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Vegan Food Market Size, Growth, Opportunities 2024-2032 | Danone S.A. (Paris, France), Conagra, Inc. (Illinois, U.S.), The Hain Celestial Group, Inc. (New York, U.S.)

09-27-2024 01:36 PM CET | Food & Beverage

Press release from: Fortune Business Insights

Vegan Food Market

Vegan Food Market

The global vegan food market was valued at USD 33.14 billion in 2023 and is projected to grow from USD 37.37 billion in 2024 to USD 103.00 billion by 2032, reflecting a compound annual growth rate (CAGR) of 13.51% over the forecast period. According to the report "Vegan Food Market, 2024-2032" by Fortune Business Insightsโ„ข, this growth is driven by rising demand for vegan products and increased health consciousness among consumers.

The growing popularity of alternative dairy and meat substitute products is expected to further accelerate the adoption of vegan foods. As consumers become more informed about the benefits of these alternatives, their acceptance is likely to increase. Additionally, heightened health awareness is encouraging a greater embrace of nutritious meat substitutes. Companies are also launching innovative products to expand their consumer base and enhance their brand image, which is anticipated to further contribute to the market's growth in the coming years.

๐†๐ž๐ญ ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐๐ƒ๐… ๐๐ซ๐จ๐œ๐ก๐ฎ๐ซ๐ž:
https://www.fortunebusinessinsights.com/enquiry/queries/vegan-food-market-106421

๐‹๐ข๐ฌ๐ญ ๐จ๐Ÿ ๐Š๐ž๐ฒ ๐๐ฅ๐š๐ฒ๐ž๐ซ๐ฌ ๐๐ซ๐จ๐Ÿ๐ข๐ฅ๐ž๐ ๐ข๐ง ๐ญ๐ก๐ž ๐‘๐ž๐ฉ๐จ๐ซ๐ญ
โ€ข Danone S.A. (Paris, France)
โ€ข Conagra, Inc. (Illinois, U.S.)
โ€ข The Hain Celestial Group, Inc. (New York, U.S.)
โ€ข Axiom Foods, Inc. (Los Angeles, U.S.)
โ€ข DAIYA FOODS INC. (Burnaby, Canada)
โ€ข Alpro (Wevelgem, Belgium)
โ€ข Kellogg Company (Michigan, U.S.)
โ€ข Amy's Kitchen (California, U.S.)
โ€ข Impossible Foods Inc. (California, U.S.)
โ€ข Beyond Meat (California, U.S.)
โ€ข Archer Daniels Midland Company (Illinois, U.S.)
โ€ข Tofutti Brands, Inc. (New Jersey, U.S.)

๐’๐ž๐ ๐ฆ๐ž๐ง๐ญ๐ฌ
๐๐ซ๐จ๐๐ฎ๐œ๐ญ ๐“๐ฒ๐ฉ๐ž, ๐ƒ๐ข๐ฌ๐ญ๐ซ๐ข๐›๐ฎ๐ญ๐ข๐จ๐ง๐š๐ฅ ๐‚๐ก๐š๐ง๐ง๐ž๐ฅ, ๐š๐ง๐ ๐‘๐ž๐ ๐ข๐จ๐ง ๐š๐ซ๐ž ๐’๐ญ๐ฎ๐๐ข๐ž๐
By product type, the market is segmented into vegan meat, vegan milk, and others. As per distributional channel, it is categorized into online retails, convenience stores, supermarkets/hypermarkets, and others. Geographically, it is grouped into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐‚๐จ๐ฏ๐ž๐ซ๐š๐ ๐ž
The report provides an in-depth analysis of the leading market segments and the latest trends. It examines the driving and restraining factors influencing the market, as well as the impact of COVID-19. Additionally, the report investigates regional developments and outlines the strategies adopted by key players in the industry.

๐€๐ฌ๐ค ๐Ÿ๐จ๐ซ ๐‚๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐š๐ญ๐ข๐จ๐ง:
https://www.fortunebusinessinsights.com/enquiry/customization/vegan-food-market-106421

๐ƒ๐ซ๐ข๐ฏ๐ž๐ซ๐ฌ ๐š๐ง๐ ๐‘๐ž๐ฌ๐ญ๐ซ๐š๐ข๐ง๐ญ๐ฌ
๐ˆ๐ง๐œ๐ซ๐ž๐š๐ฌ๐ข๐ง๐  ๐€๐๐จ๐ฉ๐ญ๐ข๐จ๐ง ๐จ๐Ÿ ๐ˆ๐ง๐ง๐จ๐ฏ๐š๐ญ๐ข๐ฏ๐ž ๐๐ซ๐จ๐๐ฎ๐œ๐ญ๐ฌ ๐ญ๐จ ๐๐จ๐จ๐ฌ๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐๐ซ๐จ๐ ๐ซ๐ž๐ฌ๐ฌ
The strong demand for sustainable materials in food packaging, along with growing awareness of animal cruelty, is anticipated to fuel growth in the vegan food market. Furthermore, the increasing interest in innovative vegan products is likely to further enhance industry development. A scientific journal indicates that dairy and meat products contribute approximately 60% of greenhouse gases from the agricultural sector, highlighting the environmental advantages of transitioning to vegan alternatives.

