Vegan Food Market: By Product Type (Dairy Alternative, Meat Substitute, and Others), By Distribution Channel (Online, and Offline), and Geography

Vegan Food Market size was valued at USD 16,475.3 million in 2023 and is poised to grow at a 10.9% CAGR from 2024 to 2030. The vegan food market is experiencing a delicious revolution, driven by a confluence of ethical, environmental, and health-conscious consumers. The pursuit of health and wellness is the key driver of the vegan food market.  Consumers are increasingly recognizing the potential health benefits associated with plant-based diets. Vegan food is often lower in saturated fat and cholesterol, and higher in fiber and essential nutrients. This aligns perfectly with the growing trend towards preventative healthcare and a focus on overall well-being. Furthermore, specific dietary needs are playing a role. The rise of lactose intolerance and other allergies to animal products is creating a demand for plant-based alternatives that cater to these dietary restrictions.  The vegan food market is responding with a wider range of products specifically formulated for people with these needs. In addition, the environmental impact of animal agriculture is another major driver of the vegan food market. 

Livestock production is a significant contributor to greenhouse gas emissions, deforestation, and water pollution. Consumers are becoming increasingly aware of these issues and are seeking sustainable food options. Also, vegan food offers a more environmentally friendly alternative. Plant-based production generally requires less land, water, and resources compared to raising animals for food.  This environmental benefit resonates with consumers who are concerned about the future of our planet. As environmental consciousness continues to rise, the vegan food market is poised for further growth. Moreover, the power of celebrity influence and social media cannot be ignored.  A growing number of celebrities are adopting vegan lifestyles, publicly endorsing plant-based products, and sharing their experiences on social media platforms. This exposure is influencing consumer behaviour and normalizing veganism, making it a more mainstream dietary choice. Social media also plays a role in building communities and fostering a sense of belonging among vegans. Online communities share recipes, product recommendations, and tips for a successful vegan lifestyle. This creates a supportive environment that encourages people to explore veganism and embrace plant-based options. However, the perception of vegan food among some consumers is the significant restraint.  A common misconception is that vegan food is bland, tasteless, and lacks variety. This perception can be attributed to the early days of the vegan movement, when options were limited and often unappetizing.

Vegan Food Market Key Developments:

• In March 2023, Daiya Foods made investment to purchase fermentation technology in North America.
• In July 2021, Upfield initiated a vegan cheese brand Violife in the Middle East. The brand is an allergen-free, alternative range to dairy and is accessible in slices, boxes, and grated in two flavours such as cheddar and mozzarella.