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Vegan Food Market size to grow by USD 21.46 billion from 2021 to 2026|Growing number of vegan consumers is one of the key drivers - Technavio


NEW YORK, Dec. 8, 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. 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. 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 

Vegan Food Market 2022-2026: Segmentation

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.

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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 

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 

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? -

Vegan Food Market 2022-2026: Key Highlights

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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.

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%.

TOC

  1. Executive Summary
  2. Market Landscape
  3. Market Sizing
  4. Historic Market Size
  5. Five Forces Analysis
  6. Market Segmentation by Product
  7. Customer Landscape
  8. Geographic Landscape
  9. Drivers, Challenges, and Trends
  10. Company Landscape
  11. Company Analysis
  12. Appendix

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 Technavio


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