Vegan food market size will reach around $65.4 billion by 2030

Ottawa, May 30, 2022 (GLOBE NEWSWIRE) — According to Precedence Research, the vegan food market size was estimated to be worth USD 26.83 billion in 2021. The vegan food industry is growing in North America, Asia-Pacific, Europe, and Latin America. Europe has been the largest market for blending substitutes across the world. France, Germany and the United Kingdom are the countries that have experienced high meat consumption in recent years. The main products that are offered in this market or can not make fun of meats, pizzas, burgers, patties, sausages, tenderloins and meatballs. Competition is fierce in the European meat substitute market.

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Some of the renowned players have entered the market in recent years. About 30-70% of individuals in European Union countries are overweight. Increased awareness regarding health and growth of vegetarianism in Germany and France has led to market growth. The younger generation in Asia is becoming aware of the climate and the association of climate change with meat consumption. Hence, there is a steady increase in the demand for vegan products in the Asia-Pacific region. In India, there are many vegetarians, but the adoption of an animal-free diet is still at an all-time low. North America is the largest consumer of vegan food products worldwide. There has been a spike in adoption of the Asian vegan diet among consumers in the United States. Many food chains like Domino’s and Starbucks are launching new products in the vegan industry.

Many vegan food manufacturers produce innovative products in order to attract varied consumers to buy these products. The Middle East and Africa are in the development phase. There are many startups making vegan products in this market. Growing health awareness is a major factor driving the demand for vegan products in this region.

Report scope

Report attributes Details
Market size in 2021 $26.83 billion
Revenue forecasts by 2030 $65.4 billion
CAGR 10.41% from 2022 to 2030
base year 2021
Forecast data 2022 to 2030
Companies covered Amy’s Kitchen, Danone SA, Earth’s Own Food Company Inc., The Tofutti Brands Inc., Ripple Foods Inc., Archer Daniels Midland Company, Daiya Foods Inc.

Report Highlights

  • Based on the product, alternative daily products are expected to hold the largest market share over the forecast period. These products are ideal for people who are lactose intolerant and want to lose weight. As vegan meat is available in various forms and has good shelf life, the demand for vegan meat is also increasing.
  • Based on distribution channel, the offline segment is expected to have the largest market share. These products enjoy niche space in supermarkets, which helps attract consumers’ attention. E-commerce portals are also growing as consumers buy the products from these e-commerce portals.

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Market dynamics

Drivers

There is an increasing adoption of innovative food packaging for vegan food products, which is contributing to the growth of the market. The vegan food industry is environmentally conscious. There is an increase in demand for sustainable food packaging for meatless products. Additionally, there is a significant change in product labeling, so many vegan food manufacturers have carbon labelling. There is a growing demand for cruelty-free products, which dictates the truth of the market. Many consumers around the world are becoming aware of animal cruelty. So they adopt lifestyles and diets that help reduce cruelty to animals. People are also aware of the harmful effects of animal cruelty related to the environment. In order to prevent these environmental impacts caused by the consumption of animal meat, many consumers are turning to vegan food products. The exploitation of animals for the development of various food products has also decreased due to an increase in the vegan diet.

Constraints

The production of vegan food products is associated with a high cost. Several manufacturers are introducing newly developed plant-based alternatives to the market, but the prices for these products are comparatively higher than animal-based food products. These products are also less appealing in taste and texture than these plant-based food products. These plant-based food products vary significantly from animal-based products and may reduce growth or slow consumer adoption.

Opportunities

Many manufacturers are investing in the future of the plant-based market. It has been estimated that sales of meatless products will reach 658 million euros in 2021. Different types of products are offered, such as plant-based burgers, milk substitutes, chicken-free nuggets and other cheeses. alternatives.

Challenges

Most vegan food products are associated with certain nutritional deficiencies. They also have vegan products made from low protein Indian dairy products. Due to the consumption of these vegan diets, people can suffer from various health conditions. There are increasing cases of hormonal imbalance, anemia, vitamin B12 deficiencies and other disorders. In order to receive a healthy diet and a balanced diet, the consumption of various other foods should be included. Many logistical challenges for the vegan food industry. Due to the industry’s high cost of meat and dairy in vegan food products, many consumers are hesitant to purchase these products, and as a result, manufacturers may not be able to offer a diverse product line. .

Recent Ddevelopments

  • Nestlé has launched a new brand of vegan milk called wunda. It will be offered in the Netherlands, France and Portugal. The product was launched in 2021.
  • Target, which is the American retail company, has launched a new sub-brand called Good and Collect Plant Based Brand. 30 new herbal products will be launched under this brand.

Market segmentation

By product

  • dairy alternative
  • meat substitute
  • Others

By DDistribution channel

  • Offline channels
  • Online channels

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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Tanya S. Norvell