Vegan food market to reach $61.35 billion by 2028

Pune, India, March 08, 2022 (GLOBE NEWSWIRE) — The world vegan food market The size was valued at USD 23.31 Billion in 2020. The market is expected to grow from USD 26.16 Billion in 2021 to USD 61.35 Billion by 2028, growing at a CAGR of 12.95% during the period of forecast. Growing demand for the product and increasing health awareness are expected to enhance the development of the market. Fortune Business Insightspresents this information in its report entitled “Vegan Food Market, 2021-2028.

The strong demand for alternative dairy products and meat substitutes is expected to drive the adoption of vegan foods. Growing awareness of product benefits is expected to boost production adoption. Additionally, growing consumer health awareness is leading to the adoption of nutritional alternatives to meat. Moreover, companies are launching different and innovative products to enhance their customer base and boost their brand image. These factors might propel the development of the market in the coming years.

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Impact of COVID-19

Growing demand for healthy vegan products to support market development

This market is expected to witness positive growth during the COVID-19 pandemic owing to the growing demand for healthy vegan products. Despite the increase in cases, the demand for healthy products is expected to increase rapidly. Additionally, the growing adoption of online shopping and e-commerce is expected to boost the adoption of food products. Moreover, the growing demand for healthy and nutritious food is expected to drive the development of the market. These factors may propel the market growth during the pandemic.

List of Key Players Profiled in the vegan food market Report:

  • Danone SA (Paris, France)
  • Conagra, Inc. (Illinois, USA)
  • The Hain Celestial Group, Inc. (New York, USA)
  • Axiom Foods, Inc. (Los Angeles, USA)
  • DAIYA FOODS INC. (Burnaby, Canada)
  • Alpro (Wevelgem, Belgium)
  • Kellogg Company (Michigan, USA)
  • Amy’s Kitchen (California, USA)
  • Impossible Foods Inc. (California, USA)
  • Beyond Meat (California, USA)
  • Archer Daniels Midland Company (Illinois, USA)
  • Tofutti Brands, Inc. (New Jersey, USA)

Market segments:

The type of product, the distribution channel and the region are studied

By Product Type, the market is segmented into:

According to the distribution channel, it is classified into:

  • online retail businesses
  • convenience stores
  • supermarkets/hypermarkets

Geographically, it is grouped into:

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East and Africa.

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Report cover

The report provides a detailed analysis of major segments and latest market trends. It discusses in detail the driving and restraining factors and the impact of COVID-19 on the market. Moreover, it examines the regional developments and the strategies undertaken by the major market players.

Drivers and Restrictions

Increase adoption of innovative products to drive market progress

High demand for sustainable materials for food packaging and increased awareness of animal cruelty are expected to support the development of the market. The growing demand for innovative products is expected to support the development of the industry. Moreover, innovative products are expected to support market development. According to information published by a scientific journal, dairy and meat products generate around 60% of greenhouse gases from the agricultural sector. These factors can boost the growth of the vegan food market.

However, rising cost of vegan products is expected to support the development of the market.

Regional outlook

The presence of a vegetarian population to drive the growth of the market in North America

Asia-Pacific is expected to dominate the vegan food market share owing to the presence of a vegetarian population in India. The market in Asia-Pacific was worth USD 9.74 billion in 2020 and is expected to gain a huge share of the market share in the coming years. Also, rising investment in innovative and new products is expected to drive the development of the market. These factors might propel the development of the market in the coming years.

In North America, many vegan food consumers are expected to drive adoption of the product. Additionally, growing climate awareness and increasing brand partnerships are expected to drive the growth of the industry.

In Europe, the presence of large vegan consumers and large food chains such as Starbucks and Domino’s are expected to drive the development of the market. In addition, increasing climate awareness, adoption of a vegan diet, and adoption of a flexitarian diet are expected to aid development.

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Competitive landscape

Companies launch new products to boost brand image

Prominent companies operating in the market introduce new products to attract consumers and enhance brand image. For example, US retail company Target announced a sub-brand titled “Good & Gather Plant-based” in May 2021. The company aims to announce 30 new plant-based vegan foods under the brand via this launch. Moreover, companies design research and development, mergers, acquisitions and expansions to strengthen their market position. In addition, the increasing adoption of technologically advanced production techniques can enable companies to reduce costs, to improve production capacity, improve productivity and achieve their goals.

Detailed Table of Contents:

  • Introduction
    • Search scope
    • Market segmentation
    • Research Methodology
    • Definitions and assumptions
  • Summary
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
  • key ideas
    • Overview of parent/related markets
    • Industry SWOT Analysis
    • Regulatory framework
    • Recent Industry Developments – Policies, Partnerships, New Product Launches and Mergers & Acquisitions
    • Qualitative analysis related to COVID-19
      • Impact of COVID-19 on the market
      • Supply chain challenges during a pandemic
      • Potential opportunities due to this global crisis
  • Global Vegan Food Market Analysis, Outlook and Forecast, 2017-2028
    • Main results/summary
    • Market size estimates and forecasts
      • By product type
      • By distribution channel
        • Hypermarkets/Supermarkets
        • Online retail sales
        • convenience stores
        • Others
      • By region
        • North America
        • Europe
        • Asia Pacific
        • South America
        • Middle East and Africa

TOC Continued…!

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industry development

  • February 2021: The French company Danone has completed the acquisition of Follow Your heart for 6 million dollars. The company aims to improve its capabilities in developing and launching new vegan products in the industry.

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Tanya S. Norvell