Vegan Food Market Expected to Reach $116.33 Billion by 2031

Meticulous Research®, a leading global market research company, has published a report titled, ‘Vegan Food Market Size, Share, Forecast, & Trends Analysis by Type (Dairy Alternatives {Yogurt, Milk, Ice Cream, Cheese, Butter}, Meat Substitutes {Tofu, Nuggets}, Bakery Products), Distribution Channel (B2B, B2C {Convenience Store}) – Global Forecast to 2031.’

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According to this latest publication, the vegan food market is projected to reach $109.4 billion by 2031, growing at a CAGR of 12.4% from 2024 to 2031. This growth is primarily driven by the expanding vegan population, increasing intolerance for animal proteins, rising R&D activities, and growing demand for protein-rich products. However, market growth may be restrained by the preference for animal-based products and the increasing demand for soy and gluten-free alternatives.

Significant growth opportunities exist due to the adoption of vegan food in emerging economies and rising demand for alternative proteins. However, manufacturers face challenges such as the high price of vegan food. Additionally, the market has seen a rise in mergers & acquisitions, which is a key trend.

Key Players

Major players analyzed in the report include The Archer Daniels Midland Company (U.S.), Hain Celestial Group, Inc. (U.S.), SunOpta, Inc. (Canada), Danone S.A. (France), Conagra Brands, Inc. (U.S.), Axiom Foods, Inc. (U.S.), Daiya Foods Inc. (Canada), Kellogg Company (U.S.), Beyond Meat, Inc. (U.S.), Impossible Foods, Inc. (U.S.), Tofutti Brands, Inc. (U.S.), Amy’s Kitchen, Inc. (U.S.), Taifun-Tofu GmbH (Germany), Atlantic Natural Foods, LLC (U.S.), VBites Food, Ltd. (U.K.), and Nutrisoy Pty, Ltd. (Australia).

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Market Segmentation

The vegan food market is segmented by type, distribution channel, and geography:

• By Type: Dairy alternatives, meat substitutes, ready-to-eat meals, bakery products, confectionery, protein bars & snacks, and more.
  • In 2024, the dairy alternatives segment is expected to hold the largest market share at 65.6%, driven by the rise in lactose intolerance and the growing popularity of plant-based dairy products.
• By Distribution Channel: Business-to-business (B2B) and business-to-consumer (B2C), including modern grocery stores, convenience stores, and online retail.
  • The B2C segment is expected to dominate in 2024, holding 67.9% of the market, driven by increased sales through supermarkets, hypermarkets, and online retailers.
• By Geography: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
  • In 2024, Asia-Pacific is anticipated to hold the largest share at 44.6%, driven by rising awareness of plant-based diets, concerns about contaminated meat, and increased investments in the vegan food sector.

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Key Questions Answered in the Report-

• What does the vegan food market generate in the current revenue?
• At what rate is the demand for vegan food projected to grow for the next five to seven years?
• What are the historical market sizes and growth rates of the vegan food market?
• What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing players and new entrants in the market?
• Which segments in terms of type and distribution channel are expected to create major traction for companies operating in this market?
• What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the vegan food market?
• Who are the major players in the vegan food market? What are their specific product offerings in this market?
• What are the recent strategic developments in the vegan food market? What are the impacts of these strategic developments on the market?

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