by Vegan foods are plant-based foods that do not contain meat, dairy, eggs, or other animal-derived ingredients. Various vegan food products include dairy alternatives such as almond milk, soy milk, cashew milk; meat alternatives such as tofu, seitan, tempeh; and other bakery, snacks, and packaged food products. Rising health consciousness among consumers regarding the benefits of plant-based diets is fueling the growth of the vegan food market. Plant-based diets help reduce the risk of health issues like heart disease, type 2 diabetes, and obesity.
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 Dynamics:
Rising health awareness is one of the major drivers of the vegan food market. Increased health consciousness has led many consumers to opt for plant-based diets for its various health benefits like reduced risk of diseases. Consumer preference for vegan foods to maintain a healthy lifestyle and well-being is driving the demand in the market. As mentioned in the heading, health awareness is flourishing growth in the vegan food market.
Another key driver is growing concerns regarding animal welfare and environment sustainability. Many consumers are switching to vegan diets to avoid harming animals and reduce greenhouse gas emissions from animal agriculture. Plant-based diets have lower carbon and water footprints compared to diets rich in animal products. This increase in ethical shopping behavior focusing on sustainability is propelling the vegan food industry forward.
Segment Analysis
The global vegan food market is dominated by the dairy alternative sub segment. Plant based milk leads the dairy alternative sub segment and accounts for more than 45% of overall vegan food sales. Rising awareness about lactose intolerance and other health benefits of plant based dairy products like almond milk and soy milk is driving the demand for dairy alternative products in the market.
PEST Analysis
Political: Stringent regulations in regions like Europe towards labeling of vegan and plant based products is creating standardized guidelines. This is encouraging adoption of vegan foods.
Economic: Rising disposable incomes in developing regions of Asia Pacific and Middle East is increasing the affordability of vegan food products which are generally more expensive than normal food items. This is supporting the market growth.
Social: Growing cases of animal cruelty for dairy and meat production is resulting in rising empathy towards veganism among individuals. Social media campaigns are effectively promoting veganism as a lifestyle choice and increasing the customer base.
Technological: Advancements in food processing and nanotechnology is enabling development of innovative vegan food products that closely mimic traits of animal based foods. Technologies are making veganism more convenient.
Key Takeaways
Global Vegan Food Market Size is expected to witness high growth at a CAGR of 8.8% during the forecast period of 2023 to 2030. Regional analysis indicates North America dominates currently due to rising vegan population while Asia Pacific is expected to grow at fastest pace due to expanding customer base in countries like India and China.
Key players operating in the vegan food market are Hain Celestial, SunOpta Inc., WhiteWave, and Others. Hain Celestial dominates the market with wide portfolio of vegan products serving dairy, meat and ice cream alternatives.
The growing health awareness, ethical concerns over animal welfare and increasing lobbying by vegan activists have catapulted veganism into mainstream. The market size for 2023 is estimated at US$ 17987.14 Mn indicating huge addressable consumer base. Advancements in food science is effectively making vegan lifestyle accessible to environmentally conscious flexitarians and health enthusiasts.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
