Vegan Food Market
Growth Factors of Vegan Food Market
The Vegan Food Market size was valued at USD 33.14 billion in 2023 and is projected to grow from USD 37.37 billion in 2024 to USD 103.00 billion by 2032 at a CAGR of 13.51% during the forecast period of 2024-2032.
The COVID-19 pandemic substantially impacted the vegan grocery keep, accelerating its boom as health-conscious clients sought to decorate their immunity. The disruption in meat supply chains because of lockdowns, together with developing concerns over zoonotic illnesses, shifted purchaser options within the direction of plant-based totally completely without a doubt diets. People an increasing number of determined veganism for its perceived health benefits and sustainability. Online grocery buying and food transport offerings moreover witnessed a spike, in addition boosting call for for vegan merchandise. However, deliver chain disruptions and the monetary downturn created short-time period annoying conditions for marketplace gamers, predominant to delays in production and distribution.
A key style inside the vegan grocery shop is the improvement of plant-based definitely meat alternatives. Advancements in meals technology, collectively with mobile-cultured meat and novel protein belongings like pea protein and algae, are shaping the destiny of vegan food. With customers turning into more environmentally conscious, those options are gaining reputation, mainly amongst flexitarians who aren't honestly vegan however are lowering their meat intake for health or ethical reasons.
One riding factor of the vegan grocery save is the developing cognizance of the environmental effect of meat intake. Livestock farming is liable for large greenhouse gas emissions, deforestation, and water use. As climate change will become an pressing trouble, many customers are deciding on plant-primarily based diets as a sustainable opportunity. Additionally, moral troubles over animal welfare and the usage of antibiotics in farm animals further propel the shift closer to veganism. Government help, within the shape of subsidies for plant-primarily based completely farming and guidelines selling sustainability, is also encouraging the adoption of vegan meals merchandise.
Comprehensive Analysis of Vegan Food Market
The Vegan Food Market growth is rising at an exponential rate due to its marketplace segmentation. This market expansion correctly affords a detailed local assessments thinking about the dominant supply and call for forces that effect the enterprise. These segmentations are methodically segregated by product type, by distribution. By Product Type include Vegan Meat, Vegan Milk, Others .By Distribution include Channel Supermarkets/Hypermarkets, Convenience Stores ,Online Retails, Others.
The Asia Pacific region lead the Vegan Food Market share by benefitting a market size of USD 14.11 billion As the younger technology turns into greater aware of weather and its affiliation with meat consumption, the demand for these merchandise rises progressively in the Asia Pacific vicinity.
The top players in the market play a crucial role in the industry assuring market growth and setting market standards. These players include, Google LLC (Alphabet, Inc.), Magic Leap, Inc., ReWalk Robotics, SAMSUNG, B-Temia, Panasonic Holdings Corporation, NVIDIA Corporation, Microsoft, Ekso Bionics, Vuzix,these market players provide a level-playing competitive landscape.
