Vegan Food Market size was over USD 26.8 Billion in 2023 and is predicted to reach USD 65.4 Billion by the end of 2036, growing at around 10.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of vegan food is estimated at USD 33.1 Billion.
The reason behind the growth is the increasing awareness of fitness in people across the world. According to the National Library of Medicine published in 2023, public health initiatives have been put into place to raise awareness of the recommendations and to inform the general public about the many advantages of physical exercise.
Growth Drivers
Challenges
Base Year |
2023 |
Forecast Year |
2024–2036 |
CAGR |
10.7% |
Base Year Market Size (2023) |
USD 26.8 Billion |
Forecast Year Market Size (2036) |
USD 65.4 Billion |
Regional Scope |
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Product (Meat & Seafood, Creamer, Ice Cream & Frozen Novelties, Yogurt, Cheese, Butter, Meals, Protein Bars)
Meat & seafood segment is predicted to account for vegan food market share of around 36% by 2036. Growing demand for plant-based meat in developed countries like the US and the UK will drive the global desire for vegan cooking.
For instance, the PLANeT Partnership, a joint venture between PepsiCo Inc. and Beyond Meat, a company that produces plant-based meat, was announced in 2021. Its goal is to develop, create, and sell novel snacks and beverages made from plant-based protein. PepsiCo will leverage Beyond Meat's technology, and Beyond Meat will benefit from PepsiCo's experience in the production and marketing of new products.
Substitution Type (Alternative Dairy Products, Substitute Meat Products)
In vegan food market, alternative dairy products segment is estimated to capture revenue share of over 60% by 2036. This growth will be caused by the fashionability of bend-over soy and almond milk products as well as the rise in people's lactose sensitivity.
According to a significant study published in the Lancet Gastroenterology and Hepatology in 2023, there are huge global variations in the prevalence of lactose malabsorption—from 4 in Denmark to over 100 in China and among Native Americans.
Distribution Channel (Super Market, Offline)
By 2036, supermarket segment is likely to hold vegan food market share of more than 83%, due to the growing number of supermarkets sprouting up throughout the world and the popularity of vegan cuisine. A balanced compound annual growth rate of 8% is predicted to carry on the growth pattern, bringing the total to an astounding revenue of USD2405.78 billion by 2028.
Moreover, even with the development of supermarkets, convenience stores, and other contemporary models, the average African consumer still purchases over 70% of their food, drinks, and personal hygiene items from the more than 2.5 million small, independent businesses on the continent.
Our in-depth analysis of the global market includes the following segments:
Product |
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Distribution Channel |
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Source |
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Substitution Type |
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North American Market Statistics
North American vegan food market is poised to account for revenue share of more than 42% by the end of 2036, it is projected that vegan food assiduity in North America will grow at a CAGR of around 6 % between 2024 and 2036.
This increase will be noticed in large part because more people in North America are beginning to adopt a vegan diet. In the modern world, eating a diet centered around factories is still fashionable. The National Library of Medicine estimated the ten years’ data and found that between 2014 and 2024, the likelihood of insectivores in North America grew by 601.
Because more Americans are getting lactose intolerant, the request for vegan cookery has grown in the U.S. The American College of Gastroenterology reports that 20 percent of adult Caucasians and 90 percent of adult African Americans in the US are lactose intolerant, which has led to an increase in demand for vegan cooking.
Growing type II diabetes rates and increased desire for factory-grounded diets are the main reasons for the rise of vegan cooking in Canada. In a prospective 10-time case-cohort investigation performed in the year 2023 comprising over 400,000 individuals, the National Library of Medicine established an inverse association between the diurnal input of fruits and vegetables and the occurrence of type II diabetes mellitus.
European Market Analysis
It is expected that vegan food market will grow considerably throughout Europe by 2036. The increasing trendiness of veganism is driving up the demand for vegan meals in this area. Actually, as vegan cuisine gains popularity, well-known coffee shops like Domino's and Starbucks have launched vegan menu options across the European Union.
For instance, consumers in European countries may now select between dairy substitutes made of almond, soy, and coconut. Throughout much of European countries, the Pumpkin Spiced Latte has frequently been offered as a vegan alternative. The soy-grounded Vegan Whipped Beating was introduced in 2021 as a factory-grounded whipped cream option for visitors.
In the UK, there is an increasing demand for vegan cooking due to the fact that fewer people are using animals as food. 46 British respondents, aged 16 to 75, stated in a 2022 Bean survey that they would think about ingesting smaller beast products.
Italy will see a sharp increase in the vegan food industry due to the increased demand for factory-grounded meat and factory-grounded meat created through 3D printing. In June 2021, a survey found that Italian customers preferred factory-grounded beef products such as burger galettes, with 41 percent saying they would be willing to purchase them from retailers.
The increasing popularity of vegan diets in Germany will lead to a flourishing vegan food scene. A study from the American Department of Agriculture in 2023 states that 1.58 million Germans are insectivores.
In order to create and launch new vegan product variations, businesses are investing in expanding their manufacturing and technological capacities. A few of the key players in the vegan food market are:
Author Credits: Parul Atri
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