The global vegan food market was valued at USD 33.14 billion in 2023 and is forecasted to grow from USD 37.37 billion in 2024 to USD 103.00 billion by 2032, demonstrating a CAGR of 13.51% over the forecast period. In 2023, Asia Pacific dominated the market with a 42.58% share. Meanwhile, the U.S. vegan food market is poised for considerable expansion, projected to reach approximately USD 26.90 billion by 2032, driven by heightened awareness of veganism and increasing adoption of plant-based diets.

Rising demand for meat substitutes and dairy-free alternatives is expected to further boost market growth. Vegan diets, which exclude high-calorie foods and unhealthy carbohydrates, aid in weight management and promote overall health. These diets are rich in fiber, antioxidants, and essential vitamins such as A, C, and E. Individuals who follow vegan or vegetarian lifestyles often have higher intakes of legumes, fruits, vegetables, and vitamin C-rich foods, potentially reducing cancer risk. Additionally, plant-based diets support better digestion and nutrient absorption, encouraging more consumers to transition to vegan eating habits.

Information Source: https://www.fortunebusinessinsights.com/vegan-food-market-106421 

Market Segmentation

Almond Segment to Lead Due to Nutritional Advantages

Based on source, the market is segmented into almonds, soy, oats, and others. The almond segment is anticipated to dominate, fueled by growing consumer recognition of its high nutritional value.

Supermarkets/Hypermarkets Expected to Dominate Distribution Channels

By distribution channel, the market is categorized into supermarkets/hypermarkets, convenience stores, online sales channels, and others. Supermarkets and hypermarkets are set to maintain the largest share, attributed to their accessibility and diverse product offerings.

Regional Insights

The market is analyzed across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Highlights

The report offers a detailed evaluation of major market segments and emerging trends. It thoroughly examines the driving forces, challenges, and COVID-19 impacts on the market, while also analyzing regional advancements and strategies deployed by top players.

Drivers and Challenges

Expansion of Flavor Varieties to Propel Market Growth

The rising popularity of vegan yogurts made from almond, oat, coconut, and soy is driven by the growing vegan demographic and increased lactose intolerance rates. Introduction of diverse flavors is further boosting demand. For instance, in October 2020, Soyarich Foods launched “Yofu,” a plant-based yogurt featuring apple cinnamon, cherry, and mango flavors, made with real fruit pulp and free from preservatives and artificial coloring. This innovation has positively influenced the market.

However, the market may face obstacles such as high production costs and inefficiencies in manufacturing processes.

Regional Overview

Asia Pacific to Maintain Market Leadership Due to Population Growth and Health Trends

Asia Pacific is projected to lead the vegan food market, supported by a rising population, greater health consciousness, and increased lactose intolerance. The regional market was valued at USD 963.05 million in 2021 and is poised for robust growth. Higher disposable incomes are also contributing to the market’s expansion.

North America is expected to experience strong growth due to rising awareness of plant-based diets and dairy alternatives.

In Europe, the increasing focus on sustainability and eco-friendly, innovative products is projected to fuel the growth of the vegan food market.

Competitive Landscape

Product Innovation to Enhance Market Competitiveness

Key players are concentrating on launching innovative and diversified products to strengthen their global presence. For example, in March 2022, AYO introduced a range of almond milk yogurts, positioned as versatile options for desserts, dips, and smoothies, helping the brand expand its market reach.

Along with product innovations, companies are leveraging mergers, acquisitions, partnerships, research and development initiatives, and automation technologies to fortify their competitive edge and meet strategic business goals.

Key Companies Profiled:

• Danone S.A. (France)
• General Mills Inc. (U.S.)
• Oatly A.B. (Sweden)
• Forager Project (U.S.)
• Coyo Pty Ltd (U.S.)
• Nancy's Probiotic Foods (U.S.)
• Chobani Global Holdings (U.S.)
• Kite Hill (U.S.)
• Daiya Foods Inc. (Canada)
• GT's Living Foods LLC (U.S.)

Tariff Impact Analysis for Vegan Food Market: https://www.fortunebusinessinsights.com/enquiry/request-sample-us-tariff/vegan-food-market-106421 

Industry Development:

• June 2022: So Delicious launched a new line of coconut milk yogurts enhanced with botanical extracts. The range includes flavors like mango with ginger and turmeric extracts, mixed berry with chamomile, and elderberry, featuring organic coconut and live probiotics