April 2023: The Bel Group, one of the leaders in cheese marketplace and biotech begin-up, “Climax Foods Inc.”, introduced a partnership to create plant-based totally cheese. Through this partnership, those two groups will produce plant-based totally portions of Kiri, Laughing Cow, Babybel, Boursin, and Nurishh.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 13.51% from 2024 to 2032
Unit Value (USD billion)
Segmentation By Product Type
- Vegan Meat
- Vegan Milk
- Others
By Distribution Channel
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Retails
- Others
By Geography
- North America (By Product Type, Distribution Channel, Country)
- U.S. (By Product Type)
- Canada (By Product Type)
- Mexico (By Product Type)
- U.K. (By Product Type)
- France (By Product Type)
- Germany (By Product Type)
- Italy (By Product Type)
- Spain (By Product Type)
- Rest of Europe (By Product Type)
- China (By Product Type)
- India (By Product Type)
- Japan (By Product Type)
- Australia (By Product Type)
- Rest of Asia Pacific (By Product Type)
- Brazil (By Product Type)
- Argentina (By Product Type)
- Rest of South America (By Product Type)
- South Africa (By Product Type)
- UAE (By Product Type)
- Rest of Middle East & Africa (By Product Type)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Overview of the Parent/Related Markets
- 4.2. Industry SWOT Analysis
- 4.3. Regulatory Framework
- 4.4. Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- 4.5. Qualitative Analysis Related to COVID-19
- 4.5.1. Impact of COVID-19 on the Market
- 4.5.2. Supply Chain Challenges amidst Pandemic
- 4.5.3. Potential Opportunities due to this Global Crisis
- 5. Global Vegan Food Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. Market Size Estimates and Forecast
- 5.2.1. By Product Type
- 5.2.1.1. Vegan Meat
- 5.2.1.2. Vegan Milk
- 5.2.1.3. Others
- 5.2.2. By Distribution Channel
- 5.2.2.1. Hypermarkets/Supermarkets
- 5.2.2.2. Online Retails
- 5.2.2.3. Convenience Stores
- 5.2.2.4. Others
- 5.2.3. By Region
- 5.2.3.1. North America
- 5.2.3.2. Europe
- 5.2.3.3. Asia Pacific
- 5.2.3.4. South America
- 5.2.3.5. Middle East & Africa
- 6. North America Vegan Food Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. Market Size Estimates and Forecast
- 6.2.1. By Product Type
- 6.2.1.1. Vegan Meat
- 6.2.1.2. Vegan Milk
- 6.2.1.3. Others
- 6.2.2. By Distribution Channel
- 6.2.2.1. Hypermarkets/Supermarkets
- 6.2.2.2. Online Retails
- 6.2.2.3. Convenience Stores
- 6.2.2.4. Others
- 6.2.3. By Country (Value)
- 6.2.3.1. U.S.
- 6.2.3.1.1. By Product Type
- 6.2.3.1.1.1. Vegan Meat
- 6.2.3.1.1.2. Vegan Milk
- 6.2.3.1.1.3. Others
- 6.2.3.2. Canada
- 6.2.3.2.1. By Product Type
- 6.2.3.2.1.1. Vegan Meat
- 6.2.3.2.1.2. Vegan Milk
- 6.2.3.2.1.3. Others
- 6.2.3.3. Mexico
- 6.2.3.3.1. By Product Type
- 6.2.3.3.1.1. Vegan Meat
- 6.2.3.3.1.2. Vegan Milk
- 6.2.3.3.1.3. Others
- 7. Europe Vegan Food Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. Market Size Estimates and Forecast
- 7.2.1. By Product Type
- 7.2.1.1. Vegan Meat
- 7.2.1.2. Vegan Milk
- 7.2.1.3. Others
- 7.2.2. By Distribution Channel
- 7.2.2.1. Hypermarkets/Supermarkets
- 7.2.2.2. Online Retails
- 7.2.2.3. Convenience Stores
- 7.2.2.4. Others
- 7.2.3. By Country (Value)
- 7.2.3.1. Germany
- 7.2.3.1.1. By Product Type
- 7.2.3.1.1.1. Vegan Meat
- 7.2.3.1.1.2. Vegan Milk
- 7.2.3.1.1.3. Others
- 7.2.3.2. France
- 7.2.3.2.1. By Product Type
- 7.2.3.2.1.1. Vegan Meat
- 7.2.3.2.1.2. Vegan Milk
- 7.2.3.2.1.3. Others
- 7.2.3.3. Italy
- 7.2.3.3.1. By Product Type
- 7.2.3.3.1.1. Vegan Meat
- 7.2.3.3.1.2. Vegan Milk
- 7.2.3.3.1.3. Others
- 7.2.3.4. U.K.
