Vegan Food Market Driven by Rising Plant-Based Diet Adoption

The global vegan food market was valued at USD 16.55 billion in 2022 and is projected to reach USD 37.5 billion by 2030, expanding at a CAGR of 10.7% from 2023 to 2030. Market growth is primarily driven by rising consumer awareness regarding the health, environmental, and ethical benefits of adopting a vegan diet.

Growing concerns related to animal welfare, sustainability, and lifestyle-related health conditions have encouraged a significant shift from animal-based products toward plant-based alternatives. This evolving consumer preference continues to stimulate demand for vegan food products across both developed and emerging economies.

Key Market Trends & Insights

• North America accounted for the largest revenue share of over 37.2% in 2022.
• Asia Pacific is expected to emerge as the fastest-growing regional market and register a CAGR of 11.6% over the forecast period.
• Based on product, the meat & seafood segment contributed the largest market share of over 36.2% in 2022.
• By distribution channel, offline distribution channel segment held a larger share of over 83.8% in 2022.

Market Size and CAGR

• 2022 Market Size: USD 16.55 Billion
• 2030 Projected Market Size: USD 37.5 Billion
• CAGR (2023–2030): 10.7%
• North America: Largest regional market in 2022
• Asia Pacific: Fastest-growing region with a CAGR of 11.6%

Key Market Trends & Regional Insights

North America accounted for over 37.2% of total revenue in 2022, supported by high consumer awareness, strong retail penetration, and a well-established plant-based food ecosystem. Asia Pacific is expected to witness the fastest growth during the forecast period, registering a CAGR of 11.6%, driven by rising urbanization, increasing health awareness, and expanding availability of vegan alternatives.

By product type, the meat and seafood segment held the largest market share of more than 36.2% in 2022, reflecting growing demand for plant-based protein alternatives that closely replicate animal-based products. In terms of distribution, offline channels dominated the market, accounting for over 83.8% of revenue in 2022, due to strong presence of supermarkets, hypermarkets, and specialty food stores.

Increasing concern over animal health and cruelty has significantly influenced consumer food choices, accelerating the adoption of vegan meals. This trend is evident in food delivery patterns, with Grubhub reporting a 17% increase in vegan food deliveries in 2021. Despite widespread disruption across the food industry during the COVID-19 pandemic, the plant-based food segment demonstrated resilience. ShelfNow recorded a 156% increase in vegetarian meal sales and a 150% rise in vegan meal sales between 2020 and 2021, highlighting sustained consumer demand.

However, higher production costs associated with premium plant-based ingredients pose a challenge, particularly in low- and middle-income countries. To address this, manufacturers are increasingly investing in advanced food technologies to improve taste, texture, and cost efficiency. For example, Motif FoodWorks, Inc. is leveraging extrudable fat and prolamin technologies to enhance plant-based meat and cheese products.

The growing global popularity of veganism continues to support market expansion. Google Trends data from 2004 to 2022 shows strong interest in veganism across regions such as the U.K., Israel, New Zealand, Australia, and Austria. Additionally, declining meat consumption is reinforcing market growth. According to a Gallup Poll published in 2020, 23% of Americans reported eating less meat in 2019 compared to the previous year.

Order a free sample PDF of the Vegan Food Market Intelligence Study, published by Grand View Research.

Key Companies & Competitive Landscape

The growing demand for vegan food has intensified competition, with product innovation emerging as a key strategic focus for manufacturers. Recent developments include:

• March 2023: Daiya Foods invested in fermentation technology in North America
• July 2021: Upfield launched its vegan cheese brand Violife in the Middle East
• May 2021: Target introduced the plant-based brand Good & Gather with 30 new products
• March 2020: Treeline Cheese launched plant-based cream cheese made from cultured cashew nuts

Prominent players operating in the global vegan food market include:

• Amy’s Kitchen
• Danone S.A
• Daiya Foods Inc.
• Beyond Meat
• Tofutti Brands Inc.
• Plamil Foods Ltd
• VBites Foods Limited
• Eden Foods Inc.
• VITASOY International Holdings Limited
• SunOpta

Conclusion

The global vegan food market is poised for robust growth over the forecast period, supported by shifting consumer preferences, rising health consciousness, and increasing ethical and environmental awareness. While higher production costs remain a challenge, ongoing technological advancements and expanding product innovation are expected to enhance affordability and product appeal. With strong momentum across North America and rapid expansion in Asia Pacific, the vegan food market is set to play an increasingly important role in the global food and nutrition industry through 2030.

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