Vegan Food Market 2019-2026: Top Impacting Factors, Industry Share, Size and Trends by Leading Players

The Vegan Food companies continuous efforts on product development and innovation, is expected to drive the growth of the market.

The Vegan Food market size was valued at $14.2 billion in 2018 and is expected to reach $31.4 billion by 2026, registering a CAGR of 10.5% from 2019 to 2026.

With the surge in demand for different types of vegan food, some of the key manufacturers in the global vegan food market have been initiating several key strategies in the view of generating revenue in the segment. For instance, in 2017, French-based dairy giant, Danone announced the acquisition of American non-dairy giant Whitewave Foods Company for US$12.5 Million. Whitewave specializes in the production of Silk soymilk, Horizon organic milk, International Delight coffee creamers and others.

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The incidence of obesity-related disorders, such as diabetes, cardiovascular diseases, and others, has considerably increased in the last few years. According to OECD, obesity levels are expected to be particularly high in the U.S., Mexico, and England, where 47%, 39%, and 35% of the population respectively are projected to be obese in 2030. Individuals in high-income geographical regions, such as North America and Western Europe, are more prone to diabetes, cancer, and other critical health issues, owing to their unhealthy food and lifestyle habits.

Increase in incidence of such health disorders boosts health and fitness consciousness among consumers. The adoption of vegetarian foods is on a consistent increase across the world. According to recent studies, 30% of Americans are not only leaving meat off their plates but are also seeking out plant-based meat alternatives. Consumers are projected to become selective in their food habits to avoid severe health issues. Thus rise in concerns over obesity drive the growth of global vegan food market.

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The global vegan food market size is segmented on the basis of product type, distribution channel, and region. By product type, the market is classified into meat substitutes, dairy alternatives, and others. By distribution channel, the Vegan Food market is bifurcated into online and offline. By region, the vegan food market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, Spain, UK, Italy, France, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, and rest of LAMEA).

Based on region, the Vegan Food industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe has emerged to be the largest market of meat substitutes in the world. UK, Germany, France, and other countries, primarily in Western Europe, have witnessed a decline in per-capita consumption of meats since past few years. Majorly marketed food and snack products in the region include canned mock meats, ready meals, burgers, pizza, fillets, patties, sausages, meat free meatballs, and others. Competition in European meat substitute market is intense. The market comprises some of the most renowned brands of meat substitutes such as Quorn Foods, Cauldron Foods, and others.

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Key players operating in Vegan Food industry include Sun Opta Inc., Whitewave Foods Company Inc., Hain Celestial Group Inc., Bhlue Diamond Growers, Archer Daniel Midland Company, Organic Valley Corporative, Panos Brand LLC., Pascual Group, Earth’s Own Food Company Inc., Living Harvest Food Inc., and others.

Key Findings of the Vegan Food Market:

In 2018, based on product type, the meat substitute segment accounted for higher Vegan Food market share.
In 2018, based on region, Europe accounted for a prominent vegan food market share.
Extensive analysis of the current and emerging vegan food market trends and opportunities.

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