Vegan Food Market to be Worth $37.45 Billion by 2030 at CAGR of 10.6%: Grand View Research, Inc.

Read 100-page full market research report, "Vegan Food Market Size, Share & Trends Analysis Report By Product (Meat & Seafood, Creamer, Yogurt, Meals, Cheese, Butter), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research. Read 100-page full market research report, " Vegan Food Market Size, Share & Trends Analysis Report By Product (Meat & Seafood, Creamer, Yogurt, Meals, Cheese, Butter), By Distribution Channel...

Read 100-page full market research report, "Vegan Food Market Size, Share & Trends Analysis Report By Product (Meat & Seafood, Creamer, Yogurt, Meals, Cheese, Butter), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Vegan Food Market Growth & Trends

The growth of the global vegan food industry is supported by growing veganism across the globe. Vegan food helps improve metabolism as it is rich in fiber. This has resulted in its increasing adoption which is anticipated to fuel the growth of the industry. Moreover, increasing initiatives by key players to launch plant-based food in both developed and developing countries are fueling market growth during the forecast period.

The meat & seafood segment is expected to register the fastest CAGR during the forecast period. The significant presence and high demand for plant-based meat in developing countries are expected to drive the growth of the segment. The availability of a variety of meat categories coupled with the availability of a wide range of plant-based meat products including deli slices, meatballs, tenders, chicken nuggets, and others is driving the growth.

The offline distribution channel led the market and is estimated to continue dominating during the forecast period. The high share is attributed to the easy accessibility of offline stores. Products from different brands are easily available in one place in offline stores resulting in their higher purchase. Moreover, offline distribution channels such as convenience stores, supermarkets, hypermarkets, and others provide the facility of physical verification of the product, which is further expected to drive segment growth.

North America accounted for the largest revenue share in 2021. The growing number of campaigns on social media regarding vegan food adoption by celebrities such as Jake Gyllenhaal and Serena Williams is driving the market growth. Moreover, the increasing demand and adoption of dairy alternatives among consumers owing to the high presence of lactose intolerant population in the region is a key factor contributing to the growth.

Major industry players include Amy's Kitchen; Danone S.A; Daiya Foods Inc.; Beyond Meat; Tofutti Brands Inc.; Plamil Foods Ltd; VBites Foods Limited; Eden Foods Inc.; VITASOY International Holdings Limited; and SunOpta. Various steps are adopted by these companies including global expansion, partnerships, acquisitions & mergers, development & launch of new products, and others to gain a larger market share.

Vegan Food Market Segmentation

Grand View Research has segmented the global vegan food market based on product, distribution channel, and region:

Vegan Food Market - Product Outlook (Revenue, USD Million, 2017 - 2030)

Vegan Food Market - Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

Vegan Food Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

List of Key Players in Vegan Food Market

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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