Vegan Food Market to Witness Momentum at an Outstanding 10.5% CAGR through 2031

Skyquest Technology

Vegan Food Market size was valued at around USD 16.5 Billion in 2022 and is poised to grow from USD Billion 18.23 in 2023 to USD 40.53 Billion by 2031, at a CAGR of 10.5% over the forecast period (2024-2031). 

Growing Obese Population Inclining Towards Health Consciousness to Drive the Market

Vegan food market exhibits substantial growth mainly due to the growing inclination of the Gen-Z population seeking tasty yet sustainable and healthy foods. Owing to this, the market has seen major developments like introducing fresh plant-based foods and their variations. Therefore, growing consciousness among consumers and awareness for veganism advantages is propelling vegan food market.

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Variations in foods and healthy consumables are the key reasons for consumers preferring plant-based meat substitutes. Currently, plant-based food products offer greater variety and freshness to attract and retail such customers. Consumers are increasingly considering beverages and food products that are familiar. Owing to this, food producers are introducing dairy alternatives and meat substitutes that imitate animal-based equivalents and offer familiar flavors. Non-dairy cheese and mac, ready-to-eat meals with meat alternatives, meat-free schnitzel, and meat substitute finger food are gaining attraction among large consumer bases. Moreover, studies relating to plant-based food trends denote that alternative variations are speedily gaining traction as compared to conventional meat alternatives. Top-quality plant-based cuisines add significance to the concept of plant-based food trends.

Growing Awareness for and Inclination Towards Fish Alternatives to Noticeably Impact the Market

Today, consumers are more interested in the variety of plant-based seafood, supported by the continuing concerns regarding the environment of industrial fishing. In the United Kingdom, nearly 60%of consumers are attracted to plant-based seafood since they are aware of the harmful impacts of sea fishing. These fish alternatives can be ideally recognized as highly sustainable solutions to the limitations in the seafood market. Also, in China, more than 15%of consumers prefer plant-based dairy while the remaining consume dairy milk. Hence, there are more opportunities for brands producing plant-based foods to expand their share of the market and widen their clientele. More consumers are experimenting with plant-based beverages containing healthy amounts of protein sources and hence food brands should emphasize plant ingredients and product modernizations including black beans, cashews, and pistachio.

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• Danone signed a contract in December 2023 with Else Nutrition. Nutricia, Cow & Gate, and Aptamil are some of the brands of Danone, UK. This agreement will help Else Nutrition’s vegan Baby formula get license under the brand of Danone.
• Conagra Brands, in June 2024, launched a sensational and modernized product line that will promotenearly 50 novel food products to the market.
• In August 2022, Swiss food producer, Nestle SA, launched KitKat V. It is new version of plant-based and widely preferred chocolate bars. Nestle is expected to launch this chocolate in nearly 15 European countries including the UK.
• Daiya Foods, a food brand in Canada, recently launched its better version of vegan cheese group of products. The brand showed a ground-breaking oat cream base and used traditional methods of fermentation to enhance properties like dairy.

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Plant-based drinks and food products are expanding in most categories besides dairy substitutes and meat substitutes. In the coming years, individuals can expect plant-based consumables like sauces, beverages and spreads, chocolates and more. Plant-based food brands are also aiming to introduce seasonal products like for holidays, festivals, Christmas, seasons, and more. The market holds huge potential for the food producers with the growing trend of consumers towards such foods and their varieties.

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