Global Vegan Food Market to Reach USD 64.36 Billion by 2032, Aided by the Rising Demand for Dairy Alternatives

The vegan food industry is being driven by the rising demand for dairy alternatives. The segment held a significant market share in the historical period, with the market for this segment being influenced by a large number of population suffering from lactose intolerance. Further, the availability of an extensive range of products, such as yoghurt, cheese, ice cream, and snacks, has also broadened the consumer base of this segment. In addition, the introduction of a number of quality food items in various flavours, along with attractive packaging solutions, is aiding the market growth of vegan food. Among these products, the plant-based cheese held a significant market share in the dairy alternatives industry. Thus, the rising product portfolio, in conjunction with the increasing incidences of lactose intolerance, is expected to boost the vegan food industry growth in the coming years as well.

The global vegan food industry is being driven by the growing awareness of the health benefits, along with the rising awareness of animal cruelty in the food industry. The market is led by key players, such as Danone S.A (OTCMKTS: DANOY ) and Amy's Kitchen, among others. In 2021, Danone revealed that it would leverage its vegan dairy products using AI. The company will also work with Brightseed, a San Francisco-based biotechnology company, to explore new health benefits of soybeans. Such innovations helping promote healthy food options through the consumption of vegan food are expected to strengthen the market for vegan food in the forecast period.

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Market Analysis by Product Type, Distribution Channel, and Region:

• The vegan food industry, on the basis of product, is divided into dairy alternatives, meat substitutes, egg alternative, vegan bakery, confectionery, and plant-based snacks, among others.

• On the basis of distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, specialty stores, and others.

• Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global vegan food industry is being driven by the inflating disposable incomes of the population.

• The market is further positively influenced by the rising awareness of animal health and animal cruelty, which is taking place in the food industry, leading to people reconsidering their food choices.

• The emerging popularity of this diet, bolstered by celebrity promotion, has led to accelerated demand for vegan food. Thereby enhancing the market growth.

• A significant number of the world population have discontinued consuming meat, as a result invigorating the demand for alternative food products, including vegan food.

• The rising awareness of the benefits of vegan food has enhanced the market demand for these products.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for vegan food for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the product types, distribution channels, and regional markets of vegan food.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

Danone S.A, Daiya Foods Inc., Ripple Foods Inc., Impossible Foods Inc., Beyond Meat, Inc., Amy's Kitchen, Tofutti Brands Inc., and Earth’s Own Food Company Inc., Conagra, Inc., The Hain Celestial Group, Inc., Schouten Europe B.V., and Greenleaf Foods, SPC, among others, are the key players in the global vegan food market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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