Vegan Food Market Size
Market Outlook:
Base Year Value (2023)
USD 18.38 Billion
CAGR (2024-2032)
10.8%
Forecast Year Value (2032)
USD 46.26 Billion
Historical Data Period
2019-2023
Largest Region
North America
Forecast Period
2024-2032
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Market Dynamics:
Growth Drivers & Opportunity:1. Rising health consciousness among consumers is driving the demand for vegan food products, as they are perceived to be healthier and more environmentally friendly.
2. Increasing availability and variety of vegan food options in both retail stores and foodservice outlets are expanding the consumer base and attracting more individuals to adopt a plant-based diet.
3. Growing awareness about animal welfare and climate change issues is encouraging consumers to choose vegan alternatives over traditional animal-derived products.
Industry
Report Scope
| Report Coverage | Details |
|---|---|
| Segments Covered | Product, Distribution Channel |
| Regions Covered | • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA) |
| Company Profiled | Amy's Kitchen, Danone S.A, Daiya Foods, Beyond Meat, Tofutti Brands, Plamil Foods, VBites Foods Limited, Eden Foods, VITASOY International Holdings Limited, SunOpta |
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1. Limited availability of vegan substitutes for certain ingredients such as eggs and dairy products can restrict the growth potential of the vegan food market, as manufacturers face challenges in creating suitable replacements.
2. Higher prices of some vegan products compared to their non-vegan counterparts may deter price-sensitive consumers from making the switch to plant-based options.
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