Vegan Food Market Valued at $116.33 Billion by 2031
Meticulous Research®, a prominent global market research firm, has published a 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 Meticulous Research®'s latest findings, the vegan food market is projected to reach $116.33 billion by 2031, growing at a CAGR of 11.7% from 2024 to 2031. This expansion is largely driven by an increasing vegan population, boosted research and development activities, greater investments, higher demand for protein-rich products, and a rising intolerance to animal proteins. However, the relatively higher cost of vegan products is expected to limit market growth.
Key Players
The report provides a detailed analysis of the competitive landscape, highlighting significant strategic developments by leading companies in the vegan food market. Some of the key players 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 (U.S.)
VBites Food, Ltd. (U.K.)
Nutrisoy Pty, Ltd. (Australia)
Market Segmentation
The vegan food market is segmented by type, distribution channel, and geography.
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.
Others: Ready-to-eat meals, bakery products, confectionery, protein bars & snacks, and other vegan foods.
By Distribution Channel:
Business-to-Business (B2B)
Business-to-Consumer (B2C): Including modern groceries (supermarkets & hypermarkets), convenience stores, online retail, specialty stores, and other distribution channels.
By Geography:
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
Market Insights
In 2024, the dairy alternatives segment is expected to hold the largest market share. This growth is attributed to the rising prevalence of lactose intolerance, increasing consumer preference for vegan diets, nutritional benefits of plant-based dairy products, higher investments in dairy alternatives, and a growing vegan and vegetarian population.
The business-to-consumer segment is projected to capture the largest share of the vegan food market by 2024, driven by increased sales through supermarkets and hypermarkets, traditional grocery stores, rapid urbanization, rising per capita disposable income, and a growing number of supermarkets and hypermarkets, along with a growing consumer preference for vegan food products.
Geographically, North America is anticipated to hold the largest market share in 2024. This significant share is due to increased awareness about sustainable and environmentally friendly food and protein diets, 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
The report addresses several key questions, including:
What is the current global revenue generated by the vegan food market?
What is the projected growth rate for global vegan food demand over the next 5–7 years?
What have been the historical market sizes and growth rates of the global vegan food market?
What are the key factors influencing the growth of this market both globally and regionally?
What significant opportunities exist for both established players and newcomers in the market?
Which segments, regarding type and distribution channel, are forecasted to drive significant interest and activity for companies involved in this market?
What are the primary geographical patterns observed in this market? Which regions or countries are anticipated to present notable growth prospects for manufacturers operating in the vegan food market?
Who are the leading players in the global vegan food market, and what are the specific products they offer within this market?
What recent strategic advancements have occurred in the global vegan food market, and what are their implications for the market?
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