Vegan Food Market

Vegan Food Market Size and Share:

The global vegan food market size was valued at USD 19.93 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 42.09 Billion by 2033, exhibiting a CAGR of 8.66% from 2025-2033.  North America currently dominates the market. The growth of the North American region is driven by increasing health consciousness, rising demand for plant-based diets, ethical concerns over animal welfare, and expanding vegan product availability.

The increasing awareness about animal welfare, as more individuals opt for plant-based diets to reduce their contribution to animal exploitation, is providing a positive market forecast. Ethical factors regarding factory farming methods are greatly impacting consumer choices. Furthermore, the ecological advantages of a vegan diet, including lowering carbon footprints, reducing water consumption, and lessening land degradation, are supporting the growth of the market. As knowledge about the ecological impact of animal farming increases, a growing number of people are choosing plant-based alternatives to aid sustainability. In addition, the increasing range of vegan products in supermarkets, restaurants, and fast food outlets is enhancing market accessibility. Ongoing advancements in plant-based foods, like enhanced meat and dairy alternatives, are making vegan choices more available, attractive, and similar in flavor and texture to animal-derived items.

The United States plays a crucial role in the market, driven by the growing awareness about the health benefits of plant-based diets. Consumers are adopting vegan diets to lower the risk of chronic diseases such as heart disease, diabetes, and obesity, as well as to promote overall wellness. Furthermore, companies are expanding their vegan product ranges to meet the evolving preferences of consumers. This includes the development of high-quality, plant-based alternatives that cater to various dietary needs, including dairy-free and plant-based diets, while maintaining the familiar tastes and textures that appeal to a wide range of consumers. In 2024, Lindt introduced vegan Truffle Balls in the US with the LINDOR brand, featuring Non-Dairy OatMilk and Dark Chocolate OatMilk flavors. The latest product enhances Lindt's selection of vegan options. The truffles cater to all chocolate enthusiasts, including individuals following plant-based or dairy-free diets.

Vegan Food Market Trends:

Increasing Awareness and Concerns about Animal Welfare

As individuals become more educated about the ethics of raising animals, they are likely to make decisions that mirror their values. This means a movement toward vegan choices. A consumer who cares very much about the welfare of animals may choose not to eat animal products at all. They choose plant-based meals free of animal abuse and misery. The need for ethical food production has spurred the creation and access of a large range of vegan options. Public knowledge regarding the cruel nature of industrial farming and animal testing is growing and is driving a humane movement to promote a better food culture for animals. Many consumers actively seek vegan alternatives to promote an even more compassionate food system. Thus, firms and food manufacturers responded to this growing demand by producing and marketing a myriad of innovative and tasty vegan products. For example, according to data published by Vegconomist (The vegan business magazine), of 130 Million people living in Mexico, an astonishing 20% have removed animal-based food and beverages from their lives as part of their vegan lifestyle. Also, the trend of veganism is supported by the increase in the prevalence of chronic diseases, including diabetes, heart disease, and stroke, among others.

Rising Environmental Consciousness

Animal-based food contributors can reduce their greenhouse gas emissions and climate change contribution drastically by avoiding or limiting use. This will appeal to environmentally conscious clients as they would like to decide on choices that demonstrate a commitment to saving the earth. Moreover, animal husbandry is the primary source of deforestation and degradation of soil. The growth of animal agriculture requires massive areas of land to graze and feed large animals, destroying forests and other wild ecosystems. Consumers may end environmental pressures and fund restoration efforts by adopting alternative animal-free diets. For example, ShelfNow, the online food retailer, recorded a 156% increase in vegetable meal sales and a 150% increase in the sales of vegan meals. Besides, the different food store operators face a massive rise in sales of vegan food items that contribute to the expansion of the market.

Advancements in Food Technology

Advances in food technology have led to unique plant-based substitutes that have become increasingly similar to animal-based products in terms of taste, texture, and presentation. This has attracted the interest of both vegans and flexitarians as people now find it easy to embrace a vegan diet due to its feasibility and appeal. People can now enjoy their plant-based burgers, sausages, and nuggets all similar to the traditional meat product offerings. These alternatives are derived from plant-based ingredients such as soy, wheat, and pea protein. The global wheat industry size reached USD 48 Billion in 2023. Likewise, dairy alternatives such as almond milk, coconut milk, and oat milk have the same taste and application as dairy milk. Food technology has also allowed the development of vegan cheese, ice cream, yogurt, and other dairy alternatives that are astonishingly similar to their animal-based counterparts. Texture modifiers, taste enhancers, and emulsifiers have all been used to make vegan alternatives more palatable. Such innovations have made it possible for people to access more options when they are looking for vegan alternatives. For example, Shiru, Inc., a company based in the US, recently unveiled OleoPro, a plant-based fat ingredient. This innovation was created using the company's proprietary technology platform, Flourish. The platform utilizes AI to deliver insights on novel plant proteins.

