Vegan Food Market Report 2024 (Global Edition)

Global Vegan Food Market Report 2024 Market Size Split by Type (Dairy Substitute, Meat Substitute, Egg Substitute, Seafood Substitute, Others), by Source (Soybean, Nuts, Wheat, Pea, Others), by Distri...

Vegan Food Market Report Description

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Vegan Food Market Insights Video

Competitive Landscape of the Vegan Food Market

The competitive landscape of the Vegan Food market is characterized by a diverse range of players competing to gain market share through product innovation, strategic partnerships, and aggressive marketing efforts. Key players in the market include established vegan food manufacturers, specialized vegan food companies, and emerging start-ups aiming to disrupt the market with innovative solutions.

February 2024: Danone inaugurated a new plant-based beverage production facility marking a significant expansion of the company’s plant-based operations. The facility took nearly two years to transform and needed a capital investment amounting to several million euros. (Source: https://www.danone.com/content/dam/corp/global/danonecom/medias/medias-en/2024/corporatepressreleases/pr-inauguration-production-facility-villecomtal.pdf) March 2024: At Natural Products Expo West 2024, the Conagra Company launched a wide variety of new vegan products like meals, vegetable sides, brown butter green beans, and various types of snacks inspired by the best culinary developments as well as exciting restaurant choices available today. These items will bring together quality components, great-tasting essentials, and user-friendliness. (Source: https://www.honeywell.com/us/en/press/2021/11/new-honeywell-warehouse-automation-technology-allows-sites-to-maximize-storage-increase-order-fulfillment)

Top Companies Market Share in Vegan Food Industry: (In no particular order of Rank)

• Danone S.A. (Paris
• France)
• Conagra
• Inc. (Illinois
• U.S.)
• The Hain Celestial Group
• Inc. (New York
• U.S.)
• Axiom Foods
• Inc. (Los Angeles
• U.S.)
• DAIYA FOODS INC. (Burnaby
• Canada)
• Alpro (Wevelgem
• Belgium)
• Kellogg Company (Michigan
• U.S.)
• Amy’s Kitchen (California
• U.S.)
• Impossible Foods Inc. (California
• U.S.)
• Beyond Meat (California
• U.S.)
• Archer Daniels Midland Company (Illinois
• U.S.)
• Tofutti Brands
• Inc. (New Jersey
• U.S.)
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Vegan Food Market

Which Region Dominates the Vegan Food Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. It accounted for around 38.60% of the global revenue because of the area's sturdy commercial infrastructure and the growing adoption of automation in logistics and warehousing. The growing concerns about animal welfare, and increasing chronic diseases such as diabetes, heart disease, and obesity. increase the vegan food market in North America.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the Vegan Food market due to several compelling reasons. ?The Vegan Food marketplace in the Asia Pacific is developing owing to the increasing disposable income, rising awareness of health, and increasing heart disease due to high celastrol and dairy foods .

The current report Scope analyzes Vegan Food Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Vegan Food

According to Cognitive Market Research, the global Vegan Food market size was estimated at USD 17584.2 Million, out of which North America held the major market of more than 38.60% of the global revenue with a market size of USD 7033.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.7% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Vegan Food market with a market size of USD 5549.57 million in 2024 and is projected to grow at a CAGR of 9.5% during the forecast period. The demand is amplified by the presence of major market players such as Axiom Foods, Inc., Conagra, Inc., Kellogg Company, Amy’s Kitchen, and others in the US that boost the sales of vegan food.
• The Canada Vegan Food market had a market share of USD 844.04 million in 2024 and is projected to grow at a CAGR of 10.5% during the forecast period. Canada's robust consumer demand and a diverse range of vegan food options increased the market of Vegan Food.
• The Mexico Vegan Food market is projected to witness growth at a CAGR of 10.2% during the forecast period, with a market size of USD 640.06 million in 2024.

Europe Vegan Food

According to Cognitive Market Research, the global Vegan Food market size was estimated at USD 17584.2 Million out of which Europe held the market of more than 28.40% of the global revenue with a market size of USD 5275.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.0% from 2024 to 2031.

