Packaged Vegan Food Market Size
The global packaged vegan food market is estimated to grow at a CAGR of 10.3% during the forecast period (2023-2030) from its current value of US$ 16,598.25 million to reach a value of US$ 36,155.46 million in 2030.
The global demand for vegan food is witnessing significant transformation due to strong economic growth in emerging regions and shifting consumer trends in developed regions. In emerging countries, the premium status of packaged vegan food, makes it an aspirational item of consumption for middle and upper middle classes. Furthermore, with growing consciousness of plant-based diets and increasing receptiveness of social media trends, packaged vegan
food has been popular among urban upper middle classes in developed regions.
Vegan dairy alternatives had the largest market share in 2022, comprising nearly 47.38% of the market. The large share of vegan dairy alternatives in the global market can be attributed to the growing adoption of dairy alternatives among consumers with lactose intolerance. Supermarkets and hypermarkets remained the most popular distribution channel, corresponding to nearly 43.26% of the global market in 2022. Supermarkets and hypermarkets offer wider choice for consumers and have extensive geographical reach, thus ensuring distribution of packaged vegan foods to every major region. Online sales are expected to register the fastest growth over the forecast period, as new market entrants increasingly adopt digital sale strategies to lower operational costs.
North America had the largest regional share, accounting for 39.91% of the global market. North America’s dominance in the global market can be attributed to high disposable incomes along with the propensity of the urban upper middle class population to indulge in higher-than-average spending on non-essential food products.
Market Scope
| Metrics | Details |
| CAGR | 10.3% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Type, Distribution Channel, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
To Know More Insights - Download Sample
Market Dynamics
Rising Demand for Convenient Vegan Options Drives Growth in Packaged Vegan Food Market
According to the packaged vegan food market analysis, One driver of the packaged vegan food market is the rising demand for convenient vegan options, including snacks, ready meals, and frozen foods. This packaged vegan food market trend is fueled by the growing popularity of plant-based diets and increased consumer awareness of animal welfare and environmental concerns. Vegan snacks offer guilt-free, on-the-go options like protein bars and chips.
Vegan ready meals and vegan frozen foods provide time-saving solutions for quick and nutritious plant-based meals. Companies are capitalizing on this trend by expanding their product offerings and focusing on taste, texture, and nutrition. The market's growth is evident in the increasing availability of vegan options in stores and online platforms. As consumers continue to embrace plant-based eating, the packaged vegan food market is poised for sustained expansion and innovation, further contributing to the growth of the packaged vegan food market share.
Limited Availability of Vegan Sauces, Condiments, and Desserts Hinders Growth of Packaged Vegan Food Market
One key restraint of the packaged vegan food market is the limited availability and variety of vegan sauces and condiments, as well as vegan desserts and sweets. According to the packaged vegan food market analysis, sauces and condiments accounted for only 7% of vegan food products available in supermarkets. Similarly, vegan desserts and sweets comprised only 3% of the overall vegan food options. This indicates a significant gap in the market for these specific categories, despite the growing demand for vegan alternatives.
Limited choices in these segments can impact consumer satisfaction and hinder the overall growth of the packaged vegan food market share. To address this restraint, manufacturers and food companies can focus on expanding their product lines to include a wider range of vegan sauces, condiments, desserts, and sweets, catering to the increasing number of individuals adopting vegan diets.
Market Segment Analysis
The global packaged vegan food is segmented based on type, distribution channel, and region.
Rising Demand for Vegan Dairy Alternatives Drives Market Growth in the Packaged Vegan Food Industry
Vegan dairy alternatives in global packaged vegan food markеt was US$ 7,863.45 million in 2022 and is еxpеctеd to rеach US$ 15,139.37 million by 2030, growing with a CAGR of 8.6% between 2023 and 2030.
Consumption of dairy alternatives is increasing globally due to a considerable increase in the vegan community, as well as a growing lactose-intolerant population. Shifting food habits and changing food and beverage sector trends are boosting global demand for vegan cheese. The rising frequency of various food-related allergies in children and adults leads to shifting consumer food choices, which will fuel the segment's expansion.
According to the Food Intolerance Network, over 70% of the world's population suffered from lactose intolerance in 2020. Vegan cheese, which is available in slices, cubes, shredded and spreads, is extensively used in Italian recipes such as spaghetti, pizzas, croquettes and Caprese salad. Vegan cheese is in high demand in places where Italian food is prominent.
Significant factors driving market growth include an increase in customer preference for plant-based goods and ease of raw material availability.
