Meticulous Research®—a leading global market research firm, has published a detailed 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.”

The latest report from Meticulous Research® forecasts that the global vegan food market will reach $116.33 billion by 2031, expanding at a CAGR of 11.7% from 2024 to 2031. The growth is driven by an increasing vegan population, rising R&D investments, growing demand for protein alternatives, and a shift away from animal proteins. However, the higher cost associated with vegan products poses a challenge to market expansion.

Key Players

The report outlines the competitive landscape, focusing on strategic developments by key players such as 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 (U.S.), VBites Food, Ltd. (U.K.), and Nutrisoy Pty, Ltd. (Australia).

Market Segmentation

The market is segmented by product type (dairy alternatives, meat substitutes, ready-to-eat meals, bakery products, confectionery, protein bars & snacks, and other vegan foods), distribution channel (business-to-business, business-to-consumer including modern groceries, convenience stores, online retail, specialty stores, and other channels), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

Type-Based Insights

The dairy alternatives segment is projected to be the largest in 2024. This is driven by increasing lactose intolerance rates, consumer preference for vegan diets, the benefits of plant-based dairy products, and a growing vegan population.

Distribution Channel Insights

The business-to-consumer segment is expected to dominate in 2024. Growth in this segment is due to higher sales through supermarkets and hypermarkets, rapid urbanization, rising incomes, and increasing consumer preference for vegan foods.

Geographical Insights

North America is predicted to hold the largest market share in 2024. The region’s significant market share is attributed to growing awareness of sustainable food options, technological advancements, a rising vegan population, and the presence of major market players.

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Key questions answered in the report-

• What is the current revenue generated by the global vegan food market?
• At what rate is the global demand for vegan food projected to grow 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 the growth of this market at the global and regional levels? What are the major opportunities for existing players and new entrants in the market?
• Which segments in terms of type and distribution channel are expected to create major traction for companies operating in this market?
• What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the vegan food market?
• Who are the major players in the global vegan food market? What are their specific product offerings in this market?
• What are the recent strategic developments in the global vegan food market? What are the impacts of these strategic developments on the market?

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