The vegan food market comprises plant-based food and beverages that do not contain meat, eggs, dairy, honey or any other animal-derived ingredients. Vegan foods such as plant-based meat, dairy alternatives, frozen desserts and ready-to-eat meals are becoming increasingly popular among health-conscious consumers. Many people adopt a vegan diet to avoid animal products for health, environmental or ethical reasons. The rising awareness about the negative impacts of meat consumption and benefits of plant-based nutrition is driving tremendous growth in the vegan food industry. The Global vegan food market is estimated to be valued at US$ 20721.19 Mn in 2024 and is expected to exhibit a CAGR of 12.% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Global Vegan Food Market Growth are Abbott Laboratories, Biosynex, Qiagen Sciences LLC, Clinical Innovations LLC, Sera Prognostics, The Cooper Companies Inc., Medixbiochemica, Hologic Inc., IQ Products, NX Prenatal Inc., Promega Corporation, Medical Predictive Technologies Inc., Biosynex, Clinical Innovations LLC, NX Prenatal Inc., Medixbiochemica, Qiagen Sciences LLC, Sera Prognostics Inc., Insight Pharmaceuticals LLC, Creative Diagnostics. The growing popularity of flexitarian and vegetarian diets among millennials and Gen Z consumers is fueling significant growth in the plant-based food sector. Many new startups are innovating with vegan meat and dairy alternatives that offer similar taste, texture and cooking experience as animal products using plant-based ingredients.
Market Trends
The rise of blended families where vegan and omnivore diet preferences co-exist under one roof has led to increasing demand for multi-diet food packaging. Many brands are offering split packs that contain separate vegan and non-vegan options to make joint meal planning and grocery shopping more convenient. Another major trend is the development of meat-free jerkies, sausages and ready-to-eat sandwiches using vegan ingredients like soy, wheat and jackfruit that closely emulate meat texture. This allows vegan snacks and meals to seamlessly integrate into omnivore diets.
Market Opportunities
One major opportunity for vegan food companies is in caffeinated products like plant-based lattes, coffees and energy drinks. With increasing health consciousness spiraling into around-the-clock busy lifestyles, the need for convenient yet healthy caffeinated beverages has never been greater. Another key area of growth is vegan pet food made from ingredients suitable for both cats and dogs. As more pet owners adopt vegan diets themselves, they are looking for vegan kibble, treats and wet food for their furry companions as well.
Impact of COVID-19 on Vegan Food Market Growth
The COVID-19 pandemic has positively impacted the growth of the vegan food market. During the pandemic, health and wellness gained increased importance among consumers. People started preferring plant-based foods due to their associated health benefits. As vegan foods offer protein and other important nutrients from plant sources, their demand surged significantly. Online sales of vegan products also grew as more people purchased groceries through e-commerce channels.
Companies witnessed increased interest in vegan foods as consumers sought sustainable and ethical options. New product innovation and launches in vegan categories like meat and dairy alternatives ensured availability. The pandemic heightened awareness about veganism and its relationship with immunity and gastrointestinal health. This boosted trial and uptake of vegan diets. Post pandemic, the health-conscious consumer base interested in veganism is expected to retain, propelling further market growth. However, disruptions to supply chains and price rises of key crops in the initial period impacted production and availability.
The market value concentration of the Vegan Food Market was highest in North America pre-COVID driven by growing vegan population. The region continues to be a major hub of vegan companies and food innovations. Awareness about veganism, health issues and environmental sustainability are primary drivers of its fast growth. Countries like the US and Canada are recognized for having the maximum number of vegans and vegan product launches annually. Asia Pacific is the fastest growing regional market fueled by rising health consciousness of its population and animal welfare concerns. The increasing presence of international vegan brands is making alternative options widely available in the region.
Get more insights on this topic: Vegan Food Market
Explore More Articles: India Power Tool Market
