According to a research report published by Spherical Insights & Consulting, the Global Vegan Food Market Size Expected to Grow from USD 23.73 Billion in 2023 to USD 55.84 Billion by 2033, at a CAGR of 8.93% during the forecast period 2023-2033.

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A vegan food item contains no dairy and meat or plant-based ingredients. Meat substitutes designed to imitate the flavor, taste, and look of real meat are taking it a step further and becoming increasingly applicable instead of traditional meat products. Tofu is the type of food that most vegetarians or vegans keep as a substitute for all meat forms. Equally, such dairy-free food and beverage products may also be from a variety of sources such as almonds, soy, rice, and coconut; examples of commonly used dairy alternatives include milk, ice cream, cheese, and butter. With growing awareness regarding animal welfare, many are adopting lifestyle changes and/or diets minimizing animal cruelty and the environmental effects of meat consumption. Scientific publication research shows dairy and meat contribute around 60% of greenhouse gas emissions from agriculture. Eating plant-based food reduces individual environmental footprints and simultaneously minimizes the exploitation of animals in the food industry. This consumption promotes more sustainable food production practices while addressing the humane aspects. However, numerous makers are launching plant-based versions in the market these days; they are costly compared to animal-origin food. The taste and texture of the plant alternatives are quite different from animal-based food, limiting their appeal. Thus, it is predicted that adoption by consumers regarding vegan food products will take a little longer.

Browse key industry insights spread across 230 pages with 150 Market data tables and figures & charts from the report on the Global Vegan Food Market Size, Share, and COVID-19 Impact Analysis, By Product (Dairy Alternatives, Meat Substitutes, and Others), By Source (Almond, Soy, Oats, Wheat, and Others), By Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Specialty Stores, Online Stores, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033

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The dairy alternative segment is expected to hold the highest share of the global vegan food market during the projected timeframe.

Based on the product, the global vegan food market is categorized into dairy alternatives, meat substitutes, and others. Among these, the dairy alternative segment is expected to hold the highest share of the market during the projected timeframe. Dairy alternatives are suitable replacements and allow the user to maintain their culture or diet. Much of the increase in availability has occurred globally, with supermarkets, health food stores, and even online retailers now supplying an impressive range of dairy-free products: soy, almond, coconut, and oat milk; dairy-free yogurt; cheese alternatives; and vegan butter, among others. Such availability makes it easier for a consumer to incorporate dairy alternatives into their diets.

The soy segment is expected to grow at the fastest CAGR of the global vegan food market during the projected timeframe. 

Based on the source, the global vegan food market is categorized as almond, soy, oats, wheat, and others. Among these, the soy segment is expected to grow at the fastest CAGR of the global vegan food market during the projected timeframe. The growth is driven by soy protein isolates works as raw materials for the manufacturing of different types of meat substitutes for vegans, such as sausage, patties, and nuggets. Soy is adaptable to different cooking purposes while serving as a base for further development of new products. These include soy products like soy milk, tofu, soy protein, and meat substitutes, which are now crowding the Indian market.

The supermarkets and hypermarkets segment dominates the market with the highest market share over the forecast period”

Based on the distribution channel, the global vegan food market is categorized into supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others. The supermarket and hypermarket segment dominates the market with the highest market share over the forecast period. The segmental growth is due to supermarkets having a variety of items that can also include vegan substitutes. There are plant-based products such as vegan meat substitutes, plant-based cheese, non-dairy milk, vegan desserts, pre-packaged vegan meals, and many others. Such a broad variety allows a consumer to try and choose between several vegan options.

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North America is projected to hold the largest share of the global vegan food market over the forecast period.

North America is projected to hold the largest share of the global vegan food market over the forecast period. The lactose intolerance being highly prevalent in the U.S. is also a contributing factor to soaring demands for dairy alternatives.  American market is driven mainly by the rising concerns of animal abuse in the food industry and its related environmental havoc. Such awareness of consumers has made them offer themselves alternatives for the animal-derived products. Lactose intolerance, which affects millions in the U.S., is also an impetus for the demand for dairy alternatives. Ecologically and healthily, one reason well as indicating greater trend from alternative and plant-based dairy products is that they are becoming popular under the frame of more sustainable and wholesome diets.

Asia Pacific is expected to grow at the fastest CAGR of the global vegan food market during the forecast period. The regional market has been primarily driven by increasing consumer health awareness. With many changing lifestyles and trying to improve their health and well-being, they are seeking products that align with a healthier lifestyle. The big market for developing health-conscious consumers in the Asia Pacific is showing enormous scope for market growth, and companies are heading toward strategic investments in this area to grab the profit from increasing demand for health-focused products.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

Major vendors in the global vegan food market are Allplants, Atlast Food, Amy’s Kitchen, FUTURE FARM LLC., Good Catch, Bel Group, Danone S.A, Daiya Foods Inc., Beyond Meat, LIVEKINDLY CO. INC., Puris Foods, Tofutti Brands Inc., Plamil Foods Ltd, VBites Foods Limited, Eden Foods Inc., VITASOY International Holdings Limited, SunOpta, Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Key Market Development

• In March 2023, Daiya Foods made investments to acquire fermentation technology in North America.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global vegan food market based on the below-mentioned segments:

Global Vegan Food Market, By Product

• Dairy Alternatives
• Meat Substituents
• Others

Global Vegan Food Market, By Source

• Almond
• Soy
• Oats
• Wheat
• Others

Global Vegan Food Market, By Distribution Channel

• Supermarket & Hypermarket
• Convenience Stores
• Specialty Stores
• Online Stores
• Others

Global Vegan Food Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements.

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