Global Vegan Food Market Report and Forecast 2024-2032

Global Vegan Food Market Outlook

The global vegan food market size reached a value of about USD 27.07 billion in 2023. The market is projected to grow at a CAGR of 10.1% in the forecast period of 2024-2032 to reach a value of approximately USD 64.36 billion by 2032.

Key Takeaways

• Reportedly, in 2022, the worldwide retail market for plant-based meat alternatives reached a value of $6.1 billion.

• India distinguishes itself significantly in the global vegan food market with 22% of its population adhering to vegetarianism and 19% embracing veganism.

• Under the Vegan Trademark launched in 1990, the Vegan Society has registered over 65,000 products, encompassing 30,000 cosmetics and toiletries, and 18,000 food and drink items.

Vegan food refers to meals and ingredients that do not contain any animal products or by-products. Vegans avoid not only meat, poultry, and fish but also dairy products, eggs, honey, and other substances derived from animals. Vegan diets focus on plant-based foods such as fruits, vegetables, grains, nuts, seeds, and legumes. The reasons people choose veganism vary and can include health concerns, ethical considerations regarding animal rights and welfare, and environmental reasons.

The global vegan food market expansion is bolstered by the growing awareness regarding animal health as well as cruelty in the food industry, which has led to a significant shift towards plant-based food products. The growing popularity of the vegan diet and the emerging trend of following veganism have resulted in an accelerated demand for vegan food. For instance, the World Animal Organisation estimates that nearly 88 million individuals in the world are vegans.

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Key Trends and Developments

Increasing shift towards whole foods; innovation in vegan seafood; increased promotion of veganism on social media; and a focus on sustainability and regenerative agriculture are positively impacting the vegan food market growth

Sep 29th 2022

Pangea Natural Foods Inc., a company specialising in natural foods, launched its Pangea Chicken Nuggets. These vegan meat alternatives are protein-rich and crafted from three distinct types of pea protein.

Jul 11th 2021

In the Middle East, Upfield introduced its dairy-free cheese brand, Violife , presenting a vegan alternative without allergens. Available in varieties such as cheddar and mozzarella, Violife offers products in formats like slices, boxes, and grates.

May 5th 2021

Nestlé introduced Wunda, a versatile pea-based beverage for drinking, cereal, cooking, and more, offering broad culinary applications.

Mar 11th, 2021

Good & Gather expanded its offerings with the launch of plant-based food products, introducing options like non-dairy chocolate-flavoured mousse dip, crispy chicken tenders, and buffalo-style cauliflower wings.

The rising shift towards whole foods

There is a notable shift towards plant-based foods that utilise basic, whole-food ingredients like mushrooms, walnuts, tempeh, and legumes. This trend is driven by consumers' wariness of processed foods and a desire for natural, transparently sourced options.

Innovation in Plant-Based Seafood

Vegan seafood is poised for significant growth in upcoming years, with innovations in plant-based versions of shrimp, crab, fish, and lobster increasing. Advancements in technology are helping to overcome challenges related to mimicking the textures of these products, with a variety of brands introducing innovative options.

Increasing Promotion of Vegan Lifestyle on Social Media

High-profile endorsements from celebrities have helped push the vegan movement into the mainstream. Influential figures in entertainment, sports, and music have backed vegan products and initiatives, contributing to the broader acceptance of plant-based diets.

Emphasis on Sustainability and Regenerative Agriculture

Sustainability remains a critical trend, with a focus on water conservation, stewardship in food production, and the use of entire food parts to reduce waste. Regenerative agriculture is also gaining attention for its potential to improve soil health and support environmental sustainability.

Global Vegan Food Market Trends

The market is primarily being driven by the growing preference for plant-based foods that focus on basic, whole ingredients like mushrooms, walnuts, tempeh, and legumes. This movement is fuelled by a consumer drive towards more natural and transparently sourced options, moving away from processed foods. Mushrooms, recognised for their versatility and nutritional value, are emerging as a key ingredient across various food and beverage sectors.

In the West, a rising proportion of the population has stopped consuming meat, and as a result is embracing alternative food, such as vegan products. Further, the rising awareness of the benefits of consuming these products has played a key role in the adoption of vegan food, thereby facilitating the market growth. In the coming years, the rising adoption of a vegan diet in emerging regions and product diversification are expected to propel the growth of the vegan food market forward.