However, the rising cost of vegan products may present a challenge to market growth.

๐‘๐ž๐ ๐ข๐จ๐ง๐š๐ฅ ๐ˆ๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ
๐๐ซ๐ž๐ฌ๐ž๐ง๐œ๐ž ๐จ๐Ÿ ๐•๐ž๐ ๐ž๐ญ๐š๐ซ๐ข๐š๐ง ๐๐จ๐ฉ๐ฎ๐ฅ๐š๐ญ๐ข๐จ๐ง ๐ญ๐จ ๐๐จ๐จ๐ฌ๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐†๐ซ๐จ๐ฐ๐ญ๐ก ๐ข๐ง ๐๐จ๐ซ๐ญ๐ก ๐€๐ฆ๐ž๐ซ๐ข๐œ๐š
The Asia Pacific region is poised to lead the vegan food market, primarily due to its large vegetarian population in India. With the market valued at USD 9.74 billion in 2020, Asia Pacific is expected to significantly increase its market share in the coming years, bolstered by rising investments in innovative vegan products.

In North America, the growing number of vegan food consumers is likely to drive market adoption. Increased climate awareness and expanding brand partnerships are also expected to contribute to industry growth.

In Europe, the market benefits from a robust base of vegan consumers and the presence of major food chains like Starbucks and Domino's. Factors such as heightened climate consciousness and the increasing adoption of vegan and flexitarian diets are projected to further stimulate market development.

๐ˆ๐ง๐ช๐ฎ๐ข๐ซ๐ž ๐๐ž๐Ÿ๐จ๐ซ๐ž ๐๐ฎ๐ฒ๐ข๐ง๐  ๐“๐ก๐ข๐ฌ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/vegan-food-market-106421

๐‚๐จ๐ฆ๐ฉ๐ž๐ญ๐ข๐ญ๐ข๐ฏ๐ž ๐‹๐š๐ง๐๐ฌ๐œ๐š๐ฉ๐ž
๐‚๐จ๐ฆ๐ฉ๐š๐ง๐ข๐ž๐ฌ ๐‹๐š๐ฎ๐ง๐œ๐ก ๐๐จ๐ฏ๐ž๐ฅ ๐๐ซ๐จ๐๐ฎ๐œ๐ญ๐ฌ ๐ญ๐จ ๐๐จ๐จ๐ฌ๐ญ ๐๐ซ๐š๐ง๐ ๐ˆ๐ฆ๐š๐ ๐ž
Leading companies in the vegan food market are actively launching innovative products to attract consumers and enhance their brand reputation. For instance, Target, a major U.S. retail corporation, launched a sub-brand called "Good & Gather Plant-Based" in May 2021, with plans to introduce 30 new plant-based vegan products. This initiative highlights their commitment to adapting to evolving consumer preferences.

Moreover, companies are significantly investing in research and development, as well as pursuing mergers, acquisitions, and expansions to strengthen their market presence. The adoption of advanced production technologies is also on the rise, enabling firms to reduce costs, increase production capacity, improve productivity, and achieve their strategic objectives.

๐ˆ๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐ƒ๐ž๐ฏ๐ž๐ฅ๐จ๐ฉ๐ฆ๐ž๐ง๐ญ
โ€ข ๐…๐ž๐›๐ซ๐ฎ๐š๐ซ๐ฒ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ: France-based company Danone has successfully acquired Follow Your Heart for USD 6 million. This acquisition is part of Danone's strategy to enhance its capabilities in developing and launching innovative vegan products within the industry.

๐‘๐ž๐š๐ ๐‘๐ž๐ฅ๐š๐ญ๐ž๐ ๐๐ž๐ฐ๐ฌ:
๐๐ซ๐จ๐œ๐ž๐ฌ๐ฌ๐ž๐ ๐Œ๐ž๐š๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ: https://www.fortunebusinessinsights.com/industry-reports/processed-meat-market-100556
๐ƒ๐š๐ข๐ซ๐ฒ ๐…๐จ๐จ๐๐ฌ ๐Œ๐š๐ซ๐ค๐ž๐ญ: https://www.fortunebusinessinsights.com/dairy-foods-market-103890
๐๐ซ๐จ๐›๐ข๐จ๐ญ๐ข๐œ๐ฌ ๐Œ๐š๐ซ๐ค๐ž๐ญ: https://www.fortunebusinessinsights.com/industry-reports/probiotics-market-100083

๐‚๐จ๐ง๐ญ๐š๐œ๐ญ ๐”๐ฌ:
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๐€๐›๐จ๐ฎ๐ญ ๐”๐ฌ:
Fortune Business Insightsโ„ข offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

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