The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The vegan food market has witnessed remarkable growth in recent years, reflecting a flourishing industry catering to the rising demand for plant-based alternatives. From $24.58 billion in 2023, the market is set to reach $27.8 billion in 2024, showcasing a commendable compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to various factors, including the surge in awareness of health and wellness, concerns about the environmental impact of animal agriculture, ethical considerations, rising disposable incomes, the globalization of veganism, and government support.

Anticipating Continued Momentum

The trajectory of success is poised to continue with the vegan food market expected to experience rapid growth in the next few years. By 2028, the market is projected to expand further, reaching $42.86 billion at a notable CAGR of 11.4%. The forecasted growth in the coming years can be attributed to several factors, including the growing influence of social media, the prevalence of food allergies, vegan activism and movements, and the expansion of retail channels. Major trends in the forecast period include innovative product development, the plant-based protein boom, vegan convenience foods, the rise of vegan seafood, the popularity of vegan fast food, and the emergence of personalized nutrition.

Catering to a Growing Population of Vegans and Vegetarians

Increasing Numbers of Vegans and Vegetarians

The burgeoning vegan food market is fueled by the increasing number of vegans and vegetarians globally. A vegan lifestyle aims to avoid all forms of animal exploitation and cruelty, while vegetarians exclude meat, fish, and fowl from their diets. Vegan cuisine not only delivers essential nutrients but also aligns with humanitarian and ecological concerns. In July 2023, 6 percent of the U.S. population practiced veganism, and nearly one-third expressed a willingness to consume more vegan food, as reported by the World Animal Foundation. This surge in the number of vegans and vegetarians is a key driver for the growth of the vegan food market.

Noteworthy Statistics

According to the World Animal Foundation, nearly one-third of Americans are inclined to eat more vegan food, reflecting the increasing acceptance and adoption of plant-based diets. This shift is not only influenced by health considerations but also ethical and environmental concerns, positioning veganism as a lifestyle choice embraced by a growing segment of the population.

Innovative Plant-Based Chicken-Style Products Beyond Meat Expands Offerings To Satisfy Diverse Consumer Preferences

Meeting Diverse Consumer Preferences

Major players in the vegan food market are proactively focusing on innovation, introducing products such as plant-based chicken-style alternatives to cater to a diverse consumer base. These products, often made from a blend of plant-based ingredients like soy, peas, jackfruit, and wheat protein, aim to replicate the taste and texture of traditional chicken.

Beyond Meat’s Expansion

In April 2023, Beyond Meat, Inc., known for its innovative plant-based meat alternatives, expanded its product line in the UK. The company introduced a variety of delectable plant-based chicken-style items, including the Beyond Burger Chicken-Style, Beyond Fillet, and Beyond Nuggets. These additions are designed to offer a taste and texture similar to traditional chicken, making them appealing to a wide range of consumers, including carnivores, flexitarians, vegetarians, and vegans.

Market Segmentation: Unraveling Varied Dynamics

Insights into Market Segmentation

The vegan food market is comprehensively segmented based on product substitutes, source, and distribution channels:

1. Product Substitute:
   • Dairy Alternative
   • Meat Substitute
   • Other Product Substitutes
2. Source:
   • Wheat
   • Soy
   • Oats
   • Almond
   • Other Sources
3. Distribution Channel:
   • Online
   • Offline

Regional Dominance

In 2023, Asia-Pacific emerged as the largest region in the vegan food market, indicating the region’s significant influence and contribution to the market’s overall growth.

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https://www.thebusinessresearchcompany.com/report/vegan-food-global-market-report

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The Vegan Food Global Market Report 2024  provides comprehensive insights on the vegan food market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the vegan food market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

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