Meticulous Research®, a leading global market research firm, recently published a comprehensive 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 findings from Meticulous Research®, the vegan food market is poised to reach a substantial $116.33 billion by 2031, exhibiting a robust CAGR of 11.7% from 2024 to 2031. This growth trajectory is primarily driven by several factors including the increasing adoption of vegan diets globally, heightened investments in research and development, rising consumer demand for protein-rich alternatives, and a growing awareness regarding animal protein intolerance among consumers. However, the market growth is expected to face challenges due to the comparatively higher cost associated with vegan products.
Key Players in the Vegan Food Market
The report highlights a competitive landscape characterized by strategic developments among industry leaders. Key players shaping 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 (U.S.)
• VBites Food, Ltd. (U.K.)
• Nutrisoy Pty, Ltd. (Australia)
Market Segmentation
The vegan food market is segmented based on type, distribution channel, and geography:
• Type: Includes dairy alternatives (yogurt, milk, ice cream, cheese, butter, and others), meat substitutes (tofu, sausages, ground meat, meatballs, nuggets, and others), ready-to-eat meals, bakery products, confectionery, protein bars & snacks, and other vegan foods.
• Distribution Channel: Covers business-to-business (B2B) and business-to-consumer (B2C) channels, encompassing modern groceries (supermarkets & hypermarkets), convenience stores, online retail, specialty stores, and other distribution channels.
• Geography: Assesses market dynamics across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, providing insights into regional trends and competitive landscapes.
Market Insights and Projections
By 2024, the dairy alternatives segment is anticipated to dominate the market, driven by increasing lactose intolerance prevalence, growing consumer preference for plant-based diets, nutritional benefits of plant-derived dairy products, and substantial investments in dairy alternatives. Similarly, the business-to-consumer segment is expected to capture the largest market share owing to robust sales through supermarket chains, hypermarkets, and other retail channels, bolstered by urbanization, rising disposable incomes, and evolving consumer preferences.
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Key questions answered in the report-
• How much revenue does the global vegan food market currently generate?
• 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 primary factors driving growth in this market both globally and regionally?
• What significant opportunities are available for both established players and newcomers in the vegan food market?
• Which segments, in terms of type and distribution channel, are expected to see significant interest and activity among companies in this market?
• What are the primary geographical trends observed in this market? Which regions or countries are expected to offer notable growth prospects for manufacturers operating in the vegan food market?
• Who are the leading players in the global vegan food market, and what specific products do they offer?
• What recent strategic developments have occurred in the global vegan food market, and what are their implications for the market?
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