Global Vegan Fast Food Market Report and Forecast 2024-2032

Global Vegan Fast Food Market Outlook

The global vegan fast food market size was approximately USD 25.02 billion in 2023. The market is assessed to grow at a CAGR of 10.3% between 2024 and 2032, reaching a value of USD 60.40 billion by 2032.

Key Trends in the Market

Fast food is a mass-produced, quick, on-the-go bite that can be served and prepared quickly. Vegan fast food refers to fast food that is made from plant-based and animal-free ingredients. Tortillas, nachos with salsa dip, and chips are some popular vegan fast food options. Such food products also serve as sustainable alternatives to animal-based products, especially meat.

• One of the key vegan fast food market trends includes the mainstreaming of plant-based food. A vegan diet has fewer calories, boasts an excellent nutritional profile, and is eco-friendly,  making it appealing to health and environmentally-conscious consumers. Distribution channels like supermarkets and hypermarkets are increasingly stocking plant-based fast food, further aiding the market growth.

• Advancements in food technology are driving the development of plant-based and vegan products with similar flavour profiles as their animal-based counterparts. Such innovations are helping consumers switch to plant-based diets without compromising on the taste. This is also aiding the vegan fast food market demand as fast food joints are also using such alternatives to expand their offerings and meet evolving consumer demands.

• Rising lactose intolerance and a surging flexitarian population further support the vegan fast food market growth. In addition, perceived health and environmental benefits associated with vegan and plant-based food are prompting popular fast food chains such as Burger King and KFC to launch plant-based versions of their offerings.

Market Analysis

Based on product, the market is segmented into bread/sandwiches, pizza/pasta, plant-based meat, and plant-based dairy products. On the basis of mode of operation, the vegan fast food market segmentation includes takeout and dine-in. The major regional markets for vegan fast food include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global vegan fast food market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Yum! Brands, Inc.

• McDonald's Corp

• Jubilant FoodWorks Limited

• Subway IP LLC

• DD IP Holder LLC

• Taco Bell IP Holder, LLC

• Restaurant Brands International Inc.

• Amy's Kitchen, Inc.

• Papa John's International Inc

• Beyond Meat, Inc.

• Others

Market Share by Product

As per the vegan fast food market analysis, bread/sandwiches are expected to hold a significant market share in the forecast period. Sandwiches have an optimal combination of carbohydrates and vitamins, which makes them a healthy meal that can be enjoyed on-the-go. Additionally, their availability in fast food chains as well as in convenience stores expands the segment’s growth.

Market Share by Region

Europe and North America account for a significant vegan fast food market share due to changing lifestyles, rising focus on animal rights, and growing disposable incomes. Additionally, rising awareness about lactose intolerance is driving a shift towards vegan fast food.

Meanwhile, the Asia Pacific is witnessing a healthy growth amid the rising focus on sustainability in countries including China, India, and Indonesia and a growing lactose-intolerant population.

Competitive Landscape

McDonald's Corp., based in the United States and founded in 1940, is one of the leading global fast food companies. The company places emphasis on ethical sourcing and animal welfare. It offers a wide range of fast foods and is constantly including a vegan fast food menu by incorporating burgers, sandwiches, and others.

Subway IP LLC serves millions of customers each day in more than 37,000 locations throughout more than 100 countries. Its product portfolio includes freshly cooked sandwiches, wraps, salads, and bowls with customisable options, which makes it one of the biggest fast-service restaurant chains in the world.

Taco Bell IP Holder, LLC, founded in 1954, is an American fast food company that specialises in the production of tacos, burritos, and nachos and also serves special breakfast menu, including wraps, hash browns, and others. It offers an exclusive product range for vegan consumers that includes tacos, burritos, pizzas, and others.

Other global vegan fast food market players include Yum! Brands, Inc., Jubilant FoodWorks Limited, DD IP Holder LLC, Restaurant Brands International Inc., Amy's Kitchen, Inc., Papa John's International Inc, and Beyond Meat, Inc., among others.

Key Highlights of the Report