Additionally, during the forecast period, demand for the product is expected to be fueled by rising consumer demand for coconut milk and rice milk, which is used to produce a variety of food and beverage items like ice cream, snacks and drinks.
Dairy alternatives like hemp milk and cashew milk are also gaining demand globally. Hemp milk boosts the immune system, promotes good skin, hair and nails and strengthens the heart.
Source: DataM Intelligence Analysis (2023)
Market Geographical Share
North America Accounts Over 40% Market Share in the Packaged Vegan Food Industry, Fueled by Growing Demand for Natural Products
North America packaged vegan food market was US$ 6,624.36 million in 2022 and is expected to reach US$ 14,015.81 million by 2030, growing with a CAGR of 9.9% between 2023 and 2030.
The market for packaged vegan foods is growing due to the development of packaging alternatives that use non-animal fats and hydrocarbon waxes in place of animal derivatives. In addition to its Vegan Quality accreditation, in November 2022, Sealed Air's Cryovac brand has added The Vegan
Trademark to its Sealappeal flexible packaging line. The product accomplished this by substituting non-animal fats and hydrocarbon waxes for animal derivatives in the food packaging.
Innovative food startups and well-established businesses that are committed to producing and offering a broad selection of packaged vegan food products have found a home in North America. It include classic meat, dairy and other animal-derived product substitutes made of plants. The expansion of the market is facilitated by the products' accessibility through supermarkets, specialty shops and internet platforms.
In April 2023, the internationally renowned Starbucks, based in Seattle, revealed that it will be investing US$ 1 billion in artificial intelligence (AI) technology to aid in the making of a vegan breakfast sandwich. After years of trying to develop a completely plant-based version of its well-known breakfast sandwiches, a decision has been made. Starbucks declared that it will "leverage the trillions of machine-driven computations needed to help us finally figure out how to create a vegan sandwich for Starbucks" through its collaboration with SnackGPT, an artificial intelligence research lab
located in San Francisco.
Source: DataM Intelligence Analysis (2023)
Packaged Vegan Food Companies
The major global players include Amy's Kitchen Inc., Dr. McDougall's Right Foods, Beyond Meat Inc., Annie's Homegrown, Plamil Foods Ltd. Ltd., Danone S.A., Tofutti Brand Inc., Barbara’s Bakery Inc., Edward & Sons Ltd., and Galaxy Nutritional Foods Inc.
COVID-19 Impact Analysis
The COVID-19 pandemic has had a significant impact on the packaged vegan food market. The widespread disruptions in global supply chains, trade restrictions, and reduced industrial activities have led to a decline in demand for packaged vegan food. However, the increased focus on health and hygiene has driven the demand for packaged vegan food-based cleaning and sanitization products. Overall, the packaged vegan food market has experienced a mixed impact, with varying effects across different sectors.
By Type
- Vegan dairy alternatives
- Packaged vegan meals
- Meat alternatives
- Vegan bakery and confectionery products
By Distribution Channel
- Supermarkets/Hypermarkets
- Specialty Stores
- Online Sales
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- The U.K
- France
- Italy
- Spain
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- On March 17, 2023, Blue Tribe, a Mumbai-based start-up, launched ‘The Vegan Grub’ Menu with Virat Kohli’s one8 Commune. Based on the concept of serving innovation with flavor, one8 Commune in association with Blue Tribe Food, has launched “The Vegan Grub”- a plant-based menu bringing an alternative approach to customer’s everyday meals.
- On May 16, 2023, Frozen pizza brand Chicago Town unveiled a new plant-based addition to its Deep-Dish range in partnership with vegan food brand Squeaky Bean. The Deep-Dish Vegan BBQ Chick’n pizza combines the Chicago Town Deep Dish base with the brand’s smokey BBQ sauce, vegan mozzarella and smoked gouda, topped off with Squeaky Bean’s chicken-style pieces, red peppers and sweetcorn.
- On April 24, 2023, Clive’s Purely Plants, a U.K. based company, launched vegan sausage rolls & tofu quiche for the first time. The Vegan Sausagey Rolls, which come with Red Onion Chutney, are filled with herb-seasoned plant-based sausage wrapped in puff pastry. Meanwhile, the delicious Tomato & Tofu Quiche with Basil and Cracked Black Pepper, is inspired by the Italian Margherita pizza. It is made with silken tofu and encased in a pastry crust.
Why Purchase the Report?
- To visualize the global packaged vegan food market segmentation based on type, distribution channel, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of packaged vegan food market-level with all segments.
- The PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global packaged vegan food market report would provide approximately 53 tables, 49 figures, and 195 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
