Vegan food market to be worth $37.45 billion by 2030 at a CAGR of 10.6%: Grand View Research, Inc.

SAN FRANCISCO, October 5, 2022 /PRNewswire/ — The Global vegan food market the size was estimated to reach $37.45 billion in 2030 and is expected to grow at a CAGR of 10.6% from 2022 to 2030, according to a new report from Grand View Research, Inc. Growing consumer preference for plant-based foods due to animal cruelty and growing awareness of the health benefits of vegan diet are the major factors expected to drive the growth of the industry..

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Key industry insights and findings from the report:

  • Asia Pacific is expected to register the fastest CAGR over the forecast period owing to the growing demand for plant-based foods and growing consumer health awareness.

  • The yogurt segment is expected to grow at the second highest CAGR during the forecast period. Rising preference for dairy-free products among millennials is expected to drive the growth of the segment.

  • The vegan cheese segment is expected to grow at a significant CAGR during the forecast period. Rising consumption of vegan cheese by lactose intolerant consumers is expected to contribute to the growth of the segment.

Read the full 100-page market research report, “Vegan Food Market Size, Share & Trends Analysis Report by Product (Meat & Seafood, Cream, Yogurt, Meal, Cheese, Butter), by Distribution Channel (Offline, Online) , by region and segment forecast, 2022-2030“, published by Grand View Research.

Vegan Food Market Growth and Trends

The growth of the global vegan food industry is supported by the growth of veganism across the world. Vegan food helps improve metabolism because it is rich in fiber. This has led to its increasing adoption, which is expected to fuel the growth of the industry. Moreover, growing initiatives by key players to launch plant-based foods in both developed and developing countries are fueling the growth of the market over the forecast period.

The meat and seafood segment is expected to register the fastest CAGR during the forecast period. The large presence and strong demand for plant-based meat in developing countries is expected to drive the growth of the segment. The availability of a variety of meat categories coupled with the availability of a wide range of plant-based meat products, including deli slices, meatballs, tenders, chicken nuggets and others, stimulates growth.

The offline distribution channel has dominated the market and is expected to continue to dominate over the forecast period. The high share is attributed to the ease of access to offline stores. Products of different brands are easily available at the same place in offline stores, which leads to an increase in their purchase. Additionally, offline distribution channels such as convenience stores, supermarkets, hypermarkets, and others provide an opportunity to physically check the product, which is further expected to drive the growth of the segment.

North America accounted for the largest share of revenue in 2021. The growing number of social media campaigns regarding the adoption of vegan foods by celebrities such as Jake Gyllenhaal and Serena Williams is driving the growth of the market. Additionally, the growing demand and adoption of dairy alternatives by consumers due to the high presence of the lactose intolerant population in the region is a key factor contributing to the growth.

Major industry players include Amy’s Kitchen; Danone SA; Daiya Foods Inc.; Beyond meat; Tofutti Brands Inc.; Plamil Foods Ltd; VBites Foods Limited; Eden Foods Inc.; VITASOY International Holdings Limited; and SunOpta. Various steps are adopted by these companies including global expansion, partnerships, acquisitions and mergers, development and launch of new products, and others to gain greater market share.

Segmentation of the vegan food market

Grand View Research has segmented the global vegan food market on the basis of product, distribution channel, and region:

Vegan Food Market – Product Outlook (Revenue, USD Million, 2017 – 2030)

Vegan Food Market – Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

Vegan Food Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)

  • North America

  • Europe

  • Asia Pacific

  • Central & South America

  • Middle East & Africa

List of Vegan Food Market Key Players

Check out other related studies published by Grand View Research:

  • Vegan dessert marketThe Global Vegan Desserts Market Size is Expected to Reach $5.97 billion by 2027, according to a new report from Grand View Research, Inc., growing at a CAGR of 10.1% from 2020 to 2027. Rising demand for low-fat, lactose-free, and all-natural products is expected to fuel the growth of the market in the coming years.

  • Vegan egg market – The global vegan egg market size is expected to reach $567.5 million by 2030, registering a CAGR of 16.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market is expected to witness promising growth owing to the rising trend of veganism and growing population of vegan consumers.

  • Market for Vegan Sauces, Dressings and Spreads – The global vegan sauces, dressings and spreads market size is expected to reach $365.8 million by 2027, expanding at a CAGR of 8.2% over the forecast period, according to a new report from Grand View Research, Inc. Growing adoption of vegan lifestyle due to growing awareness of environmental effects harmful eating habits is expected to drive the market. New product launches have also acted as a catalyst for market growth.

Browse Grand View Research results Consumer F&B industry Research reports.

About Grand View Research

Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.

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