Vegan Food Market to Grow by USD 29.93 Billion (2024-2028), Driven by Rising Vegan Consumers, AI-Powered Report Reveals Key Market Trends - Technavio

NEW YORK, Nov. 12, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global vegan food market size is estimated to grow by USD 29.93 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  15.2%  during the forecast period. Growing number of vegan consumers is driving market growth, with a trend towards new product launches. However, lack of product standardization guidelines poses a challenge.Key market players include Amys Kitchen Inc., Bega Cheese Ltd., Beyond Meat Inc., Blue Diamond Growers, Danone SA, Earths Own Food Co. Inc., Eden Foods Inc., First Grade International Ltd., Fresh Start, Living Harvest Foods, Maple Leaf Foods Inc., Organic Valley, Otsuka Holdings Co. Ltd., PANOS Brands LLC, Ripple Foods PBC, Saputo Inc., SunOpta Inc., The Hain Celestial Group Inc., Tofutti Brands Inc, and VBites Foods Ltd..

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Market Driver

The vegan food market is experiencing significant growth due to increasing trends in meat substitutes and alternative dairy products. Consumers are adopting vegan diets for weight loss, nutrient intake, and antioxidant benefits. Health consciousness is driving demand for plant-based meals, with obesity and cardiovascular disease being major health concerns. Food chains are innovating with sustainable packaging and animal cruelty-free options. Cultural variations and consumer behavior are influencing the market, with millennials leading the charge. Product innovation includes plant-based meat, cheese, and milk alternatives from brands like Harvest Gourmet, Daiya Foods, Upfield, Violife, Treeline Cheese, and Quorn Foods. Environmental concerns are also a factor, with consumers seeking out dairy-free and meat-free options to reduce greenhouse emissions. Nutrient deficiencies are being addressed through vegan milk and alternative dairy products. Lactose malabsorption and food intolerance are driving demand for lactose-free and dairy-alternative options. The market is expanding online, with grocery platforms and the Food Intolerance Network catering to lactose intolerant consumers. Revenue contribution from vegan meal sales is increasing, with vegetarian meal sales also on the rise. Plant-based sources like tofu are popular, and consumer preferences are shifting towards a more plant-based diet. Animal health and cruelty are also considerations for many consumers. Vegan food deliveries are becoming more common, making it easier for consumers to access plant-based meals. Overall, the vegan food market is experiencing growth, driven by health, environmental, and ethical considerations.

The vegan food market is experiencing significant growth due to an increasing number of new product launches to cater to the rising consumer demand for plant-based options. Danone SA's recent introduction of battered fishless fillets to its Birds Eye brand in the UK is a prime example. This new product launch will not only drive revenue growth for Danone SA but also expand its consumer base and increase market share. Successful new product launches are crucial for companies to gain a competitive edge in the vegan food market.

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Market Challenges

• The vegan food market faces several challenges in offering meat substitutes and alternative dairy products that match the taste, texture, and nutritional value of their animal-derived counterparts. Consumers seek plant-based options for weight loss, improved health, and ethical reasons. Nutrients, antioxidants, fiber, and essential nutrients are crucial considerations. Cultural variations and consumer behavior drive demand for vegan milk, alternative dairy, and innovative food packaging. Health consciousness, obesity, and cardiovascular disease are significant health implications. Food chains respond with vegan meal sales, vegan restaurants, and vegan food deliveries. Animal health and cruelty-free production are ethical concerns. Sustainable packaging, greenhouse emissions, and nutrient deficiencies are environmental considerations. Companies like Harvest Gourmet, Daiya Foods, Upfield, Violife, Treeline Cheese, Quorn Foods, and Cauldron Foods innovate with plant-based meat, cheese, and other sources like tofu. Lactose malabsorption and food intolerance fuel demand for dairy alternatives. Online distribution channels, including grocery platforms, cater to increasing internet penetration. Revenue contribution comes from consumer preferences for plant-based sources, including vegetarian meal sales and vegan meal sales.
• The vegan food industry faces a significant challenge due to the absence of internationally consistent regulatory policies. This issue leads to inappropriate labeling, handling, and manufacturing procedures, casting doubt on the health benefits of probiotic drinks. Global market players encounter confusion among consumers due to varying regulations in different countries. For instance, India's Food Safety and Standards Authority (FSSAI) sets certification standards. However, the inconsistency in regulations poses a formidable challenge to the global prospects of these products. Countries introduce regulations for product safety and effectiveness, but the inconsistency creates confusion and hinders market growth.

