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 Overview:
Vegan foods include plant-based meals that provide nutrition through vegetables, fruits, grains, and nuts but don't contain any animal products. The growth of demand for healthy, ethical and environment-friendly foods has supported the rise of veganism and increased sales of vegan foods globally.
Market key trends:
One of the major trends in the vegan food market is the rise in flexitarianism. Flexitarianism refers to a semi-vegetarian diet where people cut back on but do not completely eliminate meat and other animal products from their diet. Flexitarians choose vegan proteins and meals occasionally or as a partial lifestyle. Their growing numbers are boosting demand for vegan meat alternatives as well as other vegan dairy and snack options. This has encouraged major food companies to invest more in developing innovative vegan product ranges.
Segment Analysis
The vegan food market is dominated by dairy alternatives segment. Dairy alternatives such as plant-based milk, yogurt, cheese are experiencing high demand owing to rising lactose intolerance, milk allergies, and vegan dietary preferences. Plant-based milk alone accounts for over 20% of the total milk sales in the US. Almond milk is the most popular non-dairy milk due to its creamy texture and mild flavor. Growing health awareness about the side effects of cow milk is augmenting the growth of dairy alternatives segment.
Key Takeaways
The Global Vegan Food Market Size is expected to witness high growth, exhibiting CAGR of 8.8% over the forecast period, due to increasing health consciousness among consumers and awareness about animal welfare.
Regional analysis:
North America dominates the global vegan food market with over 35% share due to rising vegan population. Europe is the second largest market driven by growth in Germany, UK, and France. Asia Pacific is expected to be the fastest growing region on back of growing middle class and their protein-rich and health-conscious diet in India and China.
Key players:
Key players operating in the vegan food market are Hain Celestial, SunOpta Inc., WhiteWave, and Others. Hain Celestial is a leading player with portfolio of plant-based products including dairy-free milk and yogurts. SunOpta specializes in organic and non-GMO soy-based products through its plant-based beverages and frozen meatless products brands. WhiteWave offers variety of plant-based dairy and meat alternatives through its Silk, So Delicious, and Earth Balance brands.
