The vegan food market will grow at a 10.4% CAGR through 2030: The Brainy Insights

The brain insights

The growing demand for vegan food due to its health benefits is driving the growth of the vegan food market, where vegan sauces and spreads are expected to witness significant growth during the forecast period. North America led the market with a share of over 36% in 2021. Hidden Valley, Kite Hill, Dean’s Ranch, Daiya and Violife are some of the popular brands of vegan dips and sauces in the United States.

Newark, November 13, 2022 (GLOBE NEWSWIRE) – According to The Brainy Insights, the vegan food market is growing at a CAGR of 10.4% from 2022 to 2030. The market is driven by the shift in consumer preferences towards products vegan food due to the growing health concern. Several studies suggest that products of animal origin, especially milk and its derivatives, are not good for health as humans are unable to digest them as they age.

The growth of the market is also supported by the growing awareness of the benefits offered by vegan food products. These products are high in protein, fiber and antioxidants and low in saturated fat, so they can be consumed by women suffering from PCOD and lactose intolerant people. In addition, the increase in product launches by leading players and small businesses around the world is expected to stimulate the market.

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All large companies such as Nestlé, Kraft Heinz, Danone and General Mills Inc. have entered this market and offer a wide range of products. For example, General Mills Inc. offers vegan cereals, cheeses, and ice cream, among others. Danone offerings are ample of vegan milk, cheese, yogurt, cream, etc.

Meat and seafood are the largest and fastest growing product segment in the global market. Vegetarian consumers are also opting for plant-based meat and seafood as they cannot eat real meat products. Therefore, the growth of this product category is not only due to the vegan population, but also due to vegetarians. Additionally, product innovation in this category is likely to bode well for segment growth.

The expansion of plant-based meat products in the HoReCa segment is also expected to increase the consumption of vegan food globally. In September 2021, McDonald’s introduced McPlant, a plant-based burger in the UK. The hamburger was developed in collaboration with Beyond Meat. It consists of a vegan patty on a sesame bun, with vegan sauce and vegan topping, and is available in more than 200 McDonald’s.

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Key players

1. General Mills Inc.
2. Kraft Heinz
3. Danone
4. VITASOY International Holdings Limited
5. Amy’s cooking
6. VBites Foods Limited
7. Eden Foods Inc.
8. SunOpta
9. Daiya Foods Inc.
10. Tofutti Brands Inc.
11. Plamil Foods Ltd.

Market segmentation

• Product insights

o Meat and seafood
or Yogurt
o Cheese
o Butter
o Creamer
o News Gelato and Frozen
o Ready meals
or Others

• Insights into the distribution channel

o Offline
o Online

Regional insights

or North America

 USA
 Canada
 Mexico

o Europe

 United Kingdom
 Germany
 France
 Spain
 Italy

or Asia Pacific

 China
 Japan
 India
 South Korea
 Philippines
 Australia
 New Zealand

o Central and South America

 Brazil

o Middle East and Africa

 South Africa
 United Arab Emirates

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About the report:

The global vegan food market is analyzed by value (millions of dollars). All segments were analyzed on a global, regional and national basis. The study includes analysis of over 30 countries for each part. The report analyzes the drivers, opportunities, constraints and challenges to gain a critical view of the market. The study includes Porter’s five forces model, attractiveness analysis, commodity analysis, supply, demand analysis, competitive position grid analysis, distribution and analysis of marketing channels.

About Brainy Insights:

The Brainy Insights is a market research firm, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimating model to meet clients’ goals of achieving high quality results in a short amount of time. We provide both custom (customer specific) and group reports. Our union reporting repository is diverse across all categories and subcategories in domains. Our customized solutions are tailored to meet the needs of customers, whether they are looking to expand or are planning to launch a new product in the global market.

Contact us

Avinash D
Head of business development
Phone: + 1-315-215-1633
Email: sales@thebrainyinsights.com
Web: http://www.thebrainyinsights.com

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