Vegan Food Market Size & Share, by Product (Meat & Seafood, Creamer, Ice Cream & Frozen Novelties, Yogurt, Cheese, Butter, Meals, Protein Bars); Distribution Channel; Source; Substitution Type - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Increasing physical inactivity in high-income countries - The unhealthy lifestyle and inactivity in the people of high-income countries increase the risks of chronic diseases in people. Moreover, according to the World Health Organization, surveyed in 2023, 27% of adults and more than 80% of adolescents globally do not engage in the required amounts of physical exercise.   
  
  As a result, people turn to the healthier option and become vegan. Moderate exercise and a healthy vegan diet have been shown to reduce body fat. This is linked to an increase in endurance due to an enhanced capacity to use oxygen to drive movement.
   
• Increasing number of people becoming vegan recently - In 2023, around 3% of German consumers aged 18 to 64 who responded to the survey ate a vegan diet. Approximately 2-4 % of respondents in the United States, Brazil, China, and Mexico followed a vegan diet. India is a notable exception since more than 10% of participants reported generally adhering to a vegan diet and alternative protein. Four quarterly rounds of the study were conducted among internet users.
  
  In 2022, over 700,000 individuals from nearly every nation in the world signed up for the Veganuary campaign, which encourages people to eat vegan for the whole month of January. This campaign had record-breaking sign-ups.
   
• Rising awareness of animal life in the food industry - Customers are being encouraged to switch to plant-based food items as a result of growing knowledge of animal abuse and health issues in the food business. The vegan diet is becoming more and more popular in the US, Australia, New Zealand, the UK, Ireland, Israel, and Canada, among other countries.
  
  Livestock and fish output are expected to rise by 14% between 2020 and 2030, according to estimates from the OECD and the Food and Agriculture Organization (FAO) of the United Nations. In order to satisfy sustainable production targets, a significant portion of this increase will need to be attained through increases in productivity in currently operating herds. Enhancing health management to lower livestock losses and boost productivity is a crucial component of this sustainable strategy.

Challenges

• Excessive price of vegan food - The vegan food business across the world will notice a setback due to the constantly increasing price of vegan products. Conventional food items are more readily available and hence more affordable, particularly in comparison to vegan meals. The price of finished goods that are made with vegan ingredients such as vegan milk and desserts is further raised.
   
• Limited research to support health benefits - The scant scientific evidence supporting the claims made for the vegan diet is foreseen to pose a threat to the worldwide vegan food market.
  
  Multiple factors that show the side effects of taking vegan products over an expanded period on a person’s health have been documented worldwide. Additionally, it is recommended that pregnant women and anyone with certain health issues speak with medical specialists before beginning any kind of diet regimen.