Vegan Food Market is Estimated to Witness High Growth Owing to Opportunity of Increasing Health Consciousness

Vegan Food Market

Vegan food market comprises plant-based food items that do not involve animal products such as meat, eggs, dairy, and honey in their preparation or processing. Vegan food items such as plant-based meat and dairy alternatives provide similar taste and texture as their animal-based counterparts and are a rich source of protein, vitamins, minerals, and other nutrients. Growing awareness about the health benefits of vegan diet along with rising concerns for animal welfare is propelling the demand for vegan food items.

The global Vegan Food Market is estimated to be valued at US$ 17987.14 Mn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The key market opportunity driving the growth of vegan food market is increasing health consciousness among consumers. Obesity and chronic diseases such as diabetes, hypertension, and cardiovascular diseases have emerged as major health issues worldwide. Adoption of vegan diet is gaining prominence for its ability to promote weight management and reduce risks of chronic diseases. A balanced vegan diet provides necessary nutrients while being low in calories and fats. Rising consumer awareness about various health advantages of plant-based diet is compelling people to shift from animal-based to vegan food options. Furthermore, vegan food products aid in environmental sustainability by reducing dependency on industrial animal agriculture which is a major contributor to greenhouse gas emissions. Expanding outreach through social media campaigns promoting health and environmental benefits of veganism is expanding the consumer base for vegan food market over the forecast period.

Porter’s Analysis

Threat of new entrants: The vegan food market is growing rapidly with rising health and environmental concerns. However, new manufacturers need significant capital to build facilities and distribution network. Existing players have established supply chains and brand reputation.

Bargaining power of buyers: Buyers have moderate bargaining power as they can choose from a variety of vegan food options from global and regional manufacturers. Switching costs for buyers are low.

Bargaining power of suppliers: Raw material suppliers have moderate bargaining power due to availability of alternatives. However, suppliers of specialized vegan ingredients wield more power.

Threat of new substitutes: Alternatives like organic, gluten-free and plant-based foods pose threats. Innovation is constantly expanding options.

Competitive rivalry: Intense as top players compete globally and regionally for market share through varied product lines, marketing, and pricing strategies.

SWOT Analysis

Strengths: Growing health, ethics and environmental concerns driving market. Wide range of product innovations.

Weaknesses: Higher prices compared to non-vegan foods limit adoption. Lack of awareness in developing nations.

Opportunities: Rising incomes and urbanization expands customer base. Collaborations with restaurants and cafes boost access.

Threats: Stricter regulations may raise costs. Competition from alternative diets poses challenges.

Key Takeaways

Global Vegan Food Market Size is expected to witness high growth supported by factors like increasing health awareness, concerns for animal welfare and environment protection. North America currently holds the largest market share due to factors such as rising vegan population and progressive thinking regarding flexitarian diets. Europe follows as the second largest region driven by organized retail, food startups and established food chains promoting vegan options.

Key players operating in the vegan food market are Hain Celestial, SunOpta Inc., WhiteWave. Hain Celestial is a leading supplier of plant-based and organic products with a wide range of brands like Terra, Garden of Eatin’. SunOpta focuses on plant-based foods and beverages, organic fruit and produce. WhiteWave centers on plant-based beverage and frozen foods under brands like Silk and Earthbound Farm.

The Asia Pacific region is fastest growing market for vegan food driven by rapid urbanization, rising middle class and digital influence spreading awareness. Countries like India and China are emerging as high potential markets supported by large populations and shift towards healthier diets. Manufacturers are eyeing opportunities through partnerships with domestic food tech and delivery startups.

Regional analysis: North America holds the largest share currently and Europe follows as second largest region for vegan food market. In terms of growth, Asia Pacific region is fastest growing market for vegan food driven by rapid urbanization, rising middle class and digital influence spreading awareness in countries like India and China which have large populations and shift towards healthier diets. Manufacturers are eyeing opportunities through partnerships with domestic food tech and delivery startups in Asia Pacific region. 

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