Rising with a CAGR of 9.6%, the worldwide packaged vegan food industry is expected to reach USD 62.5 billion by 2031 from USD 26.3 billion in 2022. On the forecast period, Europe should take the front stage.
Driven by increasing consumer understanding of health and sustainability, ethical questions about animal suffering, and a growing inclination for plant-based diets, the market for packaged vegan food has seen notable rise lately. Apart from conventional vegan consumers, the market also comprises flexitarians and health-conscious people trying to cut their intake of animal products. Established food companies as well as startups are creating delicious, healthy, and convenient vegan substitutes in numerous food categories, hence accelerating market growth.
Market Trend: development of plant-based meat substitutes
The expansion of the packaged vegan food firm can be primarily attributed to the category of plant-based meat substitutes. Consumers are looking for goods with taste, texture, and nutritional profile of traditional meat together with environmental and health advantages. Sophisticated cooking technology has made incredibly realistic plant-based burgers, sausages, nuggets, and other meat substitutes attractive to both vegetarians and meat lovers possible. These substitutes are now standardizing plant-based options by showing on menus of big fast-food companies and eateries. Success of businesses such as Beyond Meat and Impossible Foods has drawn major investment and innovation in this field, which has caused constant improvement of goods and diversity. Plant-based replacements are likely to gain a bigger share of the protein market as manufacturing rises and prices are more competitive with traditional meat, therefore supporting general expansion in the packaged vegan food business.
Market Driver: The drivers in the market are changing dietary patterns and increasing knowledge of health issues.
Demand in the packaged vegan food market has primarily resulted from growing knowledge of the health advantages linked with plant-based diets. Many consumers have cut out animal products after many studies connected plant-based diets to lower risks of heart disease, diabetes, obesity, and several malignancies. The COVID-19 outbreak has sped up this trend particularly as people are health-conscious and look for foods that strengthen overall well-being and immunity. Usually low in saturated fats and free of cholesterol, packaged vegan meals are sometimes seen to be better choices. To either meet or surpass their animal-based counterparts, many products also include vitamin, mineral, and protein fortifying agents. The industry has grown outside of staunch vegans and vegetarians as flexitarianism—in which people embrace a mainly plant-based diet but occasionally ingest animal products—has become more common. Food companies have been pushed to offer a wide spectrum of quick, healthy, and delicious vegan options by this larger clientele, therefore fostering innovation and market growth in many different product sectors.
Market Restraint: Taste testing and premium pricing range help to control the market.
While vegan food is becoming more and more trendy, taste impressions and pricing issues plague the market. Many vegan substitutes, especially in markets for plant-based meats and cheeses, nevertheless demand a noticeable price premium over their traditional equivalents. This price difference can discourage consumption particularly in recessionary times or in areas sensitive to costs. Common theories of the higher prices are reduced production levels, costlier ingredients, and the need of particular processing procedures. Even though economies of scale and technical developments are progressively lowering prices, certain markets still view vegan food as a luxury or specialist product. Taste and texture are also rather important for customer acceptability. Even although product quality has greatly improved, some vegans still find some vegan substitutes less fulfilling than animal-based items. Solving these sensory problems could prove expensive for manufacturers using constant research and development. The sector has to keep developing to produce goods that not only match but maybe beyond the flavor and texture of conventional foods as well as achieve price parity in order to encourage wider acceptability and support long-term market expansion.
Leading in acceptability and product innovation are dairy alternatives.
Driven by a mix of lactose intolerance, ethical problems, and purported health benefits of plant-based solutions, the dairy substitutes category has grown to be a key force in the packaged vegan food market. Products falling in this category range greatly from cheese, yogurt, ice cream, butter to plant-based milk. Recently, almond, soy, and oat milk have grown rather popular; oat milk in particular is rapidly growing because of its creamy texture and environmental credentials. Thanks to creative innovation in this field, products that closely mirror the flavor and use value of dairy will attract a wider customer base than only vegans. Products now on the cheese substitutes sub-segment melt, stretch, and taste much like real cheese, thereby representing significant improvement. Major dairy businesses have also entered this market either by starting their own plant-based lines or by acquisitions, therefore supporting the category and promoting market growth. Since their flexibility for direct consumption as well as for use as ingredients in other food products, plant-based dairy substitutes have become rather popular in supermarkets and restaurants.
Outlook here is Locally, Europe Leading in Innovations and Consumption in Vegan Food
Driven by great consumer awareness, main environmental and animal welfare issues, and supportive government policies, Europe has become clear as the leading region in the packaged vegan food industry. Vegan or flexitarian consumers abound in Germany, the UK, and the Netherlands, therefore boosting the market for plant-based products. Generally speaking, European customers are keen to pay premium rates for premium, sustainable solutions and more willing to experiment with imaginative plant-based substitutes. The industry has also seen a lot of industrial innovation; many well-known food companies and startups creating fresh vegan items. European stores nowadays offer more vegan options, usually with separate plant-based sections set aside within. Furthermore projected to drive the sector is the European Union's Farm to Fork approach, meant to support plant-based diets in line with their environmental objectives. Taste, texture, and nutritional profiles of vegan products are always improving thanks in great part to the robust food technology sector and research and development investments in the field, therefore confirming Europe's leadership in the worldwide packaged vegan food market.
