Meticulous Research®, a leading global market research company, has published a report titled, "Vegan Food Market by Type (Dairy Alternatives [Yogurt, Milk, Ice Cream, Cheese, Butter], Meat Substitutes [Tofu, Sausages, Ground Meat, Meatballs, Nuggets]); Distribution Channel (Business-to-Business, Business-to-Consumer) - Global Forecast to 2031."
According to the latest publication from Meticulous Research®, the vegan food market is expected to reach $116.33 billion by 2031, growing at a CAGR of 11.7% from 2024 to 2031. The market's growth is primarily driven by the increasing vegan population, rising R&D activities and investments, growing demand for protein-rich products, and increasing intolerance for animal proteins. However, the relatively higher cost of vegan products may hinder market growth.
Key Players
The report presents a competitive landscape based on an extensive assessment of key strategic developments by leading market players. Some of the prominent players in the vegan food market include:
- The Archer Daniels Midland Company (U.S.)
- Hain Celestial Group, Inc. (U.S.)
- SunOpta, Inc. (Canada)
- Danone S.A. (France)
- Conagra Brands, Inc. (U.S.)
- Axiom Foods, Inc. (U.S.)
- Daiya Foods Inc. (Canada)
- Kellogg Company (U.S.)
- Beyond Meat, Inc. (U.S.)
- Impossible Foods, Inc. (U.S.)
- Tofutti Brands, Inc. (U.S.)
- Amy's Kitchen, Inc. (U.S.)
- Taifun-Tofu GmbH (Germany)
- Atlantic Natural Foods, LLC (Part of Aft Holdings, Inc.) (U.S.)
- VBites Food, Ltd. (U.K.)
- Nutrisoy Pty, Ltd. (Australia)
Market Segmentation
The vegan food market is segmented by type, distribution channel, and geography:
- By Type:
- Dairy Alternatives (Yogurt, Milk, Ice Cream, Cheese, Butter, and other dairy alternatives)
- Meat Substitutes (Tofu, Sausages, Ground Meat, Meatballs, Nuggets, and other meat substitutes)
- Ready-to-Eat Meals
- Bakery Products
- Confectionery
- Protein Bars & Snacks
- Other Vegan Foods
- By Distribution Channel:
- Business-to-Business (B2B)
- Business-to-Consumer (B2C) (Modern Groceries [Supermarkets & Hypermarkets], Convenience Stores, Online Retail, Specialty Stores, Other Distribution Channels)
- By Geography:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Key Insights
- Type: In 2024, the dairy alternatives segment is anticipated to hold the largest market share, driven by factors like the rising prevalence of lactose intolerance, consumer preference for vegan diets, nutritional benefits of plant-based dairy products, increasing investments in dairy alternatives, and a growing vegan & vegetarian population.
- Distribution Channel: The business-to-consumer segment is expected to dominate the market in 2024. This is attributed to increased sales through supermarkets & hypermarket chains and brick-and-mortar grocers, rapid urbanization, rising disposable income, and growing consumer preference for vegan food products.
- Geography: North America is projected to account for the largest share of the vegan food market in 2024, due to the rising awareness about sustainable and environment-friendly diets, technological advancements in the food industry, a growing vegan population, and the presence of key market players in the region.
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Key Questions Addressed in the Report
- What is the current revenue of the global vegan food market?
- What is the projected growth rate of the global vegan food market for the next 5–7 years?
- What are the historical market sizes and growth rates of the global vegan food market?
- What are the major factors impacting market growth at global and regional levels? What opportunities exist for current and new market players?
- Which segments (type and distribution channel) are expected to create major traction for companies in the market?
- What are the key geographical trends in the market? Which regions/countries offer significant growth opportunities for manufacturers?
- Who are the major players in the global vegan food market? What are their specific product offerings?
- What recent strategic developments have occurred in the global vegan food market, and what impacts do these have on the market?
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