Growing Investment and Corporate Interest

The vegan food industry has emerged as a hotbed of investment and corporate interest, reflecting shifting consumer preferences for healthier, more sustainable, and socially conscious diets. This movement is being fueled by a surge in venture capital, private equity, and strategic investments, as well as significant acquisitions and collaborations between conventional food industry behemoths and emerging vegan firms. As major corporations see the great potential of plant-based products, they are diversifying their portfolios, investing in R&D, and forging alliances to win market supremacy in this emerging industry. Furthermore, the rising valuation of vegan food companies, paired with public listings and IPOs, emphasizes the vegan food market's appeal to investors seeking to profit on its growing potential. Additionally, the growing investment and corporate interest in the vegan food market indicate a fundamental shift in the food industry's landscape toward more sustainable and plant-based alternatives. For instance, Unibel Group launched Nurishh, its first 100% plant-based brand

Vegan Food Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global vegan food market, along with forecast at the global, regional, and country levels from 2025-2033. The market has been categorized based on product, source, and distribution channel.

Analysis by Product:

• Dairy Alternatives
  • Cheese
  • Desserts
  • Snacks
  • Others
• Meat Substitutes
  • Tofu
  • Texturized Vegetable Protein (TVP)
  • Seiten
  • Quorn
  • Others
• Others

Meat substitutes (tofu, texturized vegetable protein (TVP), seiten, Quorn, and others) hold the biggest market share owing to as they resemble the flavor, texture, and look of meat, providing a familiar and satisfying experience for people transitioning to a vegan diet or attempting to limit their meat consumption. Individuals who enjoy meat's flavor but prefer a more sustainable and ethical option are drawn to plant-based foods. They address the health hazards associated with an excessive intake of animal products. They are typically low in saturated fat and cholesterol, and certain versions are fortified with additional nutrients. This appeals to health-conscious individuals looking for solutions that satisfy their nutritional needs. Furthermore, meat replacements contribute to the overall richness and versatility of vegan cuisine. They may be used as ingredients in a variety of cuisines, including burgers, sausages, stir-fries and pasta sauces, expanding the options available for vegan meal preparation. For example, according to the Good Food Institute, the Food Safety and Standards Authority of India (FSSAI) is establishing a regulatory structure for the authorization of cell-based foods, such as cultivated meat and seafood. Additionally, BECA, a committee focused on cancer treatment, is advocating for plant-based meat products as an alternative to meat consumption, due to the rising cancer mortality rate, which is responsible for 1.9 million deaths.

Analysis by Source:

• Almond
• Soy
• Oats
• Wheat
• Others

Soy exhibits a clear dominance in the market due to its versatility and nutritional profile. Soybeans are a complete protein source because they contain all the amino acids necessary for human health. This makes soy a viable alternative to animal-based proteins for vegans and those looking for plant-based alternatives. Soy products such as tofu, tempeh, and soy milk have become staples in the vegan diet, offering a wide range of culinary alternatives. Tofu and tempeh can be used as meat substitutes in many recipes, and they are nutrient-dense and protein-rich additions. Soy milk is the most commonly consumed dairy-free substitute, used for cooking, baking, or as a beverage. Soy-based ingredients are also commonly used in the production of vegan meat alternatives. Soy Protein Isolates or concentrates are used in products that mimic the texture and taste of meat. Meat alternatives are popular because they can easily adapt to the preference of the consumer who wants to see familiarity in the form of a plant-based product but wants it to be more like meat. For example, for women, a diet high in soy is scientifically shown to carry a lesser risk of breast cancer, which affects about 2.3 Million women globally. Due to this, it is mostly used because tempeh is often fortified with vitamin B12 and is not bioavailable in plant-based foods, hence, an alternative to animal-derived meat that is allowed in their diet plan.