Combining well-known food giants, specialized vegan businesses, and creative entrepreneurs fighting for market dominance, the packaged vegan food firm has become ever more competitive. Major food companies have entered the industry either by introducing their own plant-based products or by acquisitions leveraging their large distribution networks and marketing power. Early market introductions of specialist vegan businesses have produced strong brand loyalty and constant innovation to stay in their spots. Startups have shook the sector with creative ideas and products, particularly in the plant-based meat and dairy replacement segments. Fast product innovation defines the competitive environment since businesses always bring fresh ideas to satisfy changing consumer tastes. Established food corporations and food tech startups are forming relationships more and more combining scalable manufacturing capability with technological innovation. Consolidation is most certainly going to occur as the market develops as bigger businesses acquire successful smaller brands to increase their plant-based product ranges. Rising competition is causing good changes in cost, variety, and quality of products, thereby benefiting consumers and helping the vegan food industry to expand generally.
Beyond Meat
Impossible Foods
Oatly
Danone (Alpro)
Kellogg's (MorningStar Farms)
Nestlé
Hain Celestial
Tofurky
Quorn Foods
Lightlife Foods
Follow Your Heart
Upfield
1. INTRODUCTION
1.1. Market Definition
1.2. Study Scope
1.3. Currency Conversion
1.4. Study Period (2022- 2031)
1.5. Regional Coverage
2. RESEARCH METHODOLOGY
2.1. Primary Research
2.2. Secondary Research
2.3. Company Share Analysis
2.4. Data Triangulation
3. EXECUTIVE SUMMARY
3.1. Global Packaged Vegan Food Market (2018 – 2022)
3.2. Global Packaged Vegan Food Market (2023 – 2031)
3.2.1. Market Segment By Product Type (2023 – 2031)
3.2.2. Market Segment By Distribution Channel (2023 – 2031)
3.2.3. Market Segment By Packaging (2023 – 2031)
3.2.4. Market Segment By End-User (2023 – 2031)
4. MARKET DYNAMICS
4.1. Market Trends
4.1.1. Rise of plant-based meat alternatives
4.1.2. Increasing demand for clean label vegan products
4.1.3. Growth of vegan convenience foods
4.2. Market Drivers
4.2.1. Growing health consciousness and dietary shifts
4.2.2. Environmental and sustainability concerns
4.2.3. Advancements in food technology
4.3. Market Restraints
4.3.1. Price premium and taste challenges
4.3.2. Regulatory hurdles and labeling issues
4.4. Porter's Five Forces Analysis
4.4.1. Threat of New Entrants
4.4.2. Bargaining Power of Buyers/Consumers
4.4.3. Bargaining Power of Suppliers
4.4.4. Threat of Substitute Products
4.4.5. Intensity of Competitive Rivalry
4.5. Supply Chain Analysis
4.6. Pricing Analysis
4.7. Regulatory Analysis
4.8. Pipeline Analysis
5. BY PRODUCT TYPE (MARKET VALUE (US$ MILLION) – 2022-2031*)
5.1. Dairy Alternatives
5.2. Meat Substitutes
5.3. Vegan Snacks
5.4. Vegan Desserts
6. BY DISTRIBUTION CHANNEL
6.1. Supermarkets/Hypermarkets
6.2. Convenience Stores
6.3. Online Retail
6.4. Specialty Stores
7. BY PACKAGING
7.1. Bottles
7.2. Cans
7.3. Pouches
7.4. Boxes
8. BY END-USER
8.1. Households
8.2. Food Service Industry
8.3. Others
9. GEOGRAPHY
9.1. North America
9.1.1. United States
9.1.2. Canada
9.1.3. Mexico
9.2. South America
9.2.1. Brazil
9.2.2. Argentina
9.2.3. Rest of South America
9.3. Europe
9.3.1. Germany
9.3.2. United Kingdom
9.3.3. France
9.3.4. Italy
9.3.5. Spain
9.3.6. Russia
9.3.7. Rest of Europe
9.4. Asia-Pacific
9.4.1. China
9.4.2. Japan
9.4.3. India
9.4.4. Australia
9.4.5. South Korea
9.4.6. Rest of Asia-Pacific
9.5. Middle-East
9.5.1. UAE
9.5.2. Saudi Arabia
9.5.3. Turkey
9.5.4. Rest of Middle East
9.6. Africa
9.6.1. South Africa
9.6.2. Egypt
9.6.3. Rest of Africa
10. COMPETITIVE LANDSCAPE
10.1. Key Developments
10.2. Company Market Share Analysis
10.3. Product Benchmarking
11. SWOT ANALYSIS
12. COMPANY PROFILES
12.1. Beyond Meat
12.2. Impossible Foods
12.3. Oatly
12.4. Danone (Alpro)
12.5. Kellogg's (MorningStar Farms)
12.6. Nestlé
12.7. Hain Celestial
12.8. Tofurky
12.9. Quorn Foods
12.10. Lightlife Foods
12.11. Follow Your Heart
12.12. Upfield (*LIST NOT EXHAUSTIVE)
13. MARKET OPPORTUNITIES
By Distribution Channel:
By Packaging:
By End-User:
By Region:
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