April 20, 2024
Vegan Food Market

Vegan Food Market Thriving on Rising Veganism Trend by 2024

The global vegan food market overview is characterized by an extensive product portfolio comprising vegan meat alternatives, dairy alternatives, and other plant-based products that offer similar nutrition and taste equivalent to animal-based foods while addressing ethical and environmental concerns. A paradigm shift towards healthy and sustainable lifestyles driven by growing awareness about the health implications of animal products and concerns regarding animal welfare has fueled the demand for vegan products. The Global vegan food market is estimated to be valued at US$ 20,721.19 Mn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the Global Vegan Food Market Growth includes companies like Abbott Laboratories, Biosynex, Qiagen Sciences LLC, Clinical Innovations LLC, Sera Prognostics, The Cooper Companies Inc., Medixbiochemica, Hologic Inc., IQ Products, NX Prenatal Inc., Promega Corporation, Medical Predictive Technologies Inc., Biosynex, Clinical Innovations LLC, NX Prenatal Inc., Medixbiochemica, Qiagen Sciences LLC, Sera Prognostics Inc., Insight Pharmaceuticals LLC, Creative Diagnostics. The rising awareness about health benefits of plant-based diets and ethical values has led to significant growth in vegan population globally creating robust demand for vegan products. Major players are focusing on expansion in high growth markets and introduction of innovative product portfolio with varied tastes and nutritional profiles in order to tap the emerging opportunities.

Key players are focusing on expansion of their geographic footprint by tapping the large consumer base in nations with high vegan population. The global market is expected to witness significant expansion in regions including North America, Europe, Asia Pacific driven by growing health consciousness, environmental concerns, and options for plant-based substitutes for dairy and meat products.

Market key trends
The mainstream adoption of veganism coupled with growing preference for sustainable lifestyles has accelerated technological advancements in plant-based meat and dairy alternatives. Companies are investing heavily in cellular agriculture to develop cultured meat using stem cells which mimics qualities of animal meat thereby addressing taste and texture preferences of consumers. The market is also witnessing introduction of innovative blended products incorporating plant-based and cultured ingredients catering to flexitarians. Such developments are likely to revolutionize the alternative meat industry further boosting the global vegan food market outlook.

Porter’s Analysis
Threat of new entrants: Low barrier of entry as vegan food does not require expensive raw materials or infrastructure which reduces threat of new entrants.

Bargaining power of buyers: High bargaining power of buyers as they have a choice between various vegan food brands and options.

Bargaining power of suppliers: Low bargaining power of suppliers as raw materials required for vegan food production such as plant-based ingredients are easily available.

Threat of new substitutes: High threat of new substitutes with growing number of plant-based dairy and meat alternative options available for consumers.

Competitive rivalry: Fierce competition between existing vegan food companies to cater to growing demand and acquire more market share.

The vegan food market in Europe accounted for the highest share of value in 2024 owing to increasing vegan population and vegan dietary trends. Countries like UK, Germany and France have seen maximum adoption of veganism in recent years contributing to vegan food demand.

The Asia Pacific region is expected to witness fastest growth during the forecast period from 2024 to 2030. Growing health consciousness and rising meat prices are encouraging people to switch to plant-based diets in developing countries like China and India, driving vegan food market growth. Rising disposable incomes and growing availability of vegan products in Asia Pacific will aid the regional market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it