The new report by Expert Market Research titled, ‘Global Vegan Food Market Size, Share, Price, Growth, Trends, Report and Forecast 2022-2027’, gives an in-depth analysis of the global vegan food market, assessing the market based on its segments like product types, distribution channels, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Vegan Food Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 9.0%
The changing preference of consumers from animal-based food products to vegan food due to the growing awareness about the nutritional benefits of green vegetables and juicy fruits, and escalating concerns about the inhumane treatment of animals to obtain meat, is driving the market growth.
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Over the forecast period, the market growth is anticipated to be bolstered by the increasing popularity of vegan cuisines, which enhance the daily productivity such as vegan tacos, and soybean curry, among others. In terms of region, the Asia Pacific region accounts for a significant share of the market owing to the presence of large population base in India and China.
Vegan Food Industry Definition and Major Segments
Vegan food refers to the type of food which is derived from plants. Vegan food excludes dairy products, eggs, meat, and various other animal-derived products. Instead, this type of food includes leafy vegetables, fruits, legumes, nuts, and seeds, among others. Moreover, vegan food is obtained without harming any animal as it does not require hunting or gathering.
On the basis of product type, the market can be segmented into:
- Dairy Alternatives
- Milk
- Cheese
- Yoghurt
- Dessert
- Others
- Meat Substitute
- Tofu
- TVP
- Seiten
- Quorn
- Others
- Egg Alternative
- Vegan Bakery
- Confectionery
- Plant-Based Snacks
- Others
The market can be broadly categorised on the basis of distribution channel into:
- Supermarkets/Hypermarkets
- Convenience Stores
- Speciality Stores
- Online
- Others
The regional markets for vegan food include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Vegan Food Market Trends
The key trends in the vegan food market include the increasing investments by the premium packaged vegan food producing companies aimed towards branding and promoting the vegan food products and to hamper animal cruelty. Meanwhile, the growing expansion of the e-commerce industry, which is accelerating the sales of fresh vegan food items with high shelf life, is likely to be another key trend in the market.
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Furthermore, the rapid development of supermarkets/hypermarkets and convenience stores, rising standards of living, increasing disposable income are some of the other crucial trends in the market propelling the demand for vegan food items.
Key Market Players
The major players in the vegan food market report are:
- Amy’s Kitchen
- Danone S.A
- The Archer Daniels Midland Company
- Daiya Foods Inc.
- Tofutti Brands Inc.
- Ripple Foods Inc.
- Earth’s Own Food Company Inc.
- Eat Just, Inc.
- Impossible Foods Inc.
- Beyond Meat, Inc.
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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