NEW YORK, July 10, 2023 /PRNewswire/ -- The vegan food market size is set to grow by USD 21.46 billion between 2021 and 2026 and register a CAGR of 12.25%, according to Technavio's latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read our Sample Report
The report also covers the following areas:
Vegan Food Market 2022-2026: Segmentation
- Product
- Dairy Alternative
- Meat Alternative
- Others
- Geography
- North America
- Europe
- APAC
- South America
- Middle East And Africa
The vegan food market share growth by the dairy alternative segment will be significant during the forecast period. The increasing demand for dairy alternative products is due to the rising vegan population and awareness regarding lactose intolerance. Dairy alternatives in a vegan diet are rich in fiber, antioxidants, and beneficial botanical compounds. It is also rich in potassium, magnesium, folic acid, and vitamins A, C, and E. The major growth driver of the dairy alternatives segment in the vegan food market is due to the rising consumption of plant-based dairy products. Hence, increasing demand for dairy alternatives will drive the growth of the vegan food market during the forecast period.
Receive our market sample report now to gain access to a detailed analysis of the vegan food market
Vegan Food Market 2022-2026: Vendor Analysis and Scope
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Some of the major vendors of the vegan food market include Amys Kitchen Inc., Bega Cheese Ltd., Beyond Meat Inc., Blue Diamond Growers, Danone SA, Earths Own Food Co. Inc., Eden Foods Inc., First Grade International, Fresh Start, Living Harvest Foods, Maple Leaf Foods Inc., Organic Valley, Otsuka Holdings Co. Ltd., PANOS Brands LLC, Ripple Foods PBC, Saputo Inc., SunOpta Inc., The Hain Celestial Group Inc., Tofutti Brands Inc., and VBites Foods Ltd. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15+ vendors operating in the market. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports on the vegan food market are designed to provide entry support, customer profile & M&As as well as go-to-market strategy support.
Vendor Offerings
- Beyondmeat.com - The company offers Vegan foods such as vegan ground meat, sausages, and meatballs.
- Danone.com - The company offers vegan foods under the brand names Silk, Alpro, and Actimel.
- Earthsown.com - The company offers vegan foods such as cream cheese, creamy ranch, and sour cream.
The vegan food market is fragmented, and the degree of fragmentation will accelerate. The growing number of vegan consumers will offer immense growth opportunities. However, the lack of product standardization guidelines will hamper the market growth.
Vegan Food Market 2022-2026: Market Dynamics
Key Driver
The growing number of vegan consumers is the key driver supporting the vegan food market growth. Veganism is a way of life that eliminates all forms of animal exploitation and cruelty in the manufacture of products such as food and clothing. People are adopting a vegan lifestyle, especially for health and ethical reasons. Remarkably food service outlets are also adding vegan recipes to their menus to attract vegan consumers. For example, in January 2021, the total number of vegans globally was nearly 79 million, which was 3% higher than the total vegan population across the world in 2020. Such a rise in the number of consumers will drive the vegan food market growth during the forecast period.
Major Trend
New product launches are the primary trend notably driving the growth of the vegan food market growth. A successful new product launch helps in raising the revenue flow of a company, and it also helps in creating a strong consumer base. Moreover, a successful new product launch can increase a vendor's market share and give them a competitive advantage over other players in the market. For example, on May 31, 2022, Conagra Brands, Inc. announced the launch of battered fishless fillets to its plant-based green cuisine range under the brand Birds Eye in the UK. Similarly, in March 2022, Little Red Rooster Ice Cream Co.'s NadaMoo brand launched a new chocolate chip cookie dough flavor, a dairy-free ice cream. Hence, such new product launches will drive the growth of the vegan food market during the forecast period.
Significant Challenge
The lack of product standardization guidelines is the key challenge that impedes the growth of the vegan food market growth. Every country has different regulations and legislations pertaining to the packaging process of vegan food. In 2018, the FDA banned the consumption of trans fat due to the serious health concerns raised by its consumption. This led to a fundamental change in the labeling and branding of products, increasing production costs for vendors. The FDA banned trans fats in 2018 owing to the health concerns raised by their consumption. This has resulted in significant changes in product labeling and branding and also increased production costs for vendors. Hence, the absence of uniform regulation has been the major challenge that will impede the growth of the vegan food market during the forecast period.
What's New? -
- Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
- Global competitiveness and key competitor positions
- Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!
Vegan Food Market 2022-2026: Key Highlights
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will assist vegan food market growth during the next five years
- Estimation of the vegan food market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the vegan food market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of vegan food market vendors
Gain instant access to 17,000+ market research reports.
Technavio's SUBSCRIPTION platform
Related Reports:
The vegan eggs market is estimated to grow at a CAGR of 8.28% between 2022 and 2027. The market size is forecast to increase by USD 910.56 million. This vegan eggs market report extensively covers market segmentation by distribution channel (offline and online), type (liquid, powder, and egg-shaped), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The growing popularity of plant-based products is notably driving the market growth.
