Published Date : 10 Apr 2024
The global vegan food market size surpassed USD 32.7 billion in 2023 and is estimated to gain around USD 65.4 billion by 2030, growing at a CAGR of 10.41% from 2023 to 2030. The vegan food market is significantly growing due to increasing awareness about vegan food and its benefits. Also, these days, people are so health conscious or adopt healthy eating ways, which increases the demand for vegan food in the market and drives the market growth.
The vegan food market deals with the production of vegan food for retailers and customers. Vegan food is a plant-based food that includes vegetables, nuts, fruits, and others. Awareness about animal cruelty created the need for veganism, in which people avoid the consumption of animal-based products. Nowadays, people are so health conscious and follow healthy diets, which include vegan food diets, and this trend is followed by many people.
In the market, there are so many companies offering vegan food to consumers. The market growth increased due to influence via the internet, social media influencers, and celebrities. With time, many companies started developing vegan-based products for people who want variety in their food options. Many companies also produce imitation products such as vegan meat, vegan eggs, vegan cheese, vegan milk, and so on.
Increasing social media influence and awareness fuels the market’s growth
Social media platforms play a big role in the growth of the vegan food market. Across the world, now, every person has internet access, and they are using social media. Via social media, people are becoming aware of animal cruelty and how animals are grown on farms to meet the increasing demand for meat and animal-based products. People strictly follow influencers or actresses' lifestyles on social media, and many influencers promote vegan food or a vegan diet as a healthy option. Gen Z, or the millennial age group, is mostly following this trend. Another factor is increasing urbanization and modern lifestyles globally growing the market. Social media also provides more vegan food options and recipes that people can follow to remain vegan for the long term. Many social media influencers have dedicated channels that only provide plant-based food recipes.
However, the cost of vegan food is so high, and because of that, only some people can adopt the vegan food diet, which can be a big restraint for the market. The taste of vegan food lacks flavor compared to regular food, and here, vegan food can’t match the consumer's requirement for flavorful food, which can decrease the need for vegan food in the market. Many regions that have extremely cold temperatures are majorly dependent on meat and dairy products to fulfill their food demands, which makes following veganism in such regions difficult for people.
| Report Coverage | Details |
| Market Revenue in 2023 | USD 32.7 Billion |
| Projected Forecast Revenue by 2030 | USD 65.4 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 10.41% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2022 to 2030 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Asia Pacific is expected to grow during the forecast period because the region has a young generation of people who are aware of the benefits of a vegan diet, which increases the need for vegan food. In Asia Pacific, countries such as India have so many vegetarians, but still, animal-free food is less, and people are here more aware of animal cruelty, which increases the vegan food demand in the market. Along with that, Asia Pacific has companies that offer only vegan food, which can also be a growth factor for the market.
In the Asia Pacific, India has many vegetarian people who prefer vegetarian food over meat because people here prefer plant-based or vegetarian food due to religious reasons, which increases the demand for vegan food. And many people are health conscious and prefer a healthy diet. India has many restaurants that offer vegan food which is creating a vegan community in the country. Along with that, people are aware of the benefits of veganism, and there are many varieties of ready-to-eat vegan food. India has many vegan companies that offer vegan food, such as One Good, EVO Foods, Ahimsa Food, and more. These companies are increasing the market growth.
North America dominated the vegan food market because of the growing awareness of veganism, which increased the need for vegan food in the market. Also, more Americans are adding plant-based food to their diet.
So many people made a New Year's resolution for plant-based food, which will increase the vegan food diet. In America, there is increased awareness about animal cruelty, and because of that, many people in America prefer vegan food, which is increasing veganism in North America.
In the U.S., there is an increasing number of lactose-intolerant people who need alternative dairy products, increasing the demand for plant-based food. The demand. Also, in Canada, increasing adoption of plant-based food is driving up demand for vegan options in the market. Here, many people are switching to a vegan diet due to increased awareness of the benefits of vegan food. In Canada, there are many companies that offer vegan food and try to maintain its quality.
Lack of flavor in vegan food
People are consuming vegan food to prevent animal cruelty and maintain their health, and most people are just influenced by social media and taking a vegan diet, but they struggle with vegan food flavors compared to regular food. The consumer wants good flavors in vegan food, and that creates opportunities for companies and restaurants that offer vegan food. They have a chance to enhance their food quality and flavor, which increases the demand for vegan food. Nowadays, people want healthy food with good flavor, and that increases the demand for flavourful vegan food, creating so many new products in the future in the vegan food market.
By Product
By Distribution Channel
Buy this Research Report@ https://www.precedenceresearch.com/checkout/1762
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308
