Meticulous Research®—a prominent global market research firm, has released 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 publication from Meticulous Research®, the vegan food market is anticipated to reach $116.33 billion by 2031, growing at a robust CAGR of 11.7% from 2024 to 2031. This growth trajectory is primarily driven by an expanding vegan demographic, increased research and development activities, heightened demand for protein-rich alternatives, and rising aversions to animal-based proteins. Nevertheless, the relatively high cost of vegan products remains a key constraint on market growth.
Key Players
The report presents a competitive analysis highlighting key strategic developments by major market players. Notable companies in the vegan food sector 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.), and Nutrisoy Pty, Ltd. (Australia).
Market Segmentation
The vegan food market is categorized by type, distribution channel, and geography. The types include dairy alternatives (yogurt, milk, ice cream, cheese, butter, and other dairy substitutes), meat substitutes (tofu, sausages, ground meat, meatballs, nuggets, and other options), ready-to-eat meals, bakery products, confectionery, protein bars & snacks, and other vegan foods. Distribution channels are segmented into business-to-business and business-to-consumer (modern groceries including supermarkets & hypermarkets, convenience stores, online retail, specialty stores, and other outlets). Regional segmentation covers North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Type-Based Insights
In 2024, the dairy alternatives segment is expected to hold the largest market share. This is due to the rising rates of lactose intolerance, growing preference for vegan diets, the nutritional advantages of plant-based dairy products, increased investment in dairy alternatives, and a surge in the vegan and vegetarian population.
Distribution Channel Insights
For 2024, the business-to-consumer segment is projected to dominate the market. This growth is attributed to increased vegan food sales through supermarket and hypermarket chains, rapid urbanization, rising disposable incomes, a growing number of retail outlets, and a shift in consumer preference towards vegan products.
Geographical Insights
North America is anticipated to command the largest market share in 2024. This prominence is driven by rising awareness about sustainable and environmentally-friendly food options, 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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