April 12, 2024
Vegan Food Market

Vegan Food Market Set for Notable Expansion Backed by Rising Health Consciousness

The vegan food market is one of the fastest growing food categories driven by increasing health and wellness awareness among consumers. Vegan foods such as plant-based meat and dairy alternatives provide several nutritional and environmental advantages over animal-based products. Vegans follow a diet free of meat, eggs, and dairy to avoid cruelty to animals in the food industry and protect the environment.

The Global Vegan Food Market Growth is estimated to be valued at US$ 20,721.19 million in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2030. Key Takeaways

Key players: Key players operating in the vegan food market include Abbott Laboratories, Biosynex, Qiagen Sciences LLC, Clinical Innovations LLC, Sera Prognostics, The Cooper Companies Inc., Medixbiochemica, Hologic Inc., IQ Products, NX Prenatal Inc., Promega Corporation, Medical Predictive Technologies Inc., Biosynex, Clinical Innovations LLC, NX Prenatal Inc., Medixbiochemica, Qiagen Sciences LLC, Sera Prognostics Inc., Insight Pharmaceuticals LLC, Creative Diagnostics. These players are focusing on developing innovative plant-based alternatives and expanding their product portfolios.

Key opportunities: Rising focus on sustainability and ethics is driving demand for vegan products. Innovation in plant-based meat and dairy categories is opening new opportunities for vegan food companies. Growing vegan population worldwide is encouraging retailers and restaurants to expand vegan offerings.

Global expansion: Major vegan food companies are strengthening their global footprint through strategic collaborations and acquisitions. North America and Europe currently dominate the vegan food industry, however Asia Pacific is emerging as a high growth market led by countries like India and China.

Market drivers: The key driver for the vegan food market growth is the increasing health consciousness among consumers. A vegan diet is associated with several health benefits like reduced risk of heart disease, type 2 diabetes, and cancer. Rising awareness about animal welfare and environmental sustainability is also encouraging worldwide shift toward veganism. Consumers are becoming more experimental in their food choices and embracing vegan alternatives.

PEST Analysis
Political: Vegan food producers adhere to regulations regarding food production, distribution, and labeling in the regions where they operate. Regulations aim to ensure food safety and transparency for consumers.

Economic: Individuals are increasingly adopting vegan diets for health, ethical, or environmental reasons. This growing demand represents an opportunity for businesses to develop and market vegan food products. At the same time, vegan options typically have lower production costs compared to animal-based foods.

Social: More people, especially younger generations, consider the treatment of animals and sustainability in their food choices. A vegan diet can align with social and ethical values regarding non-violence, environmental protection, and animal welfare. This shift in social perspectives expands the market potential for vegan foods.

Technological: Advances in food science and technology have enabled the development of realistic and tasty plant-based alternatives to animal products like meat and dairy. Cell-based meats not requiring animal slaughter could disrupt conventional animal agriculture. Digital platforms also help vegan producers connect with online communities.

In terms of value concentration, North America is currently a major market for vegan foods. Consumer awareness of vegan diets and lifestyle is growing in the United States and Canada, supported by availability of highly processed vegan meats, cheese, and other meat and dairy substitutes in major grocery stores. Some city populations in Europe also represent large value shares, especially those in the United Kingdom, Germany, and France where veganism is an increasingly visible movement.

The Asia Pacific region presents significant growth opportunities for the vegan food industry. While traditional plant-based diets have long existed in parts of Asia, younger Asian consumers are now adopting veganism as a lifestyle and ethical choice. Countries with large populations like India, China, and Japan all show rising demand for vegan alternatives to meat and other animal products. Manufacturers are responding by developing customized vegan foods for Asian tastes and preferences.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it