Other Product Substitutes
• 2) By Source: Wheat; Soy; Oats; Almond; Other Sources
• 3) By Distribution Channel: Online; Offline
• Companies Mentioned: Amy's Kitchen; VITASOY International Holdings Ltd.; Beyond Meat; Tofutti Brands Inc.; Plamil Foods Ltd.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Vegan foods are food items that are manufactured without the inclusion of animal ingredients or derivatives.

The primary substitutes for vegan food include dairy alternatives, meat replacements, and other product alternatives. Dairy alternatives are products designed to replace traditional dairy items like milk, cheese, and butter. These alternatives are sourced from materials such as wheat, soy, oats, almonds, and other plant-based sources, and they are available for purchase through both online and offline channels.

The vegan food market research report is one of a series of new reports from The Business Research Company that provides vegan food market statistics, including global market size, regional shares, competitors with vegan food market share, detailed vegan food market segments, market trends and opportunities, and any further data you may need to thrive in the vegan food market industry. This vegan food market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The vegan food market size has grown rapidly in recent years. It will grow from $24.58 billion in 2023 to $27.8 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth observed in the historical period can be attributed to several factors, including the increasing awareness of health and wellness, growing concerns about the environmental impact of animal agriculture, ethical considerations regarding animal welfare, rising disposable incomes, the globalization of veganism, and government support for the vegan industry.

The vegan food market size is expected to see rapid growth in the next few years. It will grow to $42.86 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. Anticipated growth in the forecast period can be attributed to several key factors. These include the increasing influence of social media, a higher prevalence of food allergies, the continued momentum of vegan activism and movements, and the expansion of retail options in the vegan market. Furthermore, there are several significant trends expected during the forecast period, including a focus on innovative product development, a surge in plant-based protein offerings, the popularity of convenient vegan foods, the emergence of vegan seafood alternatives, the growth of vegan fast food options, and the adoption of personalized nutrition strategies. These trends are poised to shape the vegan food industry in the coming years.

The anticipated growth of the vegan food market in the coming years is set to be driven by the increasing number of vegans and vegetarians. Vegans are individuals who adopt a lifestyle aimed at minimizing animal exploitation and cruelty in all aspects of their lives, including clothing, food, and other practices. Vegetarians, on the other hand, follow a diet that excludes meat, fish, and poultry, focusing on a plant-based diet rich in fruits, vegetables, grains, nuts, and seeds. Vegan cuisine not only provides essential nutrients but also aligns with humanitarian and ecological concerns, making it an attractive choice for both vegetarians and vegans. These dietary groups need to ensure that their nutritional requirements are adequately met. For example, as of July 2023, the World Animal Foundation, a US-based digital platform advocating for animal rights, ethical pet ownership, and raising awareness of humane practices, reported that 6 percent of the US population practiced veganism. Furthermore, nearly one-third of Americans expressed an inclination to consume more vegan food. Hence, the growing number of vegans and vegetarians is a significant driving force behind the expansion of the vegan food market.

The growth of the vegan food market is being propelled by an increasing concern for the environment among the population. The rearing and breeding of livestock such as pigs, hens, cows, and goats on farms contribute to the greenhouse effect, with greenhouse gases being released during the livestock farming process. These gases trap atmospheric heat, leading to an overall increase in temperatures. The demand for animal meat necessitates extensive animal farming practices, further exacerbating greenhouse gas emissions. Therefore, the rising number of consumers in the vegan food market contributes to a reduction in the demand for excessive animal farming, ultimately resulting in decreased greenhouse gas emissions and a more environmentally friendly approach. For instance, in August 2023, according to the United States Environmental Protection Agency, an autonomous US-based agency responsible for environmental protection, the United States' greenhouse gas emissions in 2021 amounted to 6,340.2 million metric tons of carbon dioxide equivalents, or 5,586.0 million metric tons of equivalent carbon dioxide. Thus, the growing environmental awareness among the population is a driving force behind the expansion of the vegan food market.