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Market Segmentation

“Global Vegan Food Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Dairy Alternatives
  • Milk
  • Cheese
  • Yoghurt
  • Dessert
  • Others
• Meat Substitutes
  • Tofu
  • Textured Vegetable Protein (TVP)
  • Seiten
  • Quorn
  • Others
• Egg Alternative

• Vegan Bakery

• Confectionery

• Plant-Based Snacks

• Others

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets

• Convenience Stores

• Speciality Stores

• Online

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

The increasing demand for vegan dairy products and meat substitutes due to health concerns and animal welfare is expected to propel the vegan food market

Dairy alternatives, including products like plant-based milk, cheese, and yoghurt, have seen substantial growth, driven by consumer demand for lactose-free options and concerns about the dairy sector’s environmental impact. Soy and almond milk have been leaders in this category, with almond milk experiencing rapid popularity growth due to its lower calorie content and the perception of being a healthier option.

Meat substitutes have also become increasingly popular, especially in developed regions such as North America and Europe, where health consciousness and ethical concerns regarding animal welfare have led to a surge in vegan populations.

Supermarkets and hypermarkets are expected to dominate the vegan food market share owing to its ability to serve a wide range of products

Supermarkets and hypermarkets are expected to be the most preferred channels for vegan food products in the coming years. They account for a significant share of sales due to their broad accessibility, convenience, and the wide range of plant-based products they offer. Major supermarket chains have been proactive in launching varieties of plant-based food products, effectively communicating their availability through prominent in-store displays.

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Competitive Landscape

Some of the major vegan food market players are increasingly investing in the development of innovative vegan product

Danone S.A.

Danone S.A. is a French multinational corporation specialising in food products, with a rich history dating back to its founding in 1919. The company's global operations span a diverse range of products, including baby food, coffee, dairy and dairy-free products, bottled water, and dietary supplements.

Daiya Foods Inc.

Daiya Foods Inc., known for its wide range of dairy-free food products, specialises in vegan cheese, yoghurts, dressings, and frozen desserts. The company is located in Burnaby, British Columbia, and since its foundation in 2008, has designed offerings to cater to individuals seeking plant-based alternatives without compromising on taste or texture.

Ripple Foods PBC

Ripple Foods PBC is a plant-based nutrition company, headquartered in Berkeley, California. The company began its operations in 2014 with its innovative use of pea protein to create dairy-free milk, creamers, and yoghurts that are rich in protein and low in sugar, appealing to consumers looking for nutritious and lactose-free options.

Impossible Foods Inc.

Impossible Foods Inc. is headquartered in California, the United States, and has been operating in the food and beverages sector since 2011. It has made headlines with its plant-based meat products, such as burgers and sausages, that aim to replicate the taste and texture of real meat. Its products are designed to reduce the environmental impact of animal farming by offering sustainable, plant-based alternatives.

Other key players in the global vegan food market are Beyond Meat, Inc., Amy's Kitchen, Inc., Tofutti Brands, Inc., Earth’s Own Food Company Inc., Conagra, Inc., The Hain Celestial Group, Inc., Schouten Europe B.V., and Greenleaf Foods, SPC, among others.

Companies in the global vegan food market are experiencing significant growth and development, driven by increasing consumer awareness of the health and environmental benefits of plant-based diets. This surge in interest is prompting businesses to invest in the expansion of their production capabilities and in innovative technologies to improve the flavours and textures of vegan products, catering to a broader consumer base seeking alternatives to animal-based foods.

Global Vegan Food Market Analysis by Region

North America and Europe are some of the leading regions in the market. The regional markets are being driven by rising concerns about animal cruelty in the food industry and the negative impacts of meat and dairy consumption on the environment. The growing population of lactose-intolerant consumers is expected to further aid the market in North America and Europe as these consumers are increasingly seeking out alternatives to dairy products.

In the coming years, with the rising awareness of animal rights, growing disposable incomes, and changing lifestyles, the Asia Pacific vegan food market is expected to present lucrative growth opportunities for leading players in the forecast period.

Key Highlights of the Report

Vegan Food Market Snapshots

Vegan Food Market Size

Vegan Food Market Trends

Vegan Food Companies

Vegan Food Market Regional Analysis