Vegan Food Market Size, Share & Trends Report

Vegan Food Market Size, Share & Trends Analysis Report By Product (Dairy Alternative, Meat Substitute), By Distribution Channel (Online Offline), By Region (APAC, CSA, MEA, Europe, North America), And Segment Forecasts, 2019 - 2025

  • Published Date: Jun, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-3-68038-103-0
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2017
  • Number of Pages: 300

Industry Insights

The global vegan food market size was valued at USD 12.69 billion in 2018 and is projected to expand at a CAGR of 9.6% from 2019 to 2025. Increasing awareness about the benefits of following vegan diet is the key factor responsible for the growth of this market. North America, Europe, and Asia Pacific, in particular, have a large percentage of vegan population.

Growing awareness about animal health and animal cruelty in the food industry has been encouraging people to shift from animal-based to plant-based food products. According to The Vegan Society, from 2012 to 2017, the meat-free food demand grew by 987%. The product is Googled three times more than gluten-free and vegetarian products.

U.S. vegan food market

This implies the rapidly growing popularity of the product across the globe. U.S., Australia, U.K., New Zealand, Sweden, Canada, Israel, Ireland, Austria, and Germany have the highest percentage of vegan population in the world. Over the past few years, one in three American consumers has either stopped or reduced meat consumption. In Sweden, meat consumption reduced significantly in 2017.

Rising awareness about various health benefits offered by plant-based food products has increased the consumer base of this industry. Plant-based products help maintain the blood pressure levels and lower the risk of heart disease, stroke, prostate cancer, colorectal cancer, cholesterol, and premature death.

Product Insights

Dairy alternatives was the largest product segment in 2018 and accounted for more than 50% of the global revenue. Around 65% of the global population is lactose intolerance, which is a key factor boosting the demand for dairy alternative food items. Availability of a number of products, such as cheese, yogurt, ice cream, and snacks, has also attracted non-vegetarians and widened the consumer base of this segment.

In addition, manufacturers in the market have introduced a number of quality food items in different flavors with attractive packaging solutions. This is also likely to contribute to the segment growth. Among such products, plant-based cheese accounted for the largest share in the dairy alternatives. Increasing product portfolio along with rising cases of lactose intolerance is expected to fuel its demand.

Distribution Channel Insights

Offline segment was the largest distribution channel and is projected to maintain its dominance over the forecast period. This segment includes convenience stores, specialty stores, hypermarkets, and supermarkets. Growing number of supermarkets and hypermarkets has increased the overall product sales. Furthermore, consumers prefer shopping from brick-and-mortar grocers due to easy access and availability. However, online channel is estimated to witness the highest CAGR from 2019 to 205 due to rising penetration of the internet as a result of extensive usage of smartphones and other such devices.

Around 48% of the U.S. consumers buy at least some of their groceries through online retail and this percentage is expected to increase in the near future. As a result, many major retail chains across the world have been investing significantly in online distribution channels. Walmart, a leading multinational retail corporation, has started delivering foods online. Thus, increasing number of online grocery platforms is expected to boost the online sales of the products, thereby propelling the segment growth.

Global vegan food market

According to The Institute of Grocery Distribution and IGD Services, China, U.S., Japan, U.K, South Korea, France, Australia, Germany, Canada, and Spain are the largest online grocery markets in the world. In 2018, The Kroger Co., another giant retailer, has invested in the online distribution platform in these key countries. Furthermore, Kroger also started self-driving grocery delivery vehicles to enhance its service.

Regional Insights

North America lead the global vegan food market in 2018 due to higher vegan population in the region due to increased concerns about animal cruelty in the food industry and its negative impact on the environment. In addition, U.S. has a large number of lactose intolerant people, which fuels the demand for alternative dairy products. In 2017, Cal-Maine Foods, Inc. reported a loss of USD 74 million due to increased preference for plant-based egg alternatives.

Asia Pacific is expected to witness the fastest growth at a CAGR of 12.1% from 2019 to 2025 on account of rising health consciousness among consumers. Moreover, increasing per capita income levels in the developing countries including China, India, Thailand, Taiwan, and Bangladesh will contribute to the market growth. Key manufacturers in the market have been focusing on expanding business in APAC due to high growth opportunities.

Vegan Food Market Share Insights

Major companies in the market include The Archer Daniels Midland Company; Amy's Kitchen; Beyond Meat; Daiya Foods, Inc.; Plamil Foods Ltd.; Tofutti Brands, Inc.; Danone S.A.; VBites Foods Ltd; VITASOY International Holdings Ltd.; and Eden Foods, Inc. High demand for flavored foods has widened the scope of growth for the manufacturers across the world. Thus, product innovation has been a major competitive strategy in this market. For instance, in January 2019, Danone introduced Two Good Greek low-fat yogurt. This product range has different flavors, such as Strawberry, Vanilla, Mixed Berry, Blueberry, and Peach.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa

Country scope

U.S., Germany, China, Japan, and Brazil

Report coverage

Revenue forecast, company share, competitive landscape, and growth factors and trends

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Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global vegan food market report on the basis of product, distribution channel, and region:

  • Product Outlook (Revenue, USD Million, 2015 - 2025)

    • Dairy Alternatives

      • Cheese

      • Dessert

      • Snacks

    • Meat Substitutes

      • Tofu

      • TVP

      • Seiten

      • Quorn

      • Others

    • Others

  • Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)

    • Offline

    • Online

  • Region Outlook (Revenue, USD Million, 2015 - 2025)

    • North America

      • U.S.

    • Europe

      • Germany

    • Asia Pacific

      • China

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

Key questions answered by the report
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