Packaged Vegan Food Market

Global Packaged Vegan Food Market Size (2024 to 2029)

The size of the global packaged vegan food market is estimated to be worth USD 29.38 billion by 2029 from USD 17.37 billion in 2024, growing at a CAGR of 11.08% from 2024 to 2029.

Consumers converging on cutting down on animal-based dairy products have started favoring packaged vegan food. Packaged vegan food is prepared and deprived of the use of any animal-based ingredients, resulting in low fat and cholesterol.

MARKET DRIVERS

The growing trend of veganism and increasing awareness among people regarding the health benefits associated with consuming vegan food are boosting the global packaged vegan food market growth.

A growing number of people are nowadays turning vegan because of their love and consideration toward animals and the environment. One of the main drivers of processed vegan food is the health benefits it provides, such as helping to prevent diseases such as heart attack and diabetes. The vegan diet does not include anything of the animal product and is therefore considered to be safer and consequently favored over meat. Packaged vegan food is prepared using plant-based ingredients that provide phytochemicals. Such phytochemicals help to boost the body's defensive enzyme. Since a vegan diet favours animal rights, as a result, people are adopting it because of their ethical concerns toward the environment and animals. The concern for animal welfare has led more people to prefer vegan food. The consumption of vegan food also promotes the development of essential enzymes in the body.

The rising concern about animal welfare and cruelty is also favoring the growth rate of the packaged vegan food market. The growing consumption of environmentally friendly products and ethical concerns regarding the consumption of meat are further fuelling the growth of the packaged vegan food market. Constant product development and experimentation are fuelling the market forward.  Problems regarding the preservation of packaged food can be a little restrained. Competitive and crowded market, with constant new developments.

MARKET RESTRAINTS

However, the growth of the market is restrained by the lack of definitive regulations associated with vegan food labeling. 

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Packaged Vegan Food Market Analysis By Product Type

The packaged vegan dairy alternative segment was the market leader and is expected to continue as one during the forecast period. Vegan dairy alternatives are readily available in supermarkets and specialty food stores in a wide range of blending styles and labels. When buying traditional vegetarian dairy alternatives, customers prefer a non-sweetened option over other dairy products. This is attributed to the fact that the sweetened version not only contains added sugar but is also relatively high in both carbohydrates and calories. Demand for flavored vegetarian dairy alternatives is increasing due to the growing demand for delicious, nutritious, blended, and lactose-free products among the millennial populace worldwide.

Global Packaged Vegan Food Market Analysis By Distribution Channel

Out of this, the Hypermarket segment is expected to lead the market with a significantly high market share. The availability of a broad range of products under one roof, discount coupons, advertising, and the existence of major players such as Wal-Mart are primary factors for driving the segment. Consumers prefer to taste new types before buying them is increasing the demand for hypermarkets over other channels. Convenience stores also have an essential share of the sector.

The digital retailer's segment is the fastest growing and is increasing at a high CAGR in the forecast period. Expanding the use and penetration of the Internet in rural regions of developing nations is a primary driver of the segment. In addition, the growing young working population demanding easier access and an increasing number of online retailers and discounts will drive the online retailer segment in the forecast period.

REGIONAL ANALYSIS

Geographically, North America accounted for the bulk of market shares in 2018. With the USA being the top contributor, the North American region is expected to continue its dominance over the market in the forecast period. The growth of this Packaged Vegan Food Market is due to an increasing consumer preference for healthy and nutritious food and a substantial increase in the number of people opting for veganism as a lifestyle. Moreover, the decrease in consumption of meat and poultry products is leading to increased demand for processed vegan foods, as people are now searching for healthier food to stay fit and prevent lifestyle-related illnesses such as diabetes and heart disease.

KEY PLAYERS IN THE GLOBAL PACKAGED VEGAN FOOD MARKET

Companies playing a major role in the global packaged vegan food market include Beyond Meat, Amy’s Kitchen, Plamil Foods, Tofutti Brands, White Wave Foods, Annie's Homegrown, Barbara's Bakery, Dr. Mcdougall's Right Foods, Edward & Sons, Galaxy Nutritional Foods, Pacific Foods, The Bridge and Vegan Made Delight.

RECENT HAPPENINGS IN THE MARKET

• Beyond Meat, an industry giant and a top competitor in the field of packaged vegan foods, released its new product line of burgers by the name of "Beyond Burgers."
• The idea is that these products have the same taste as actual meat burgers and have almost the same nutrients that the meat burgers have, but the subtle twist here is that these are entirely organic and natural.  
• Developments of the industry do not just mean the growth of companies in the industry. As mentioned earlier, the industry is heavily lead by activism.
• 12,000 animal rights protesters took part in a vegan march in the city of London holding anti-meat consumption signs such as "meat is murder". These protests are only a considerable upside for the packaged vegan foods market.

DETAILED SEGMENTATION OF THE GLOBAL PACKAGED VEGAN FOOD MARKET INCLUDED IN THIS REPORT

This research report on the global packaged vegan food market has been segmented and sub-segmented based on the product type, distribution channel and region.

By Distribution Channel

• Online Retailers
• Hypermarket/Supermarket
• Natural and Organic Stores

By Product Type

• Dairy Alternatives
• Bakery and confectionery Ingredients 
• Packaged Meals
• Meat Alternatives

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa