Meticulous Research®, a prominent global market research firm, released a report entitled, ‘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.’
Meticulous Research®'s latest report indicates that the vegan food market is expected to hit $116.33 billion by 2031, with a CAGR of 11.7% from 2024 to 2031. The market's expansion is primarily fueled by the rising vegan population, increased R&D activities and investments, heightened demand for protein-rich products, and growing intolerance to animal proteins. Nonetheless, the higher relative cost of vegan products is anticipated to hinder market growth.
Key Players
The report features a competitive landscape based on a comprehensive assessment of the key strategic developments by leading players in the market. Some prominent companies in 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 (part of Aft Holdings, Inc.) (U.S.), VBites Food, Ltd. (U.K.), and Nutrisoy Pty, Ltd. (Australia).
The vegan food market is segmented 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], ready-to-eat meals, bakery products, confectionery, protein bars & snacks, and other vegan foods), distribution channel (business-to-business, business-to-consumer [modern groceries (supermarkets & hypermarkets), convenience stores, online retail, specialty stores, other distribution channels]), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, in 2024, the dairy alternatives segment is anticipated to hold the largest share of the vegan food market. This significant market share is driven by the rising prevalence of lactose intolerance, a growing consumer preference for vegan diets, the nutritional advantages of plant-based dairy products, increased investments in dairy alternatives, and a growing vegan and vegetarian population.
Based on distribution channel, in 2024, the business-to-consumer segment is projected to capture the largest share of the vegan food market. This dominance is attributed to the heightened sales of vegan food through supermarket and hypermarket chains, traditional grocery stores, rapid urbanization, rising per capita disposable income, the increasing number of supermarkets and hypermarkets, and the growing consumer preference for vegan food products.
Based on geography, in 2024, North America is anticipated to hold the largest share of the vegan food market. This substantial market share is due to increasing awareness about the importance of sustainable and environmentally friendly food and protein diets, technological advancements in the food industry, the 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 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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