Analysis by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Stores
• Others

Supermarkets and hypermarkets represent the largest segment as they provide shoppers a one-stop shopping experience, making it easier to locate a variety of vegan food options in one location. This convenience encourages individuals to investigate and try plant-based alternatives. Furthermore, these retail shops have the power to influence consumer behavior through product placement, marketing, and promotional initiatives. Supermarkets and hypermarkets increase visibility and appeal by reserving shelf space and prominently exhibiting vegan goods, encouraging both vegans and non-vegans to explore plant-based diets. Furthermore, the packaged vegan foods market within the food industry is focusing on pre-packed plant-based food items for vegans, owing to factors like as changing consumer preferences and increasing availability of vegan choices. Apart from this, supermarkets frequently collaborate with vegan firms, promoting the creation and availability of a broader selection of vegan items. This relationship promotes creativity that makes vegan cuisine more appealing, diversified, and attractive to a wider audience. For example, the Campbell Soup Company bought Pacific Foods of Oregon LLC for USD 700 million, expecting to improve and strengthen Campbell's health and well-being portfolio in the growing natural and organic category, thus supporting the market growth.

Regional Analysis:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

North America leads the market owing to increasing health consciousness, rising demand for plant-based diets, ethical concerns over animal welfare, and expanding vegan product availability. Consumers in North America are becoming better informed as well more concerned about their overall health and fitness. Many individuals are adopting plant-based diets to improve their overall health, decrease weight, and reduce their risk of chronic diseases. This health-conscious attitude is increasingly driving the demand for vegan meals. In addition to this, the growing concern about the environment among common people is raising concerns relating to the impact of animal husbandry on climate change, deforestation, and resource scarcity. Moreover, with increasing awareness about the issue of animal exploitation and suffering, people are opting for vegan alternatives that promote a compassionate and non-cruel food system. For example, Amy's Kitchen Inc., which is a US-based manufacturer of vegetarian and vegan foods, started its third plant-based and vegan-friendly "Amy's Drive-Thru" restaurant, which is located in Walnut Creek, California.

Key Regional Takeaways:

United States Vegan Food Market Analysis

The vegan food market in the US is seeing significant expansion, influenced by a mix of health, ecological, and moral considerations. According to the US Department of Health and Human Services, approximately 129 million individuals in the US are affected by a minimum of one significant chronic illness, which includes cancer, diabetes, obesity, hypertension and heart disease. Consequently, numerous consumers are progressively pursuing plant-based diets to control and lessen the likelihood of these chronic ailments. This trend is additionally driven by increased awareness of the ecological effects of animal farming and a heightened inclination towards sustainable food options. In reaction to this demand, plant-based items are increasingly available, as food producers, fast-food outlets, and eateries present a broader selection of vegan choices. Moreover, younger generations, especially millennials and Gen Z, tend to embrace vegan diets, motivated by ethical considerations and a wish to lessen their carbon footprint. Advancements in plant-based cuisine, such as meat replacements, non-dairy options, and convenience meals, are boosting the attractiveness of vegan diets, turning them into a popular option. Combined, these elements are fostering a vibrant and swiftly growing vegan food market in the US.

Europe Vegan Food Market Analysis

The vegan food market in Europe is expanding rapidly, driven by a combination of ethical considerations, health concerns, and environmental awareness. As of January 2023, the EU population was estimated at 448.8 Million, with over one-fifth (21.3%) aged 65 years and older, according to Eurostat. This demographic shift is influencing dietary trends, as older adults increasingly seek plant-based diets to improve health outcomes, while younger generations are motivated by ethical concerns surrounding animal welfare and sustainability. Growing awareness of the environmental impact of animal agriculture is driving a shift toward vegan diets, particularly in countries like Germany, the UK, and France. Retailers and foodservice providers are responding by expanding their vegan offerings, making plant-based alternatives more accessible to a wide consumer base. Furthermore, innovation in plant-based products, such as meat substitutes and dairy alternatives, is increasing the appeal of veganism. As health, sustainability, and ethical consumption trends continue to shape consumer behavior, Europe’s vegan food market is expected to maintain strong growth.

Asia Pacific Vegan Food Market Analysis

The vegan food sector in the Asia-Pacific area is quickly growing, fueled by rising health consciousness and a heightened interest in sustainable eating. East Asia and the Pacific are the fastest urbanizing areas globally, with an annual urbanization rate of 3%, as reported by the World Bank, and this urbanization is affecting dietary choices, particularly among younger city consumers. Numerous nations in the area, including India, have a rich history of vegetarianism, facilitating a smoother shift to plant-based eating. Increasing disposable incomes, especially in cities, are also driving the demand for high-end vegan products. Moreover, the increasing availability of vegan choices in local and global markets is making plant-based diets easier to access. As awareness about the environmental and health advantages of veganism grows, the demand for plant-based food options is likely to keep increasing, further boosting market expansion in the area.

