Vegan Food Market to be Worth $37.45 Billion by 2030 at CAGR of 10.6%: Grand View Research, Inc.
SAN FRANCISCO, Oct. 5, 2022 /PRNewswire/ -- The global vegan food market size was estimated to reach USD 37.45 billion in 2030 and is anticipated to expand at a CAGR of 10.6% from 2022 to 2030, according to a new report by Grand View Research, Inc. Rising consumer preference for plant-based food owing to the growing animal cruelty and awareness regarding the health benefits of a vegan diet are the major factors expected to drive the industry's growth.
Key Industry Insights & Findings from the report:
- Asia Pacific is expected to register the fastest CAGR over the forecast period owing to the growing demand for plant-based food and rising health consciousness among consumers.
- The yogurt segment is estimated to grow at the second highest CAGR over the forecast period. The rising preference for dairy-free products among millennials is expected to drive the segment's growth.
- The vegan cheese segment is expected to expand at a significant CAGR over the forecast period. The increasing consumption of vegan cheese by lactose intolerant consumers is anticipated to contribute to the growth of the segment.
Read 100-page full market research report, "Vegan Food Market Size, Share & Trends Analysis Report By Product (Meat & Seafood, Creamer, Yogurt, Meals, Cheese, Butter), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Vegan Food Market Growth & Trends
The growth of the global vegan food industry is supported by growing veganism across the globe. Vegan food helps improve metabolism as it is rich in fiber. This has resulted in its increasing adoption which is anticipated to fuel the growth of the industry. Moreover, increasing initiatives by key players to launch plant-based food in both developed and developing countries are fueling market growth during the forecast period.
The meat & seafood segment is expected to register the fastest CAGR during the forecast period. The significant presence and high demand for plant-based meat in developing countries are expected to drive the growth of the segment. The availability of a variety of meat categories coupled with the availability of a wide range of plant-based meat products including deli slices, meatballs, tenders, chicken nuggets, and others is driving the growth.
The offline distribution channel led the market and is estimated to continue dominating during the forecast period. The high share is attributed to the easy accessibility of offline stores. Products from different brands are easily available in one place in offline stores resulting in their higher purchase. Moreover, offline distribution channels such as convenience stores, supermarkets, hypermarkets, and others provide the facility of physical verification of the product, which is further expected to drive segment growth.
North America accounted for the largest revenue share in 2021. The growing number of campaigns on social media regarding vegan food adoption by celebrities such as Jake Gyllenhaal and Serena Williams is driving the market growth. Moreover, the increasing demand and adoption of dairy alternatives among consumers owing to the high presence of lactose intolerant population in the region is a key factor contributing to the growth.
Major industry players include Amy's Kitchen; Danone S.A; Daiya Foods Inc.; Beyond Meat; Tofutti Brands Inc.; Plamil Foods Ltd; VBites Foods Limited; Eden Foods Inc.; VITASOY International Holdings Limited; and SunOpta. Various steps are adopted by these companies including global expansion, partnerships, acquisitions & mergers, development & launch of new products, and others to gain a larger market share.
Vegan Food Market Segmentation
Grand View Research has segmented the global vegan food market based on product, distribution channel, and region:
Vegan Food Market - Product Outlook (Revenue, USD Million, 2017 - 2030)
- Meat & Seafood
- Creamer
- Ice Cream and Frozen Novelties
- Yogurt
- Cheese
- Butter
- Meals
- Protein Bars
- Others
Vegan Food Market - Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
- Offline
- Online
Vegan Food Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Central & South America
- Brazil
- Middle East & Africa
- South Africa
List of Key Players in Vegan Food Market
- Amy's Kitchen
- Danone S.A
- Daiya Foods Inc.
- Beyond Meat
- Tofutti Brands Inc.
- Plamil Foods Ltd
- VBites Foods Limited
- Eden Foods Inc.
- VITASOY International Holdings Limited
- SunOpta.
Check out more related studies published by Grand View Research:
- Vegan Dessert Market - The global vegan dessert market size is expected to reach USD 5.97 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 10.1% from 2020 to 2027. Increasing demand for low fat, lactose-free, and all-natural products is expected to fuel the growth of the market in the upcoming years.
- Vegan Eggs Market - The global vegan eggs market size is expected to reach USD 567.5 million by 2030, registering a CAGR of 16.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market is expected to witness promising growth owing to the growing trend of veganism and the rising population of vegan consumers.
- Vegan Sauces, Dressings & Spreads Market - The global vegan sauces, dressings & spreads market size is expected to reach USD 365.8 million by 2027, expanding at a CAGR of 8.2% over the forecast period, according to a new report by Grand View Research, Inc. Rising adoption of vegan lifestyle owing to increasing awareness pertaining to adverse environmental effects of eating habits is expected to drive the market. New products launches have also been acting as a catalyst for the market growth.
Browse through Grand View Research's Consumer F&B Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc
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