In 2023, the global vegan food market reached a valuation of USD 33.14 billion. It is projected to increase from USD 37.37 billion in 2024 to USD 103.00 billion by 2032, registering a robust compound annual growth rate (CAGR) of 13.51% during the forecast period. The Asia Pacific region led the market in 2023, capturing a 42.58% share. Meanwhile, the U.S. market is set for significant expansion, expected to reach USD 26.90 billion by 2032, spurred by growing awareness around veganism and the widespread shift toward plant-based diets.

The surging demand for plant-based meat and dairy alternatives is expected to drive further growth. Vegan diets, which naturally exclude high-calorie and processed carbohydrates, support weight control and overall well-being. Rich in fiber, antioxidants, and vital nutrients such as vitamins A, C, and E, plant-based diets are associated with numerous health benefits. Individuals following vegan or vegetarian lifestyles often consume more fruits, legumes, and vitamin C-rich foods, which may help lower cancer risk. Additionally, plant-based eating habits promote better digestion and nutrient intake, prompting a growing number of consumers to adopt vegan diets.

Information Source: https://www.fortunebusinessinsights.com/vegan-food-market-106421 

Market Segmentation

Almond-Based Products to Lead Due to Nutrient Density

By source, the market is segmented into almonds, soy, oats, and others. The almond segment is expected to dominate, driven by increased consumer awareness of its rich nutritional content.

Supermarkets and Hypermarkets to Remain the Preferred Distribution Channel

In terms of distribution, the market includes supermarkets/hypermarkets, convenience stores, online platforms, and others. Supermarkets and hypermarkets are anticipated to hold the largest share, thanks to their widespread availability and comprehensive product offerings.

Regional Analysis

The vegan food market is assessed across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Key Report Highlights

This report delivers a comprehensive analysis of major segments and emerging industry trends. It explores key drivers, market challenges, and the lasting impacts of COVID-19. The study also covers strategic regional developments and competitive moves by leading companies.

Market Drivers and Challenges

Flavor Expansion and Innovation Driving Market Momentum

The growing appeal of vegan yogurt products—crafted from ingredients like almonds, oats, coconuts, and soy—is being propelled by rising vegan populations and increasing cases of lactose intolerance. The introduction of unique and appealing flavors is further stimulating demand. For example, in October 2020, Soyarich Foods unveiled “Yofu,” a plant-based yogurt featuring real fruit pulp in flavors like apple cinnamon, cherry, and mango. Free from preservatives and artificial coloring, this product has contributed positively to market growth.

Despite the positive outlook, the market faces hurdles including high production costs and inefficiencies in manufacturing processes, which may limit rapid scalability.

Regional Overview

Asia Pacific to Sustain Leadership, Driven by Demographics and Health Trends

Asia Pacific is forecasted to maintain its dominance in the global vegan food market. This is attributed to population growth, increasing health awareness, and a higher incidence of lactose intolerance. The region recorded a market value of USD 963.05 million in 2021 and is set for continued growth, supported by rising disposable incomes and dietary shifts.

North America is also projected to witness substantial growth, supported by the rising popularity of plant-based eating and non-dairy alternatives.

In Europe, increasing interest in sustainability and eco-friendly product innovations is expected to propel the vegan food market forward.

Competitive Landscape

Innovation to Strengthen Market Positioning

Key market players are heavily investing in new product development and portfolio diversification to enhance their global footprint. For instance, in March 2022, AYO introduced a new line of almond milk-based yogurts, designed for versatility in desserts, smoothies, and dips—broadening their appeal to health-conscious consumers.

In addition to innovation, companies are pursuing mergers, acquisitions, partnerships, and automation advancements to improve efficiency and achieve strategic objectives.

Key Companies Covered:

• Danone S.A. (France)
• General Mills Inc. (U.S.)
• Oatly A.B. (Sweden)
• Forager Project (U.S.)
• Coyo Pty Ltd (U.S.)
• Nancy's Probiotic Foods (U.S.)
• Chobani Global Holdings (U.S.)
• Kite Hill (U.S.)
• Daiya Foods Inc. (Canada)
• GT's Living Foods LLC (U.S.)

Tariff Impact Analysis for the Vegan Food Market: https://www.fortunebusinessinsights.com/enquiry/request-sample-us-tariff/vegan-food-market-106421 

Industry Development

June 2022 – So Delicious introduced a new collection of coconut milk-based yogurts infused with botanical extracts. The line features unique blends such as mango with ginger and turmeric, mixed berry with chamomile, and elderberry, all made with organic coconut and live probiotics.