• The United Kingdom Vegan Food market had a market share of USD 886.24 million in 2024 and is projected to grow at a CAGR of 10.8% during the forecast period. In the UK, Vegan Food sales witness an upswing due to the nation's strong retail distribution channel.
• The France Vegan Food market is projected to witness growth at a CAGR of 9.2% during the forecast period, with a market size of USD 485.32 million in 2024.
• According to Cognitive Market Research, the Germany Vegan Food market size was valued at USD 1044.50 million in 2024 and is projected to grow at a CAGR of 10.2% during the forecast period. In Germany, Vegan Food sales surged due to the expansion of the e-commerce sector increasing demand for vegan food.
• The Italy Vegan Food market is projected to witness growth at a CAGR of 9.4% during the forecast period, with a market size of USD 453.67 million in 2024.
• The Russia Vegan Food market is projected to witness growth at a CAGR of 9.0% during the forecast period, with a market size of USD 817.67 million in 2024.
• The Spain Vegan Food market is projected to witness growth at a CAGR of 9.1% during the forecast period with a market size of USD 432.57 million in 2024
• The Luxembourg Vegan Food market is projected to witness growth at a CAGR of 10.1% during the forecast period, with a market size of USD 163.53 million in 2024.
• The Portugal Vegan Food market is projected to witness growth at a CAGR of 9.8% during the forecast period, with a market size of USD 110.78 million in 2024.
• The Greece Vegan Food market is projected to witness growth at a CAGR of 10.3% during the forecast period, with a market size of USD 63.30 million in 2024.
• The Rest of Europe's Vegan Food market is projected to witness growth at a CAGR of 8.7% during the forecast period, with a market size of USD 817.67 million in 2024.

Asia Pacific Vegan Food

According to Cognitive Market Research, the global Vegan Food market size was estimated at USD 17584.2 Million, out of which Asia Pacific held the market of around 25.60% of the global revenue with a market size of USD 4044.37 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.5% from 2024 to 2031.

• According to Cognitive Market Research, the China Vegan Food market size was valued at USD 1819.96 million in 2024 and is projected to grow at a CAGR of 13.0% during the forecast period. Vegan Food sales surged in China due to the expansion of retail vegan food outlets, and launches of healthy options in the vegan food category.
• The Japan Vegan Food market is projected to witness growth at a CAGR of 12.0% during the forecast period, with a market size of USD 558.12 million in 2024.
• The India Vegan Food market had a market share of USD 485.32 million in 2024 and is projected to grow at a CAGR of 15.3% during the forecast period. India's government initiatives towards environmental concerns and animal welfare and the expansion of the e-commerce platform drive India's share of the market.
• The South Korea Vegan Food market is projected to witness growth at a CAGR of 12.6% during the forecast period, with a market size of USD 404.44 million in 2024.
• The Australia Vegan Food market is projected to witness growth at a CAGR of 13.2% during the forecast period, with a market size of USD 210.31 million in 2024.
• The South East Asia Vegan Food market is projected to witness growth at a CAGR of 14.5% during the forecast period, with a market size of USD 279.06 million in 2024.
• The Rest of Asia Pacific Vegan Food market is projected to witness growth at a CAGR of 13.3% during the forecast period, with a market size of USD 287.15 million in 2024.

South America Vegan Food

According to Cognitive Market Research, the global Vegan Food market size was estimated at USD 17584.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 879.21 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.9% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Vegan Food market size was valued at USD 376.30 million in 2024 and is projected to grow at a CAGR of 11.5% during the forecast period. Vegan Food sales flourish in Brazil due to the rising online sales channel for vegan food.
• Argentina's Vegan Food market had a market share of USD 147.71 million in 2024 and is projected to grow at a CAGR of 11.8% during the forecast period. The increasing number of vegan and vegetarian restaurants in Argentinadrives the sales.
• Colombia's Vegan Food market is projected to witness growth at a CAGR of 10.7% during the forecast period with a market size of USD 78.25 million in 2024.
• Peru's Vegan Food market is projected to witness growth at a CAGR of 11.1% during the forecast period with a market size of USD 72.10 million in 2024.
• Chile's Vegan Food market is projected to witness growth at a CAGR of 11.2% during the forecast period with a market size of USD 63.30 million in 2024.
• The Rest of Latin America's Vegan Food market is projected to witness growth at a CAGR of 10.0% during the forecast period, with a market size of USD 141.55 million in 2024.

Middle East and Africa Vegan Food

According to Cognitive Market Research, the global Vegan Food market size was estimated at USD 17584.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 351.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.2% from 2024 to 2031.

