Vegan Food Market Analysis

Product (Meat & Seafood, Creamer, Ice Cream & Frozen Novelties, Yogurt, Cheese, Butter, Meals, Protein Bars)

Meat & seafood segment is predicted to account for vegan food market share of around 36% by 2037. Growing demand for plant-based meat in developed countries like the US and the UK will drive the global desire for vegan cooking.

For instance, the PLANeT Partnership, a joint venture between PepsiCo Inc. and Beyond Meat, a company that produces plant-based meat, was announced in 2021. Its goal is to develop, create, and sell novel snacks and beverages made from plant-based protein. PepsiCo will leverage Beyond Meat's technology, and Beyond Meat will benefit from PepsiCo's experience in the production and marketing of new products.

Substitution Type (Alternative Dairy Products, Substitute Meat Products)  

In vegan food market, alternative dairy products segment is estimated to capture revenue share of over 60% by 2037. This growth will be caused by the fashionability of bend-over soy and almond milk products as well as the rise in people's lactose sensitivity.

According to a significant study published in the Lancet Gastroenterology and Hepatology in 2023, there are huge global variations in the prevalence of lactose malabsorption—from 4 in Denmark to over 100 in China and among Native Americans.

Distribution Channel (Super Market, Offline)

By 2037, supermarket segment is likely to hold vegan food market share of more than 83%, due to the growing number of supermarkets sprouting up throughout the world and the popularity of vegan cuisine. A balanced compound annual growth rate of 8% is predicted to carry on the growth pattern, bringing the total to an astounding revenue of USD2405.78 billion by 2028.

Moreover, even with the development of supermarkets, convenience stores, and other contemporary models, the average African consumer still purchases over 70% of their food, drinks, and personal hygiene items from the more than 2.5 million small, independent businesses on the continent.

Our in-depth analysis of the global market includes the following segments: