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