- 7.2.3.4.1. By Product Type
- 7.2.3.4.1.1. Vegan Meat
- 7.2.3.4.1.2. Vegan Milk
- 7.2.3.4.1.3. Others
- 7.2.3.5. Spain
- 7.2.3.5.1. By Product Type
- 7.2.3.5.1.1. Vegan Meat
- 7.2.3.5.1.2. Vegan Milk
- 7.2.3.5.1.3. Others
- 7.2.3.6. Rest of Europe
- 7.2.3.6.1. By Product Type
- 7.2.3.6.1.1. Vegan Meat
- 7.2.3.6.1.2. Vegan Milk
- 7.2.3.6.1.3. Others
- 8. Asia Pacific Vegan Food Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. Market Size Estimates and Forecast
- 8.2.1. By Product Type
- 8.2.1.1. Vegan Meat
- 8.2.1.2. Vegan Milk
- 8.2.1.3. Others
- 8.2.2. By Distribution Channel
- 8.2.2.1. Hypermarkets/Supermarkets
- 8.2.2.2. Online Retails
- 8.2.2.3. Convenience Stores
- 8.2.2.4. Others
- 8.2.3. By Country (Value)
- 8.2.3.1. China
- 8.2.3.1.1. By Product Type
- 8.2.3.1.1.1. Vegan Meat
- 8.2.3.1.1.2. Vegan Milk
- 8.2.3.1.1.3. Others
- 8.2.3.2. India
- 8.2.3.2.1. By Product Type
- 8.2.3.2.1.1. Vegan Meat
- 8.2.3.2.1.2. Vegan Milk
- 8.2.3.2.1.3. Others
- 8.2.3.3. Japan
- 8.2.3.3.1. By Product Type
- 8.2.3.3.1.1. Vegan Meat
- 8.2.3.3.1.2. Vegan Milk
- 8.2.3.3.1.3. Others
- 8.2.3.4. Australia
- 8.2.3.4.1. By Product Type
- 8.2.3.4.1.1. Vegan Meat
- 8.2.3.4.1.2. Vegan Milk
- 8.2.3.4.1.3. Others
- 8.2.3.5. Rest of Asia Pacific
- 8.2.3.5.1. By Product Type
- 8.2.3.5.1.1. Vegan Meat
- 8.2.3.5.1.2. Vegan Milk
- 8.2.3.5.1.3. Others
- 9. South America Vegan Food Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. Market Size Estimates and Forecast
- 9.2.1. By Product Type
- 9.2.1.1. Vegan Meat
- 9.2.1.2. Vegan Milk
- 9.2.1.3. Others
- 9.2.2. By Distribution Channel
- 9.2.2.1. Hypermarkets/Supermarkets
- 9.2.2.2. Online Retails
- 9.2.2.3. Convenience Stores
- 9.2.2.4. Others
- 9.2.3. By Country (Value)
- 9.2.3.1. Brazil
- 9.2.3.1.1. By Product Type
- 9.2.3.1.1.1. Vegan Meat
- 9.2.3.1.1.2. Vegan Milk
- 9.2.3.1.1.3. Others
- 9.2.3.2. Argentina
- 9.2.3.2.1. By Product Type
- 9.2.3.2.1.1. Vegan Meat
- 9.2.3.2.1.2. Vegan Milk
- 9.2.3.2.1.3. Others
- 9.2.3.3. Rest of South America
- 9.2.3.3.1. By Product Type
- 9.2.3.3.1.1. Vegan Meat
- 9.2.3.3.1.2. Vegan Milk
- 9.2.3.3.1.3. Others
- 10. Middle East & Africa Vegan Food Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. Market Size Estimates and Forecast
- 10.2.1. By Product Type
- 10.2.1.1. Vegan Meat
- 10.2.1.2. Vegan Milk
- 10.2.1.3. Others
- 10.2.2. By Distribution Channel
- 10.2.2.1. Hypermarkets/Supermarkets
- 10.2.2.2. Online Retails
- 10.2.2.3. Convenience Stores
- 10.2.2.4. Others
- 10.2.3. By Country (Value)
- 10.2.3.1. South Africa
- 10.2.3.1.1. By Product Type
- 10.2.3.1.1.1. Vegan Meat
- 10.2.3.1.1.2. Vegan Milk
- 10.2.3.1.1.3. Others
- 10.2.3.2. UAE
- 10.2.3.2.1. By Product Type
- 10.2.3.2.1.1. Vegan Meat
- 10.2.3.2.1.2. Vegan Milk
- 10.2.3.2.1.3. Others
- 10.2.3.3. Rest of Middle East & Africa
- 10.2.3.3.1. By Product Type
- 10.2.3.3.1.1. Vegan Meat
- 10.2.3.3.1.2. Vegan Milk
- 10.2.3.3.1.3. Others
- 11. Competitive Matrix
- 11.1. Business Strategies Adopted by Leading Players
- 11.2. Global Vegan Food Market Revenue Share/Ranking Analysis, By Key Manufacturer, 2019
- 12. Company Profiles
- 12.1. Danone S.A.
