Vegan Food Market is Estimated to Witness High Growth Owing to Rising Health Consciousness

 

Vegan Food Market 

The global vegan food market has witnessed substantial growth in recent years due to increasing awareness about the health benefits of plant-based diets. A vegan diet includes foods made without animal-derived products like meat, eggs, and dairy. Vegan substitutes such as plant-based milk, meat analogues, egg replacers and dairy-free snacks are gaining popularity among people adopting vegan lifestyles. The growing demand for environmentally sustainable and ethically produced food items is also encouraging more people to switch to animal- product-free diets. The Global vegan food market is estimated to be valued at US$ 20721.19 Mn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period between 2024 to 2030.

Key Takeaways

Key players operating in the Global Vegan Food Market Growth are Abbott Laboratories, Biosynex, Qiagen Sciences LLC, Clinical Innovations LLC, Sera Prognostics, The Cooper Companies Inc., Medixbiochemica, Hologic Inc., IQ Products, NX Prenatal Inc., Promega Corporation, Medical Predictive Technologies Inc., Biosynex, Clinical Innovations LLC, NX Prenatal Inc., Medixbiochemica, Qiagen Sciences LLC, Sera Prognostics Inc., Insight Pharmaceuticals LLC, Creative Diagnostics. With growing demand, key players are expanding their vegan food portfolio through new product launches. They are also focusing on targeted marketing and leveraging the proliferation of vegan communities on digital media.

The global shift towards sustainable food consumption offers lucrative opportunities for vegan food producers to meet the increasing demand for plant-based meat and dairy alternatives across both developed and emerging markets. Companies are actively investing in R&D to enhance flavors and textures of vegan substitutes to further boost their appeal. Several foodservice establishments have also introduced vegan-specific menus and options to cater to this expanding customer base.

Market Drivers

- Increasing cases of lactose intolerance, milk allergies and cholesterol concerns are driving more consumers towards vegan diets to meet their nutritional needs through plant-based options.

- Rising animal welfare concerns amid instances of cruel treatment practices on factory farms have encouraged people to opt for a vegan lifestyle avoiding cruelty towards animals.

- Growing environmental awareness about the methane emissions from cattle rearing and the water and land resources required for meat/dairy farming are compelling people to cut down on animal products.

Market Restraints

- Higher prices of vegan alternatives compared to conventional animal-derived products restrict wider acceptance. Plant-based products require extensive R&D investments to replicate textures.

- Limited awareness in developing nations about vegan food varieties and benefits of veganism pose challenges to market players targeting wider geographic expansion.

Segment Analysis

The vegan food market is dominated by the dairy alternatives segment which holds around 40% of the overall market share. Dairy alternatives products such as almond milk, soy milk and oat milk are seeing rising demand among consumers due to their nutritious qualities as well as health benefits like reduced risks of heart disease and type 2 diabetes. These plant-based milk substitutes mimic the texture and flavor of cow milk without containing lactose, making them suitable for individuals with lactose intolerance and vegans looking to replace dairy from their diet. The meat substitutes segment is another major segment growing quickly owing to increased preference for meat-free diet and sustainability concerns regarding animal agriculture. Products mimicking the taste and texture of meat made from soy, wheat and peas have become increasingly common.

Global Analysis

The North American vegan food market holds around 35% share of the global market currently. The United States especially has seen widespread adoption of veganism and plant-based diets in pursuit of health, ethics and environmental protection. The number of vegans in America has grown tenfold in the past three years alone. Europe follows as another key regional market where countries like Germany and the UK have thriving vegan communities. Asia Pacific is identified as the fastest growing market for vegan foods spurred by rising health awareness, growing middle class and concerns over animal welfare in countries like China and India. Multinational companies have extensively marketed plant-based alternatives to capture the demand in APAC nations experiencing urbanization and lifestyle changes.

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