Fairfield Market Research
Vegan Food Market

Vegan Food Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Food & Beverage | Author Name: Mohit

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Inclination towards Vegan Diet to Augur Well for the Growth of the Vegan Food Market

Sedentary lifestyle of consumers has resulted in an increase in health complications pertaining to obesity, diabetes and other cardiovascular disorders. This pushed the consumption of healthy nutrition rich food that promotes weight management. Apart from timely eating, consumers are now switching to vegan food owing to its health benefits. Vegan food helps is reducing fats and weight, enhances flow of blood, provides fibrous nutrition along with minerals and vitamins needed for cell development and shuns chances of cardiovascular disorders. It has been observed that usually vegan consuming population has a higher life expectancy as compared to individuals consuming meat-based diet. Consumption of vegan food also regulates body metabolism thus enhancing immunity. In this backdrop, the consumption of vegan diet is expected to increase, consequently bolstering growth of the market on the global front.

Additionally, it has become important to curb GHG (Green House Gas) Emissions emitted through dairy and meat products. According to UN FAO (Food and Agriculture Organization), methane emissions form livestock, during 1961-2018, increased by 50% and are likely to further grow owing to demand for animal based products. By adopting veganism, animal exploitation is prevented along with significantly reducing GHG emissions, thus supporting environment health. These aspects are likely to influence the demand for vegan food.

As per study, the global vegan food market stood at around US$23 Bn in 2020 and is anticipated to reach a market valuation of more than US$60 Bn, growing at a rate of over 12% in the next six years.

Sustainable Packaging and Labelling Trends to Prevail Amongst Vegan Food Giants

Moreover, consumers are also becoming increasingly aware regarding environment health. This has triggered the adoption of sustainable packaging for food products, including vegan food. Companies such as No Evil Food have invested in innovating and developing sustainable packaging solutions for its vegan food products. Also, being label cautious, consumers are demanding labelled packaging for vegan products to gain information regarding food content. That said, manufacturers are providing labelling on their packaging. For instance, Oatly has provided carbon labelling on its packaging for its consumer pool.

Vegan Milk to Witness Significant Demand, Especially Among Lactose Intolerant Population

Increasing demand for alternatives of dairy products has been witnessed worldwide, mainly due to growing lactose intolerant population. For instance, according to the analysis of National Centre for Biotechnology Information (NCBI), about 65% of the global population is lactose intolerant. This has pushed the consumption of alternatives to dairy products such as milk. Availability of vegan milk products such as oats, soy milk, almond milk and other products coupled with the growing inclination towards such alternatives is expected to push the growth of the vegan food market in the coming years. In addition, health conscious population is opting for vegan milk due to its perceived benefits such as weight reduction, sufficient nutritional value and overall body maintenance. That said, increasing demand for vegan milk is expected to largely contribute towards the valuation of the vegan food market.

North America Poised to Cement Dominance in the Vegan Food Market; Momentous Opportunities Lie in Asia Pacific

North America is expected to showcase higher attractiveness for the vegan food in the coming years. Growing inclination towards vegan diet continues to influence the demand for vegan food across developed countries such as the United States and Canada. According to VRG (the Vegetarian Resource Group) more than 2% of the overall population in United States is vegan and is likely to increase further in the following years. This inclination towards veganism is mainly due to increasing awareness regarding nutrition, weight loss, fighting lifestyle diseases and maintaining heart health. Additionally, increasing GDP per capita across these countries is expected to further fuel the consumption of vegan food, albeit it’s higher pricing. These aspects continue to influence the vegan food market growth in North America.

Likewise, manufacturers and distributors of vegan food can also consider emerging economies in Asia Pacific as a potentially opportunistic region. Cultural factors have largely contributed towards adoption of veganism in the region. Consumers are shifting towards vegan diet from meat products in order to maintain body weight and nutrition. For instance, according to UN FAO (Food and Agriculture Organization), lowest meat consumption has been observed in India from a global perspective. In 2020, off approximately 500 million vegetarian consumers, around 1% individuals are vegans and the trend is quickly proliferating on the Indian soil. This factor is expected to generate significant opportunities for manufacturers, in turn complementing to the growth of the vegan food market.

Vegan Food Market: Competitive Landscape

Few of the key players in the market include DANONE S.A., Archer Daniels Midland Company, Conagra Inc., Axiom Foods Inc., Beyond Meat, Alpro, Tofutti Brands Inc., and Kellogg Company.

Global Vegan Food Market is Segmented as Below:

By Product Type

  • Vegan Milk
  • Vegan Meat
  • Others

By Distribution Channel

  • Hypermarkets/Supermarkets
  • Convenience Stores
  • Online Channel

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia-Pacific
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Vegan Food Market

  • Vegan Food Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2018 - 2021
  • Volume Consumption at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Production Output Analysis (Major Producing Regions)
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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