(MENAFN- GlobeNewsWire - Nasdaq) The Global Vegan Food market Size was Valued at USD 23.73 Billion in 2023 and the Worldwide Global Vegan Food Market Size is Expected to Reach USD 55.84 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: Allplants, Atlast Food, Amy's Kitchen, FUTURE Farm LLC., Good Catch, Bel Group, Danone S.A, Daiya Foods Inc., Beyond Meat, LIVEKINDLY CO. INC., Puris Foods, Tofutti Brands Inc., Plamil Foods Ltd, VBites Foods Limited, Eden Foods Inc., VITASOY International Holdings Limited, SunOpta, and Others
New York, United States , Aug. 02, 2024 (GLOBE NEWSWIRE) -- The Global Vegan Food Market Size is to Grow from USD 23.73 Billion in 2023 to USD 55.84 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.93% during the projected period.
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Vegan food products are generally devoid of dairy and meat, being derived from plant-based sources. Meat substitutes, crafted to replicate the taste, flavor, and appearance of actual meat, provide a healthier option and are increasingly replacing traditional meat products. These substitutes are primarily composed of ingredients like soy and wheat. Tofu, a well-known meat alternative, is often used in place of pork, chicken, beef, and other meats. Likewise, dairy-free food and beverage products are made from sources such as almond, soy, rice, and coconut. Common dairy alternatives include milk, ice cream, cheese, and butter. Consumers are becoming more aware of animal welfare, prompting many to embrace lifestyles and diets that aim to minimize animal cruelty and lessen the environmental impact of meat consumption. Scientific research indicates that dairy and meat products contribute to about 60% of agricultural greenhouse gas emissions. By adopting a vegan diet, individuals can reduce their environmental footprint and help prevent the exploitation of animals in the food industry. This dietary change addresses both the ecological and ethical issues of animal agriculture, fostering a more sustainable and humane approach to food production. However, the high cost of vegan food may hinder market growth. these products often come with higher price tags compared to traditional animal-based foods.
Browse key industry insights spread across 179 pages with 105 Market data tables and figures & charts from the report on the " Global Vegan Food Market Size, Share, and COVID-19 Impact Analysis, By Product (Dairy Alternatives, Meat Substitutes, and Others), By Source (Almond, Soy, Oats, Wheat, and Others), By Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Specialty Stores, Online Stores, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The dairy alternatives segment dominates the market with the highest market share of the honey food market during the projected period.
Based on the product, the vegan food market is divided into dairy alternatives, meat substitutes, and others. Among these, the dairy alternatives segment dominates the market with the highest market share of the vegan food market during the projected period. Many individuals avoid dairy because of spiritual practices, lactose intolerance, or personal dietary preferences. Dairy alternatives provide a suitable replacement that respects these cultural and dietary needs, driving their increasing popularity. Furthermore, growing awareness of the health risks associated with excessive dairy consumption is encouraging people to seek healthier options. As a result, dairy alternatives, which are free from animal-based saturated fats and cholesterol, are becoming a preferred choice.
The soy segment holds the highest market share in the vegan food market during the projected period.
Based on the source, the vegan food market is categorized into almond, soy, oats, wheat, and others. Among these, the soy segment holds the highest market share of the vegan food market during the projected period. Soy protein isolates are used to create vegan meat alternatives, such as soy-based sausages, patties, and nuggets. This versatility allows soy to cater to diverse culinary preferences and serves as a foundation for developing innovative vegan food products. Additionally, soy-based products like soy milk, tofu, soy protein, and soy-based meat substitutes are widely available in the Indian market. They are often competitively priced compared to other plant-based options, making them both accessible and affordable for a wide range of consumers.
The supermarkets and hypermarkets segment holds the highest market share in the vegan food market during the projected period.
Based on the distribution channel, the vegan food market is categorized into supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others. Among these, the supermarkets and hypermarkets segment holds the highest market share of the vegan food market during the projected period. Supermarkets and hypermarkets provide a vast array of products, including a variety of vegan alternatives. Their offerings encompass plant-based items like vegan meat substitutes, dairy-free milk, plant-based cheeses, vegan desserts, and pre-packaged vegan meals, allowing consumers to explore and choose from numerous vegan options. Conveniently situated in urban and suburban areas, these stores have extended hours and offer a user-friendly shopping experience, making it easier for people to find and purchase vegan products. Additionally, supermarkets and hypermarkets act as key platforms for brands to showcase their vegan products to a wider audience, with investments in marketing and promotional activities enhancing the visibility and appeal of vegan options.
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North America is expected to hold the largest share of the vegan food market over the forecast period.
North America is expected to hold the largest share of the vegan food market over the forecast period. The North American market is primarily driven by increasing concerns about animal cruelty in the food industry and its environmental impact. As awareness of these issues grows, consumers are progressively seeking alternatives to traditional animal-based products. Additionally, the high incidence of lactose intolerance in the U.S. significantly boosts the demand for dairy alternatives. Many lactose-intolerant individuals are searching for suitable substitutes that let them enjoy dairy-like products without discomfort. This blend of ethical and health considerations is fueling the rising popularity of plant-based and alternative dairy products, indicating a broader shift towards more sustainable and inclusive dietary choices.
Asia Pacific is predicted to grow at the fastest pace in the vegan food market during the projected period. The regional market is mainly driven by growing health awareness among consumers. As more individuals become mindful of their health and well-being, they are gravitating towards products that support healthier lifestyles. This trend is encouraging major manufacturers to focus on expanding their operations in the Asia Pacific region, which holds significant growth potential. The rapidly growing health-conscious consumer base in Asia Pacific provides ample opportunities for market expansion, prompting companies to strategically invest in this area to tap into the increasing demand for health-oriented products.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the vegan food market are Allplants, Atlast Food, Amy's Kitchen, FUTURE FARM LLC., Good Catch, Bel Group, Danone S.A, Daiya Foods Inc., Beyond Meat, LIVEKINDLY CO. INC., Puris Foods, Tofutti Brands Inc., Plamil Foods Ltd, VBites Foods Limited, GrownAs Foods, Eden Foods Inc., VITASOY International Holdings Limited, SunOpta, Others
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Recent Developments
In December 2022, GrownAs* Foods has introduced a new vegan boxed mac and cheese, claiming it to be more nutritious, flavorful, and eco-friendly compared to traditional boxed mac and cheese.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the vegan food market based on the below-mentioned segments:
Global Vegan Food Market, By Product
Dairy Alternatives Meat Substitutes Others
Global Vegan Food Market, By Source
Almond Soy Oats Wheat Others
Global Vegan Food Market, By Distribution Channel
Supermarkets and Hypermarkets Convenience Stores Specialty Stores Online Stores Others
Global Vegan Food Market, By Regional Analysis
North America Europe Germany UK France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of the Middle East & Africa
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About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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