• The GCC Countries Vegan Food market is projected to witness growth at a CAGR of 12.0% during the forecast period with a market size of USD 150.52 million in 2024. Vegan Food sales flourish due to the growing e-commerce sector's demand for types of vegan food options.
• The Egypt Vegan Food market is projected to witness growth at a CAGR of 11.5% during the forecast period, with a market size of USD 36.93 million in 2024.
• The South Africa Vegan Food market is projected to witness growth at a CAGR of 12.2% during the forecast period, with a market size of USD 55.57 million in 2024. Vegan Food sales flourish in South Africa due to the growing health concerns and environmental impact.
• The Turkey Vegan Food market is projected to witness growth at a CAGR of 10.7% during the forecast period, with a market size of USD 30.24 million in 2024.
• The Nigeria Vegan Food market is projected to witness growth at a CAGR of 10.3% during the forecast period, with a market size of USD 36.93 million in 2024.
• The Rest of the MEA Vegan Food market is projected to witness growth at a CAGR of 10.2% during the forecast period, with a market size of USD 41.50 million in 2024.

Vegan Food Market Analysis

Vegan Food Market Type Segment Analysis

According to Cognitive Market Research, Meat Substitute stands out as the dominating category. Because of increasing awareness about health, customers look for better plant sources of protein which are good for weight loss and lowering risks of contracting chronic diseases. The other drivers are environmental conservation, raising awareness about animal welfare, and others also caused an increase in demand for meat alternatives. Moreover, the popularity innovation and variety in this segment can be attributed to its numerous products that closely resemble the feel and taste of real meat contributing to the dominance of the segment.

Seafood Substitute emerges as the fastest-growing category in the Vegan Food market owing to the increasing awareness of environmental degradation due to traditional seafood and rising consumer awareness. The need for safer plant-based options is also due to health concerns about contaminants in fish, including mercury and microplastics. Moreover, plant-based options for seafood give almost the same flavor and texture as traditional seafood too among many others driving the market segments in the future.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Vegan Food Industry. Request a Free Sample PDF!

Vegan Food Market Source Segment Analysis

According to Cognitive Market Research, the dominating category is Soybean. Soybean Vegan Food are gaining popularity owing to its nutritional benefits and versatility. Soybeans provide all essential amino acids, making them a valuable food source, especially for plant-based diets that lack animal products. Moreover, they are used in various vegan products like tofu, soy milk, tempeh, and, meat substitutes are significantly contributing to the segment growth of the vegan food market.

The fastest-growing category in the Vegan Food market is Pea. The rising demand by consumers for sustainable protein and allergen-friendly sources drives market growth. Pea protein is free from all major allergens including soy and gluten which makes it desirable for people with dietary restrictions. Furthermore, peas are considered more environmentally friendly because they need less water as well as less land for crops hence attractiveness among consumers which is environmental consciousness.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Vegan Food Distribution Channel Segment Analysis

Distribution Channel Segment Analysis

According to Cognitive Market Research, the dominating category is Supermarkets/Hypermarkets. These large retail outlets offer a wide variety of vegan products, making it easy for consumers to find and purchase plant-based foods. Hence consumers can inspect products directly as the stores are located nearby. In addition, supermarkets and hypermarkets often offer sale discounts to promote their products so they become accessible and cheap for people who prefer a vegan lifestyle.

The fastest-growing category in the Vegan Food market is the E-commerce Platform. A growing number of consumers find the convenience of delivering goods at home worthwhile since a wide assortment of products is accessible over the Internet. In addition, e-commerce platforms give thorough product details, customer reviews, and price comparisons, thereby enhancing the shopping experience. Moreover, the collaborations established between big digital trade platforms and vegan food manufacturers have widened the scope of the various vegan goods available thus catalyzing fast progress through distribution channels.

• Offline Sales Channel
• Supermarkets/Hypermarkets
• Departmental Stores
• Convenience Store
• Other Sales Channel
• Online Sales Channel
• Company Website
• E-commerce Platform

Author's Detail

Nisha Deore

Research Analyst at Cognitive Market Research

LinkedIn

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I am a well-organized, conscientious, and professional Research Analyst with two plus years of experience. In my current role, I conduct in-depth secondary research, data mining, competitive analysis, DRO's, PR, and Collateral writing. Whilst I enjoy working as part of a team, researching information, analyzing data, and producing results that help my organization to achieve its commercial and financial objectives.

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