July 14, 2024
Vegan Food Market

Vegan Food Market driven by growing awareness about health and ethical benefits is estimated to reach US$ 17987.14 Mn by 2023

The demand for vegan food products is growing at an exponential rate owing to increasing awareness about health and ethical benefits associated with vegan diet. Vegan foods are plant-based substitutes for dairy, meat, and other animal derived products and do not contain any animal products and by-products. With rising health consciousness, more people are adopting vegan diet and lifestyle. Processed vegan foods offer similar taste and mouthfeel as their conventional non-vegan counterparts but are devoid of cholesterol, antibiotics, hormones and other elements associated with animal products. The growing vegan population has led to increased demand for vegan versions of products like milk, cheese, meat, egg etc. which is encouraging more players to offer innovative vegan options.

The global Vegan Food Market is estimated to be valued at US$ 17987.14 Mn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key market trends is the rising demand for plant-based dairy alternatives like almond milk, soy milk, oat milk etc. Dairy milk sales have declined significantly as more people prefer plant-based milk for their perceived health benefits over dairy milk such as low fat content and cholesterol-free nature. Plant-based milk manufacturers are launching innovative products in different flavors and formats like barista blends, whole fat varieties and protein enriched options to further drive the growth. Another trend is the growing demand for meat alternatives as more people cut down on meat consumption. Plant-based meat producers are developing innovative meat-free options using plant proteins to closely mimic texture and taste of meat to appeal to both vegan and flexitarian consumers.

Porter’s Analysis

Threat of new entrants: The global vegan food market is highly competitive, making the threat of new entrants moderate. New companies find it difficult to gain market share due to the presence of established brands.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, buyers find it appealing to purchase vegan products considering health and sustainability factors.

Bargaining power of suppliers: Suppliers of raw materials like plant-based ingredients have low to moderate bargaining power due to the availability of substitute suppliers.

Threat of new substitutes: The threat of substitutes is high as many alternative food options are available in the market.

Competitive rivalry: The competition is intense between major players of vegan food market. Players compete on the basis of quality, taste, brand image, and pricing.

Key Takeaways

Global Vegan Food Market Size is expected to witness high growth over the forecast period of 2023-2030. The increasing awareness around health benefits of plant-based diets and animal welfare are driving the market growth.

Regional analysis: North America dominates the global vegan food market and is expected to retain its position over the forecast period. The rising vegan population in countries like the US and Canada is a key factor supporting market growth in the region. Asia Pacific is expected to be the fastest growing region on account of growing health consciousness.

Key players: Key players operating in the vegan food market are Hain Celestial, SunOpta Inc., WhiteWave, and Others. Hain Celestial is among the prominent players with a diversified product portfolio of plant-based foods and beverages. SunOpta focuses on sourcing and processing natural and organic plant-based raw materials for vegan products.

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