The vegan food market is witnessing exponential growth owing to increased awareness about the health and environmental benefits of a plant-based diet. Vegan food products such as meat and dairy alternatives provide essential nutrients like proteins, vitamins, minerals, and fibers without any animal products. The growing vegan population, ethical concerns towards animal welfare, and flexible product offerings by major food brands are elevating the demand for vegan food. The Global vegan food market is estimated to be valued at US$ 20721.19 Mn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Global Vegan Food Market Growth are 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.
Key opportunities in the vegan food market include rising investments by startups in developing innovative plant-based alternatives and expanding retail landscape. Technological advancements are allowing vegan food brands to develop palatable and nutritional substitutes mimicking the taste and texture of animal-derived foods.
Market drivers
Growing health consciousness among consumers is a key driver for the vegan food market. Plant-based diets have proven health benefits like reducing the risk of obesity, type 2 diabetes, heart disease, and certain types of cancers. Changing perspectives about environmental sustainability are also fueling the demand. Animal agriculture has an extensive carbon footprint, and veganism is considered an effective way to reduce one’s environmental impact. Rising animal welfare concerns regarding intensive farming practices is encouraging the shift to more ethical vegan options.
Current challenges in Vegan Food Market
The vegan food market is facing several challenges currently. One of the biggest challenges is to make vegan food tastier and more affordable for people. Many people are not willing to shift to veganism due to lack of taste and high cost of vegan products. Brands need to focus on innovating new recipes that mimic animal-based foods and keep the prices competitive. Convincing non-vegetarians about the health and environmental benefits of vegan foods is also a challenge. Lack of awareness among consumers about vegan labels and certifications creates confusion in the market. Supply chain issues and constraints in procuring vegan ingredients from local and international markets can hamper the steady growth of this industry.
SWOT Analysis
Strength: Rising health consciousness and concerns for animal welfare are driving more people towards vegan foods. Innovation in vegan meat and dairy alternatives offers versatile options.
Weakness: Mimicking tastes and textures of animal foods using plant-based ingredients is technically challenging. Vegan foods are still more expensive than conventional foods.
Opportunity: Growth in flexitarian and reduced-meat diets presents huge market potential. Investments are flowing into startups developing innovative vegan food products.
Threats: Competition from plant-based alternatives from large food companies can squeeze margins of small vegan brands. Stringent regulations regarding labelling requirements and nutritional standards pose compliance challenges.
Geographical regions of concentration
North America dominates the vegan foods market currently due to rising vegan population and presence of major market players in the US and Canada. The Asia Pacific region is also emerging as a key market backed by growing health awareness in China and India. Europe occupies a significant share with rising vegan trends in UK, Germany and other countries encouraging food innovations.
Fastest growing geographical region
Asia Pacific region holds immense promise for vegan foods industry fueled by dietary changes and expanding middle-class in populated nations like India and China. Favorable government support for plant-based diets and initiatives like Veganuary in India and Australia is aiding the market growth. Greater exposure through social media, e-commerce giants, and proliferation of trendy vegan restaurants will sustain the fast pace of growth of vegan foods market in Asia Pacific region.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it