by The global Vegan Food Market is estimated to be valued at Us$ 17987.14 Mn in 2023 and is expected to exhibit a CAGR Of 8.8% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vegan foods are plant-based food products that are free of animal products like meat, dairy, eggs etc. Such foods are gaining popularity owing to growing health and environmental concerns. Vegans avoid consuming animal products and by-products in order to support animal welfare and environment. With more options becoming available, vegan diets are becoming easier to follow. Foods like soy-based meat alternatives, plant milks, vegan ice-creams and chocolates offer substitutes to mainstream animal products. Some health benefits associated with vegan diet include reduced risk of heart diseases, lower cholesterol levels, weight management etc.
Market key trends:
One of the major trends driving the vegan food market is growing health consciousness among consumers. With rising obesity and lifestyle diseases, people are increasingly opting for healthy plant-based diets. Vegans diets are known to have various health benefits like reducing heart disease risk and diabetes. Consumers are also willing to pay premium prices for healthier vegan food products. Another key trend is increasing vegan population due to ethical and environmental concerns regarding animal agriculture. More people are adopting veganism as a lifestyle choice to reduce carbon footprint and avoid cruelty towards animals. This is fueling demand for varied vegan food options across retail and food service outlets.
Porter’s Analysis
Threat of new entrants: The vegan food market requires high initial capital investments which acts as a barrier for new entrants. The market also has strong branded recognition for existing players making it difficult for new entrants.
Bargaining power of buyers: The bargaining power of buyers is high in this market due to availability of substitutes. Buyers can easily switch to alternative products if prices increase.
Bargaining power of suppliers: Due to readily available raw materials, the bargaining power of suppliers is low in this market. There are numerous suppliers for vegan food ingredients.
Threat of new substitutes: There is threat of substitutes coming from organic and natural food categories. However, the vegan food market is growing rapidly reducing threat from substitutes.
Competitive rivalry: The vegan food market has presence of few major players like Hain Celestial, SunOpta Inc., WhiteWave making competitive rivalry high in the market.
Key Takeaways
The Global Vegan Food Market Size is expected to witness high growth, exhibiting CAGR of 8.8% over the forecast period 2023 to 2030, due to increasing health consciousness among consumers. The awareness about environment protection and animal welfare has also fueled the demand for vegan food products.
Regional analysis:
North America dominated the global vegan food market in 2023 with a share of over 35%. However, Asia Pacific is expected to be the fastest growing market during the forecast period owing to growing vegan population in countries like China and India. Europe is also expected to showcase significant growth in vegan food sales supported by rising veganism trend.
Key players:
Key players operating in the vegan food market are Hain Celestial, SunOpta Inc., WhiteWave. Hain Celestial is one of the major player specializing in producing packaged organic and natural products including vegan food. SunOpta Inc. is another key player operating in plant-based food raw material supplying business.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