Latin America Vegan Food Market Analysis

The vegan food market in Latin America is growing as awareness of chronic diseases rises. In Brazil, an estimated 928,000 deaths annually are attributed to chronic diseases, according to PubMed Central (PMC), prompting a shift toward healthier eating habits. As consumers recognize the benefits of plant-based diets in disease prevention, demand for vegan food is increasing. The availability of vegan products in local markets and restaurants is expanding, making it easier for consumers to adopt plant-based diets. This growing interest in healthier, sustainable food choices is driving the expansion of the vegan food market across the region.

Middle East and Africa Vegan Food Market Analysis

The vegan food market in the Middle East and Africa is expanding as a result of rising health issues and the widespread prevalence of chronic illnesses. In the UAE, 23% of individuals report having chronic diseases, with obesity, diabetes, and asthma/allergies ranked as the most prevalent, impacting 12.5%, 4.2%, and 3.2%, respectively, as per PubMed Central. With increasing knowledge of the health advantages of plant-based diets, a growing number of consumers are opting for vegan choices to handle chronic ailments. Rising disposable income and urban growth are also contributing to the market growth in the area.

Competitive Landscape:

Key players in the market are focusing on expanding their product portfolios, introducing innovative plant-based alternatives to cater to a growing demand for diverse vegan options. Many are forming strategic partnerships, collaborations, and acquisitions to strengthen their market presence and leverage distribution channels. Additionally, sustainability initiatives, such as eco-friendly packaging and sourcing practices, are becoming a key focus. Companies are also enhancing marketing efforts to raise awareness and educate consumers about the benefits of vegan diets, driving the shift towards plant-based eating habits across various regions. Leading companies are investing in research operations to improve the taste, texture, and nutritional value of plant-based foods, aiming to attract not only vegans but also flexitarians and health-conscious consumers. In march 2023, Daiya, the company that started the plant-based cheese category in North America 15 years ago, announced a multi-million-dollar investment in fermentation technology that will allow it to produce a plant-based cheese that is more meltier, flavorful, and stretchier than any other available.

The report provides a comprehensive analysis of the competitive landscape in the vegan food market with detailed profiles of all major companies, including:

• Amy’s Kitchen Inc.
• Beyond Meat Inc.
• Daiya Foods Inc.
• Danone S.A.
• Eden Foods Inc.
• Plamil Foods Ltd.
• The Archer Daniels Midland Company
• Tofutti Brands Inc.
• VBites Foods Limited
• Vitasoy Australia Products Pty Ltd.

Latest News and Developments:

• September 2024: Oxbow Brands has launched the Vegan Drink Company, or VDC, which focuses on plant-based milk drinks such as almonds, oats, millet, soy, and coconut. The dairy-free drinks with added essential vitamins are prepared for health-conscious consumers for retail and online sale, and the company will soon add ready-to-drink vegan shakes to its product mix.
• April 2024: MiracleMe, a nutritional products company, launched the first plant-based, orally dissolving nutrition products globally to address global micronutrient deficiencies that affect more than 200 crore people. The product line consists of sugar-free and preservative-free dissolving powders rich in fruits and vegetables. The company plans to expand globally and introduce new product lines for women and children.
• March 2024: The Kraft Heinz Not Company introduced its initial plant-based Oscar Mayer offerings, NotHotDogs and NotSausages. These offerings, available in Bratwurst and Italian sausage flavors, aim to provide a savory, smoky experience for plant-based consumers.
• March 2024: A newly opened pilot plant in Plainsboro, New Jersey, was designed by DSM-Firmenich, an innovator in nutrition, health, and beauty, enabling collaboration with customers. According to the company, a pilot facility is part of DSM-firmenich's Taste, Texture & Health Business Unit and will support the commitment made toward global acceleration through diet transformation by providing the Food & Beverage brands with capacities to create enjoyable eating & drinking experiences that are more healthy for people and a better planet.

Vegan Food Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the vegan food market from 2019-2033.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global vegan food market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's Five Forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the vegan food industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.