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Segment Overview

This vegan food market report extensively covers market segmentation by

1. Distribution Channel
• 1.1 Offline
• 1.2 Online
2. Product 
• 2.1 Dairy alternative
• 2.2 Meat alternative
• 2.3 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Offline-  The offline distribution channel segment in the vegan food market comprises sales through hypermarkets, supermarkets, and clubhouse stores; department stores; and independent retailers. In 2023, hypermarkets, supermarkets, and clubhouse stores accounted for the largest share of this segment, offering a wide variety of brands and stock-keeping units (SKUs) at competitive prices. Convenience and a vast selection of products are significant factors driving sales in these channels. Department stores, which accounted for the second-largest share, serve as one-stop solutions for consumers due to their extensive product portfolios. Independent retailers, privately-owned businesses, are also gaining traction in the market, with their unique offerings and personalized customer service contributing to their growth. Retailers are implementing innovative strategies, such as better pricing and wider assortments, to remain competitive. Vendors are expanding their store operations to cater to diverse consumer categories and geographies. Familiarity with vegan food types and increasing retail channels are expected to boost sales during the forecast period. Despite the shift to online shopping, offline channels will continue to generate steady sales through effective marketing efforts.

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Research Analysis

Vegan Food Market: A Thriving Industry Driven by Health Consciousness and Ethical Consumption The Vegan Food Market is witnessing a significant demand, fueled by the growing trend of plant-based diets and increasing health consciousness. With an emphasis on meat substitutes and alternative dairy products, this market caters to individuals following a vegan lifestyle due to ethical reasons or health benefits. Plant-based diets, rich in nutrients, antioxidants, fiber, and free from animal products, are increasingly popular for weight loss and disease prevention. Obesity and cardiovascular disease are major health concerns addressed by the vegan food industry. The market offers a wide range of options, including plant-based meat, cheese, milk, and other dairy alternatives. Lactose malabsorption and intolerance are common issues addressed by these products, making them accessible to a larger consumer base. Animal health and welfare, as well as concerns over animal cruelty, are also driving factors for the adoption of veganism. Food chains and delivery services are responding to this demand, with vegan meal sales on the rise. The Food Intolerance Network and Lactose Intolerance communities are actively promoting veganism as a solution for those with dietary restrictions. The Vegan Food Market is more than just a food trend; it's a lifestyle choice that prioritizes health, ethics, and sustainability.

Market Research Overview

Vegan Food Market: A Thriving Industry of Meat Substitutes and Alternative Dairy Products The Vegan Food Market is experiencing exponential growth as more people embrace plant-based diets for health, ethical, and environmental reasons. This market encompasses a wide range of products including meat substitutes, alternative dairy products, and various plant-based meal options. The shift towards a vegan lifestyle is driven by health consciousness, weight loss, and nutrient-rich food choices. Consumers are increasingly aware of the health implications of obesity, cardiovascular disease, and nutrient deficiencies. Plant-based sources such as tofu, tempeh, and seitan offer high fiber, antioxidants, and essential nutrients. The market caters to diverse cultural variations and consumer preferences, with innovative food packaging and delivery methods. Millennials are leading the charge, with vegan restaurants, food chains, and online distribution channels gaining popularity. Key trends include sustainable packaging, animal cruelty-free production, and reducing greenhouse emissions. Brands like Harvest Gourmet, Daiya Foods, Upfield, Violife, Treeline Cheese, Quorn Foods, and Cauldron Foods are pioneering product innovation in the dairy-free, meat-free, and plant-based food sectors. Lactose malabsorption and intolerance are driving demand for vegan milk and dairy alternatives. The Flexitarian diet, which encourages reducing meat consumption but not eliminating it entirely, is also contributing to revenue growth. Environmental concerns are a significant factor, with consumers increasingly aware of the impact of animal agriculture on the planet. The Vegan Food Market is poised for continued growth, offering a diverse range of delicious, nutritious, and sustainable food choices.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Offline
• Online
• Product
• Dairy Alternative
• Meat Alternative
• Others
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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