- 12.1.1. Overview
- 12.1.2. Description
- 12.1.3. Product Portfolio
- 12.1.4. Financials (Data as available in public domain and/or on paid databases)
- 12.1.5. Recent Developments
- 12.1.6. SWOT Analysis
- 12.2. Conagra, Inc.
- 12.2.1. Overview
- 12.2.2. Description
- 12.2.3. Product Portfolio
- 12.2.4. Financials (Data as available in public domain and/or on paid databases)
- 12.2.5. Recent Developments
- 12.2.6. SWOT Analysis
- 12.3. The Hain Celestial Group, Inc.
- 12.3.1. Overview
- 12.3.2. Description
- 12.3.3. Product Portfolio
- 12.3.4. Financials (Data as available in public domain and/or on paid databases)
- 12.3.5. Recent Developments
- 12.3.6. SWOT Analysis
- 12.4. Axiom Foods, Inc.
- 12.4.1. Overview
- 12.4.2. Description
- 12.4.3. Product Portfolio
- 12.4.4. Financials (Data as available in public domain and/or on paid databases)
- 12.4.5. Recent Developments
- 12.4.6. SWOT Analysis
- 12.5. DAIYA FOODS INC
- 12.5.1. Overview
- 12.5.2. Description
- 12.5.3. Product Portfolio
- 12.5.4. Financials (Data as available in public domain and/or on paid databases)
- 12.5.5. Recent Developments
- 12.5.6. SWOT Analysis
- 12.6. Alpro
- 12.6.1. Overview
- 12.6.2. Description
- 12.6.3. Product Portfolio
- 12.6.4. Financials (Data as available in public domain and/or on paid databases)
- 12.6.5. Recent Developments
- 12.6.6. SWOT Analysis
- 12.7. Kellogg Compan
- 12.7.1. Overview
- 12.7.2. Description
- 12.7.3. Product Portfolio
- 12.7.4. Financials (Data as available in public domain and/or on paid databases)
- 12.7.5. Recent Developments
- 12.7.6. SWOT Analysis
- 12.8. Follow Your Heart
- 12.8.1. Overview
- 12.8.2. Description
- 12.8.3. Product Portfolio
- 12.8.4. Financials (Data as available in public domain and/or on paid databases)
- 12.8.5. Recent Developments
- 12.8.6. SWOT Analysis
- 12.9. Impossible Foods Inc.
- 12.9.1. Overview
- 12.9.2. Description
- 12.9.3. Product Portfolio
- 12.9.4. Financials (Data as available in public domain and/or on paid databases)
- 12.9.5. Recent Developments
- 12.9.6. SWOT Analysis
- 12.10. Beyond Meat
- 12.10.1. Overview
- 12.10.2. Description
- 12.10.3. Product Portfolio
- 12.10.4. Financials (Data as available in public domain and/or on paid databases)
- 12.10.5. Recent Developments
- 12.10.6. SWOT Analysis
- 13. Appendix
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