The vegan fast food market size is expected to increase by USD 18.86 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 11.6%. Vegan fast foods market segmentation by end-user (take-out and dine-in) and geography (North America, Europe, APAC, the Middle East and Africa, and South America). The growing number of vegan consumers is notably driving the growth of the vegan fast foods market growth.
Vegan Food Market Scope |
|
Report Coverage |
Details |
Base year |
2021 |
Historic period |
2017-2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.25% |
Market growth 2022-2026 |
USD 21.46 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
11.68 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 40% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amys Kitchen Inc., Bega Cheese Ltd., Beyond Meat Inc., Blue Diamond Growers, Danone SA, Earths Own Food Co. Inc., Eden Foods Inc., First Grade International, Fresh Start, Living Harvest Foods, Maple Leaf Foods Inc., Organic Valley, Otsuka Holdings Co. Ltd., PANOS Brands LLC, Ripple Foods PBC, Saputo Inc., SunOpta Inc., The Hain Celestial Group Inc., Tofutti Brands Inc., and VBites Foods Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 11: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 12: Market segments
- 3.3 Market size 2021
- 3.4 Market outlook: Forecast for 2021-2026
- Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
- 4.2 Bargaining power of buyers
- Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
- 4.3 Bargaining power of suppliers
- Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
- 4.4 Threat of new entrants
- Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
- 4.5 Threat of substitutes
- Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
- 4.6 Threat of rivalry
- Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
- 4.7 Market condition
- Exhibit 23: Chart on Market condition - Five forces 2021 and 2026
5 Market Segmentation by Product
- 5.1 Market segments
- Exhibit 24: Chart on Product - Market share 2021-2026 (%)
- Exhibit 25: Data Table on Product - Market share 2021-2026 (%)
- 5.2 Comparison by Product
- Exhibit 26: Chart on Comparison by Product
- Exhibit 27: Data Table on Comparison by Product
- 5.3 Dairy alternative - Market size and forecast 2021-2026
- Exhibit 28: Chart on Dairy alternative - Market size and forecast 2021-2026 ($ million)
- Exhibit 29: Data Table on Dairy alternative - Market size and forecast 2021-2026 ($ million)
- Exhibit 30: Chart on Dairy alternative - Year-over-year growth 2021-2026 (%)
- Exhibit 31: Data Table on Dairy alternative - Year-over-year growth 2021-2026 (%)
- 5.4 Meat alternative - Market size and forecast 2021-2026
- Exhibit 32: Chart on Meat alternative - Market size and forecast 2021-2026 ($ million)
- Exhibit 33: Data Table on Meat alternative - Market size and forecast 2021-2026 ($ million)
- Exhibit 34: Chart on Meat alternative - Year-over-year growth 2021-2026 (%)
- Exhibit 35: Data Table on Meat alternative - Year-over-year growth 2021-2026 (%)
- 5.5 Others - Market size and forecast 2021-2026
- Exhibit 36: Chart on Others - Market size and forecast 2021-2026 ($ million)
- Exhibit 37: Data Table on Others - Market size and forecast 2021-2026 ($ million)
- Exhibit 38: Chart on Others - Year-over-year growth 2021-2026 (%)
- Exhibit 39: Data Table on Others - Year-over-year growth 2021-2026 (%)
- 5.6 Market opportunity by Product
- Exhibit 40: Market opportunity by Product ($ million)
6 Customer Landscape
- 6.1 Customer landscape overview
- Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 42: Chart on Market share by geography 2021-2026 (%)
- Exhibit 43: Data Table on Market share by geography 2021-2026 (%)
- 7.2 Geographic comparison
- Exhibit 44: Chart on Geographic comparison
- Exhibit 45: Data Table on Geographic comparison
- 7.3 North America - Market size and forecast 2021-2026
- Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
- Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)
- 7.4 Europe - Market size and forecast 2021-2026
- Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
- Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)
- 7.5 APAC - Market size and forecast 2021-2026
- Exhibit 54: Chart on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 56: Chart on APAC - Year-over-year growth 2021-2026 (%)
- Exhibit 57: Data Table on APAC - Year-over-year growth 2021-2026 (%)
- 7.6 South America - Market size and forecast 2021-2026
- Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
- Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)
- 7.7 Middle East and Africa - Market size and forecast 2021-2026
- Exhibit 62: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 63: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 64: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- Exhibit 65: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- 7.8 US - Market size and forecast 2021-2026
- Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
- Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)
- 7.9 China - Market size and forecast 2021-2026
- Exhibit 70: Chart on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 71: Data Table on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 72: Chart on China - Year-over-year growth 2021-2026 (%)
- Exhibit 73: Data Table on China - Year-over-year growth 2021-2026 (%)
- 7.10 Germany - Market size and forecast 2021-2026
- Exhibit 74: Chart on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 75: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 76: Chart on Germany - Year-over-year growth 2021-2026 (%)
- Exhibit 77: Data Table on Germany - Year-over-year growth 2021-2026 (%)
- 7.11 UK - Market size and forecast 2021-2026
- Exhibit 78: Chart on UK - Market size and forecast 2021-2026 ($ million)
- Exhibit 79: Data Table on UK - Market size and forecast 2021-2026 ($ million)
- Exhibit 80: Chart on UK - Year-over-year growth 2021-2026 (%)
- Exhibit 81: Data Table on UK - Year-over-year growth 2021-2026 (%)
- 7.12 Japan - Market size and forecast 2021-2026
- Exhibit 82: Chart on Japan - Market size and forecast 2021-2026 ($ million)
- Exhibit 83: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
- Exhibit 84: Chart on Japan - Year-over-year growth 2021-2026 (%)
- Exhibit 85: Data Table on Japan - Year-over-year growth 2021-2026 (%)
- 7.13 Market opportunity by geography
- Exhibit 86: Market opportunity by geography ($ million)
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- 8.3 Impact of drivers and challenges
- Exhibit 87: Impact of drivers and challenges in 2021 and 2026
- 8.4 Market trends
9 Vendor Landscape
- 9.1 Overview
- 9.2 Vendor landscape
- Exhibit 88: Overview on Criticality of inputs and Factors of differentiation
- 9.3 Landscape disruption
- Exhibit 89: Overview on factors of disruption
- 9.4 Industry risks
- Exhibit 90: Impact of key risks on business
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 91: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 92: Matrix on vendor position and classification
- 10.3 Bega Cheese Ltd.
- Exhibit 93: Bega Cheese Ltd. - Overview
- Exhibit 94: Bega Cheese Ltd. - Business segments
- Exhibit 95: Bega Cheese Ltd. - Key offerings
- Exhibit 96: Bega Cheese Ltd. - Segment focus
- 10.4 Beyond Meat Inc.
- Exhibit 97: Beyond Meat Inc. - Overview
- Exhibit 98: Beyond Meat Inc. - Product / Service
- Exhibit 99: Beyond Meat Inc. - Key offerings
- 10.5 Danone SA
- Exhibit 100: Danone SA - Overview
- Exhibit 101: Danone SA - Business segments
- Exhibit 102: Danone SA - Key news
- Exhibit 103: Danone SA - Key offerings
- Exhibit 104: Danone SA - Segment focus
- 10.6 Earths Own Food Co. Inc.
- Exhibit 105: Earths Own Food Co. Inc. - Overview
- Exhibit 106: Earths Own Food Co. Inc. - Product / Service
- Exhibit 107: Earths Own Food Co. Inc. - Key offerings
- 10.7 Eden Foods Inc.
- Exhibit 108: Eden Foods Inc. - Overview
- Exhibit 109: Eden Foods Inc. - Product / Service
- Exhibit 110: Eden Foods Inc. - Key offerings
- 10.8 Ripple Foods PBC
- Exhibit 111: Ripple Foods PBC - Overview
- Exhibit 112: Ripple Foods PBC - Product / Service
- Exhibit 113: Ripple Foods PBC - Key offerings
- 10.9 SunOpta Inc.
- Exhibit 114: SunOpta Inc. - Overview
- Exhibit 115: SunOpta Inc. - Business segments
- Exhibit 116: SunOpta Inc. - Key offerings
- Exhibit 117: SunOpta Inc. - Segment focus
- 10.10 The Hain Celestial Group Inc.
- Exhibit 118: The Hain Celestial Group Inc. - Overview
- Exhibit 119: The Hain Celestial Group Inc. - Business segments
- Exhibit 120: The Hain Celestial Group Inc. - Key news
- Exhibit 121: The Hain Celestial Group Inc. - Key offerings
- Exhibit 122: The Hain Celestial Group Inc. - Segment focus
- 10.11 Tofutti Brands Inc.
- Exhibit 123: Tofutti Brands Inc. - Overview
- Exhibit 124: Tofutti Brands Inc. - Product / Service
- Exhibit 125: Tofutti Brands Inc. - Key offerings
- 10.12 VBites Foods Ltd.
- Exhibit 126: VBites Foods Ltd. - Overview
- Exhibit 127: VBites Foods Ltd. - Product / Service
- Exhibit 128: VBites Foods Ltd. - Key offerings
11 Appendix
- 11.1 Scope of the report
- 11.2 Inclusions and exclusions checklist
- Exhibit 129: Inclusions checklist
- Exhibit 130: Exclusions checklist
- 11.3 Currency conversion rates for US$
- Exhibit 131: Currency conversion rates for US$
- 11.4 Research methodology
- Exhibit 132: Research methodology
- Exhibit 133: Validation techniques employed for market sizing
- Exhibit 134: Information sources
- 11.5 List of abbreviations
- Exhibit 135: List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Infiniti Research, Inc.
Share this article