Vegan diets and products have gained immense popularity among health-conscious consumers in recent years as they curb consumption of animal-based products and prevent various health issues. Vegan food such as plant-based meat, dairy alternatives made from soy, almonds and oats are rich in nutrients but contain fewer calories and saturated fats compared to their conventional animal-based counterparts. They are a suitable replacement for lactose-intolerant individuals as well.
The global Vegan Food Market is estimated to be valued at US$ 17987.14 Mn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Growing health consciousness among people has been a major driver for the vegan food market. With increasing prevalence of lifestyle diseases and obesity worldwide, consumers are becoming more aware about the impact of diet on health. Adopting a vegan diet is seen as a healthier option as it eliminates consumption of meat and dairy, which are high in cholesterol and saturated fats. This trend has prompted food companies to launch an array of vegan meat and dairy substitutes made from plant-based ingredients like soy and nuts to cater to the rising demand.
Strength: Vegan food market is benefitting from growing awareness about environmental and ethical concerns regarding animal welfare and consumption. Increasing number of people preferring plant-based diet is driving the growth of this market.
Weakness: Lower availability and accessibility of vegan food products in developing and underdeveloped regions poses a challenge. High price of some vegan food items compared to non-vegan alternatives is another weakness.
Opportunity: Rising health consciousness among consumers and awareness about medical advantages of vegan diet presents opportunities for market expansion. Growing vegan food startups catering to varied cuisines are widening options.
Threats: Negative publicity and misconceptions around vegan food’s taste and nutrition can impact demand. Stringent regulations surrounding food labeling and claims are threats faced by market players.
Global Vegan Food Market Size is expected to witness high growth. North America currently dominates the market attributed to rapid adoption of veganism as a lifestyle in the region. Europe is another major regional market driven by animal welfare laws and ethical concerns. However, Asia Pacific is emerging as the fastest growing regional market with countries like India and China experiencing rising vegan population.
Key players operating in the vegan food market are Hain Celestial, SunOpta Inc., WhiteWave, and Others. The market landscape exhibits consolidation with these players focusing on strategic acquisitions to expand their product portfolio and geographic footprint. Product innovation and catering to varied global cuisines with vegan options is a key strategy adopted by players. Private label brands are increasing competition by offering affordable vegan alternatives.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it