The vegan food sector is poised to achieve a market size of $116.33 billion by 2031.
Meticulous Research®—a leading global market research firm, has released a new report titled ‘Vegan Food Market by Type (Dairy Alternatives [Yogurt, Milk, Ice Cream, Cheese, Butter], Meat Substitutes [Tofu, Sausages, Ground Meat, Meatballs, Nuggets]); Distribution Channel (Business-to-Business, Business-to-Consumer) - Global Forecast to 2031.’
According to the latest publication from Meticulous Research®, the vegan food market is anticipated to reach 11.7% from 2024 to 2031, growing at a CAGR of 11.7% from 2024 to 2031. This growth is driven by a rising vegan population, increased R&D activities and investments, growing demand for protein-rich products, and a rise in intolerance to animal proteins. However, the higher cost of vegan products may limit market growth.
Key Players
The report highlights a competitive landscape based on a thorough assessment of strategic developments among leading market players. Some key players in the vegan food market include The Archer Daniels Midland Company (U.S.), Hain Celestial Group, Inc. (U.S.), SunOpta, Inc. (Canada), Danone S.A. (France), Conagra Brands, Inc. (U.S.), Axiom Foods, Inc. (U.S.), Daiya Foods Inc. (Canada), Kellogg Company (U.S.), Beyond Meat, Inc. (U.S.), Impossible Foods, Inc. (U.S.), Tofutti Brands, Inc. (U.S.), Amy's Kitchen, Inc. (U.S.), Taifun-Tofu GmbH (Germany), Atlantic Natural Foods, LLC (Part of Aft Holdings, Inc.) (U.S.), VBites Food, Ltd. (U.K.), and Nutrisoy Pty, Ltd. (Australia).
The vegan food market is segmented by type (dairy alternatives [yogurt, milk, ice cream, cheese, butter, and other dairy alternatives], meat substitutes [tofu, sausages, ground meat, meatballs, nuggets, and other meat substitutes], ready-to-eat meals, bakery products, confectionery, protein bars & snacks, and other vegan foods), distribution channel (business-to-business, business-to-consumer [modern groceries (supermarkets & hypermarkets), convenience stores, online retail, specialty stores, other distribution channels]), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Type Segment Insight
In 2024, the dairy alternatives segment is expected to hold the largest share of the vegan food market, driven by the increasing prevalence of lactose intolerance, consumer preference for vegan diets, nutritional benefits of plant-based dairy products, growing investments in dairy alternatives, and rising vegan & vegetarian populations.
Distribution Channel Insight
In 2024, the business-to-consumer segment is expected to account for the largest share of the vegan food market, due to increased sales of vegan food through supermarket & hypermarket chains, rapid urbanization, rising disposable incomes, and growing consumer preference for vegan products.
Geography Insight
In 2024, North America is projected to hold the largest share of the vegan food market, attributed to rising awareness of sustainable and environment-friendly food, technological advancements in the food industry, a growing vegan population, and the presence of leading market players in the region.
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Key Questions Answered in the Report
What is the current revenue generated by the global vegan food market?
At what rate is the global demand for vegan food projected to grow for the next 5–7 years?
What are the historical market sizes and growth rates of the global vegan food market?
What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing players and new entrants in the market?
Which segments in terms of type and distribution channel are expected to create major traction for companies operating in this market?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the vegan food market?
Who are the major players in the global vegan food market? What are their specific product offerings in this market?
What are the recent strategic developments in the global vegan food market? What are the impacts of these strategic developments on the market?
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