Vegan products are devoid of any animal-derived ingredients. However, it's important to note that vegan food may sometimes fall short in providing sufficient high-quality protein and fats. Both vegan and vegetarian diets can lack several crucial minerals, including calcium, iron, and zinc. For instance, a comprehensive study published in the medical journal Progress in Cardiovascular Diseases in September 2022 found that the complete elimination of animal foods from one's diet could lead to deficiencies in essential nutrients like vitamin B12, omega-3 fatty acids, calcium, iron, magnesium, zInc., and high-quality protein. Such deficiencies may increase the risk of health issues, including stroke, cancer, bone fractures, premature delivery, and failure to thrive. Avoiding animal-sourced foods may also be associated with a higher incidence of anxiety and depression. Additional concerns observed among vegans include hair loss, fragile bones, muscle atrophy, skin rashes, thyroid dysfunction, and anemia. Hence, the nutritional gaps and potential health risks associated with vegan diets can impact the growth of the vegan food market.

One notable trend in the vegan food industry is the development of meat using cell-based technology. This approach allows for the creation of meat that is identical to traditional meat, without the need to raise and slaughter animals. Cell-based meat production occurs in specialized facilities, where animal cells are nourished with essential nutrients and proteins, eliminating the necessity for traditional animal farming. For example, in October 2022, a US-based pet food manufacturer introduced a cellular-based meat broth topper for dogs, known as the chicken broth topper. This innovation aims to replace conventionally farmed animal products with cruelty-free, cell-based meat, addressing concerns related to the quality and contamination of pet food. Other major players in the food industry, like Tyson Foods, a US-based processor and marketer of chicken, beef, and pork, are also making investments in companies like Memphis Meats to support the production of cell-based meat.

Prominent companies in the vegan food market are placing a strong emphasis on innovation by introducing products like plant-based chicken-style alternatives to better cater to the preferences of their existing customers. These plant-based chicken-style products are crafted from an assortment of plant-derived ingredients, such as soy, pea protein, jackfruit, and wheat protein, with the intention of mimicking the taste and texture of real chicken. For instance, in April 2023, Beyond Meat, Inc., a US-based producer of plant-based meat substitutes, expanded its product range in the UK with a diverse selection of enticing plant-based options that closely resemble chicken. This expansion includes recently launched items like the Beyond Burger Chicken-Style, Beyond Fillet, and Beyond Nuggets. These new Beyond Chicken-Style products, like the rest of Beyond Meat's offerings, are crafted from plant-based ingredients and are designed to replicate the appearance, cooking process, and taste of their animal-based counterparts. These delectable additions cater to a wide range of consumers, including carnivores, flexitarians, vegetarians, and vegans, as they feature a crispy exterior and a tender, juicy interior, thanks to the golden breading.

Major companies operating in the vegan food market include Amy's Kitchen, VITASOY International Holdings Ltd., Beyond Meat, Tofutti Brands Inc., Plamil Foods Ltd., Danone S.A., Eden Foods Inc., Whitewave Foods Company Inc., Sun Opta Inc., Pascual Group, Bhlue Diamond Growers, Archer Daniel Midland Company, Earth's Own Food Company Inc., Panos Brand LLC., Hain Celestial Group Inc., Organic Vallet Corporative, Living Harvest Food Inc., Morningstar Farms, MGP Ingridents Inc., Sonic Biochem Extractions Limited, ADM, DuPont de Nemours Inc., The Nisshin Oillio Group, Schouten Europe, Upside Foods, Alpha Foods, Corbion Biotech Inc., Famleigh Inc., 22 Days Nutrition, Annie's Homegrown, Earth Balance, Field Roast

Asia-Pacific was the largest region in the vegan food market in 2023. Western Europe was the second-largest region in the vegan food market report. The regions covered in the vegan food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the vegan food market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The vegan food market consists of sales of vegan fruits and vegetables, legumes such as vegan peas, vegan beans, plant protein-based tofu, and plant protein-based meat. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.