The global vegan food market revenue was valued at USD 33.14 billion in 2023 and is projected to grow from USD 37.37 billion in 2024 to USD 103.00 billion by 2032, reflecting a compound annual growth rate (CAGR) of 13.51% during the forecast period. In 2023, Asia Pacific led the vegan food market with a market share of 42.58%. Additionally, the vegan food market in the U.S. is expected to experience significant growth, reaching an estimated value of USD 26.90 billion by 2032. This growth is fueled by increasing awareness of veganism and the rising adoption of vegan diets among consumers.
The growing demand for meat substitutes and alternative dairy products is expected to drive the adoption of vegan foods. A vegan diet, which eliminates high-calorie foods and unhealthy carbs, naturally supports weight management by reducing excess weight gain. Moreover, following a balanced vegan diet promotes weight loss. By eliminating animal products and embracing a plant-based lifestyle, individuals can enjoy a wide variety of nutritious options. Vegan foods are packed with essential nutrients, including antioxidants, fiber, plant compounds, and vitamins A, C, and E, offering a healthful alternative to traditional diets.
Information Source: https://www.fortunebusinessinsights.com/vegan-food-market-106421
List of Key Players Profiled in the Report
Segmentation
Almond Segment to Lead Backed by its High Nutritive Value
By source analysis, the market is segmented into almonds, soy, oats, and others. The almond segment is expected to lead due to the rising awareness regarding its nutritive properties.
Supermarkets/Hypermarkets Segment to Dominate Owing to its Convenience