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Vegan Food Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global vegan food products market was valued at USD 34.5 billion in 2022 and is projected to expand at a CAGR of 8.7% from 2023 to 2030. The growth of the market is attributed to the increasing awareness about veganism and the health benefits associated with it. Furthermore, the growing demand for plant-based food products is boosting the market growth.
The vegan food products market is segmented on the basis of product type, packaging type, distribution channel, and region. In terms of product type, the market is segmented into frozen food, snacks, bakery products, beverages, and others. The snacks segment held the largest share in the market in 2021 and is expected to retain its dominance throughout the forecast period. This is attributed to the increasing demand for vegan snacks, including chips, energy bars, and biscuits.
In terms of packaging type, the market is divided into paper & board, metal, plastic, and others. The plastic segment held the largest market share in 2021 and is expected to remain dominant throughout the forecast period. This is due to the increasing demand for convenience among consumers, the ease of use associated with plastic packaging, and the increasing demand for ready-to-eat vegan food products.
In terms of distribution channel, the market is divided into store-based and non-store-based. The store-based segment held the largest share in the market in 2021 and is expected to retain its dominance throughout the forecast period. This is attributed to the increasing presence of retail outlets offering vegan food products and the easy availability of these products at supermarkets and hypermarkets.
Regionally, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America held the largest share in the market in 2021 and is projected to remain dominant throughout the forecast period. This is attributed to the increasing demand for plant-based food products in the region and the presence of leading vegan food manufacturers in the U.S. and Canada.
Product Insights
The vegan snacks segment held the largest share of the market in 2020. Increasing health consciousness among consumers is driving the demand for vegan snacks globally. Moreover, the growing presence of vegan snacks in convenience stores, supermarkets, and other retail outlets is propelling the market growth. According to an article published by GlobalData, in June 2020, the vegan snacks market is estimated to grow by 14.8% in the next five years.
The vegan meat segment is anticipated to expand at the fastest CAGR of 10.6% over the forecast period. Growing awareness about the health benefits of vegan meat is driving the market growth. According to an article published by the University of London, in February 2021, vegan meat is a healthier option than traditional meat as it is low in saturated fat and cholesterol, and contains no hormones or antibiotics. Furthermore, the growing trend of plant-based diets among consumers is pushing the demand for vegan meat.
Distribution Channel Insights
The supermarkets and hypermarkets segment accounted for the largest share of over 44% in 2022. Supermarkets and hypermarkets offer a wide range of vegan products and provide a convenient shopping experience to customers. Moreover, they are well-equipped with the latest technologies and infrastructure to store a variety of products, which is expected to drive the segment growth over the forecast period.
The online segment is anticipated to expand at the highest CAGR of 13.4% during the forecast period. The increasing number of consumers opting for online purchases of vegan food products is expected to drive the segment growth. Companies are offering online services to meet the growing consumer demand for vegan food products. For instance, in April 2020, VeganFineFoods, an online vegan food platform, started offering vegan food delivery services to its customers in the UK. This company offers a wide range of vegan food products such as plant-based milks, vegan snacks, cakes, and vegan ready meals.
Type Insights
The plant-based segment accounted for the largest revenue share of 70.2% in the year 2022. This is mainly due to the increasing preference for plant-based food among customers due to its health benefits and sustainability. The presence of a large number of plant-based food products has enabled a wide range of customers to switch to vegan diets. Furthermore, the growing trend of veganism, especially in developed countries such as the U.S., U.K., and Germany, has led to the growth of the plant-based segment.
The dairy alternative segment is expected to expand at the highest CAGR of 10.1% over the forecast period. This is due to the increasing demand for non-dairy milk alternatives such as soy milk, almond milk, and oat milk. The health benefits associated with these products have attracted a large number of customers, especially in developed countries. Furthermore, the increasing awareness regarding animal welfare and sustainability is also driving the growth of this segment.
Regional Insights
Europe held the largest share of the global vegan food market in 2022, owing to the presence of a large number of vegan consumers in the region. Moreover, the increasing demand for plant-based meat alternatives, such as tempeh, seitan, and tofu, is driving the growth of the market in the region. Furthermore, the increasing number of vegan restaurants and supermarkets offering vegan products is further boosting the market growth in Europe. For instance, in April 2022, Sainsbury’s, a major UK-based supermarket chain, launched a vegan food range, including a variety of vegan burgers, sausages, and ready-meals.
Asia Pacific is expected to exhibit the fastest growth in the coming years, owing to the increasing demand for vegan products in China and India. Furthermore, the increasing awareness about the health benefits of vegan food, such as better digestion and weight loss, is driving the growth of the market in the region. Moreover, the increasing number of vegan restaurants in the region is expected to create new opportunities for market growth. For instance, in December 2021, a restaurant called The Veggie Table opened in Hong Kong, offering a variety of vegan dishes.
Financial Projections
In this part of the vegan food products business plan we will provide a detailed breakdown of all income and expense categories. These forecasts include cash flow projections and capital requirements for your vegan food products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a vegan food products business comes from the sale of the vegan food products and services. Other possible sources of profit can include subscriptions, catering, events, and other promotional activities.
Projecting Expenses
In this section, all the regular expenses related to keeping the vegan food products business running will be described. The list of operating expenses includes wages, rent, maintenance and repairs, utilities, insurance policies, materials and supplies, advertising, and other overhead costs.
Key companies & market share insights
Some of the key players operating in the vegan food market are focusing on product launches and expansion of distribution channels to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Oatly announced the launch of its vegan cream cheese, which is free from preservatives, gluten and palm oil.
– In August 2022, Beyond Meat launched its vegan-friendly Beyond Burger which is made from plant-based protein and other ingredients.
– In October 2022, Unilever launched its vegan-friendly Magnum ice cream, which is made without dairy or eggs.
Some of the prominent players in the vegan food market include:
– Oatly AB
– Beyond Meat, Inc.
– Unilever PLC
– Amy’s Kitchen, Inc.
– Danone SA
– Kraft Heinz Company
– Nestle SA
– Dr. McDougall’s Right Foods
– Daiya Foods, Inc.
– Follow Your Heart
Global Vegan Food Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global vegan food products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Dairy Alternatives
– Meat Alternatives
– Fats & Oils
– Frozen & Processed Food
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Natural & Specialty Food Stores
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Conventional
– Organic
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation?
[A]: The vegan food products market is expected to benefit from the increased focus on product innovation. Companies are developing innovative vegan food products such as plant-based proteins, dairy-free cheeses, and vegan snacks. These products are in high demand from health-conscious consumers who are looking for convenient, nutritious, and sustainable food options.
[Q]: Who are the Key Players in the Vegan Food Products Market?
[A]: The key players in the vegan food products market include Beyond Meat, Impossible Foods, The Hain Celestial Group, Nestle SA, Amy’s Kitchen, The Kraft Heinz Company, Unilever, Kellogg Company, and WhiteWave Foods Company.
[Q]: Which Region Offers the Largest Opportunity for Sales of Vegan Food Products?
[A]: The Asia Pacific region is expected to be the largest market for vegan food products. This is due to the growing demand from health-conscious consumers, and the increasing number of vegan restaurants in the region.
[Q]: What are the factors driving the vegan food products market?
[A]: Key drivers of the vegan food products market include increasing awareness about the health benefits of vegan diets, changing lifestyle patterns, and growing health concerns. The rising demand for meat-free and dairy-free options is also driving the market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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