The global vegan food market size is expected to reach USD 24.06 billion by 2025 registering a CAGR of 9.6%, according to a new report by Grand View Research, Inc. Rapidly growing vegan population across the globe is driving the market. Increasing awareness about the health benefits of plant-based products is also fueling the market growth. Furthermore, rising popularity of vegan diet among celebrities and athletes is expected to boost the growth further. Meat substitute products accounted for a significant market share. Seitan is expected to be the fastest-growing meat substitute product due to its high sodium and protein content than other substitutes, such as tempeh and tofu. Over the past few years, manufacturers in developed regions like North America and Europe have launched a variety of products, which is also likely to contribute to the market growth.
In April 2019, Linda McCartney Foods, a British food brand, launched meat-free sausages made from pea protein. In the same month, Veggie Grill, a U.S.-based restaurant chain, which serves only plant-based foods, planned to open 50 more outlets across the nation. In 2019, Grill’d, an Australian food chain specializing in burgers, introduced plant-based burger called Beyond Burger on account of increasing demand for plant-based burgers. In 2017, Danone, one of the leading dairy company, invested USD 60 million in the plant-based product segment to enhance its product portfolio. From 2014 to 2017, the share of plant-based meat-free new products has doubled in U.K. In 2018, U.K. became the leading economy in plant-based product launches. The number of product launches in this category increased by 200%.
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Further key findings from the study suggest:
North America emerged as the largest regional market in 2018 and accounted for more than 31% of the overall share
On the other hand, Asia Pacific is projected to lead the global market expanding at the fastest CAGR of 12.1% from 2019 to 2025
Dairy alternatives was the leading product segment in 2018 and is projected to maintain its dominance throughout the forecast years
This growth can be attributed to the increasing cases of lactose intolerance, which, in turn, boost the demand for dairy alternatives
Online distribution channel is expected register the fastest CAGR of 10.1% from 2019 to 2025; however, offline channel segment will account for the largest revenue share of the global vegan food market
Some of the key competitors in the market are Amy’s Kitchen; Danone S.A.; The Archer Daniels Midland Company; Daiya Foods, Inc.; Tofutti Brands, Inc.; Plamil Foods Ltd.; VBites Foods Ltd; Eden Foods, Inc.; VITASOY International Holdings Ltd.; and Beyond Meat