Vegan Food Market Forecast Till 2031

Vegan Food Market Forecast Till 2031

In 2022, the vegan food market around the world was worth USD 16.45 billion. It is expected to hit USD 36.02 billion by 2031, growing at a CAGR of 9.1% between 2023 and 2031, the time period for which the projections are made.
In the past few years, vegan alternatives have become very common. The main reasons people follow this vegan diet are environmental and moral issues. Vegans don’t eat meat, eggs, or dairy products, and they also don’t buy or make things with raw materials that come from animals. Even small amounts of animal products, like those found in some wines and white sugar refined with animal leftovers, are not allowed. The National Health Portal India says that a vegan diet is better for your health than an omnivore diet in a number of ways, such as lowering your risk of heart attacks, strokes, and cancer. Some people are moving to a vegan diet because they think it is better for their health.

Market Dynamics

What are the Primary Factors Driving the Vegan Food Market?

Rising Awareness about Animal Cruelty

Consumer awareness of animal abuse is expanding. They adopt lifestyles and diets to reduce animal cruelty and environmental damage from eating animal products. Dairy and meat products account for 60% of agricultural greenhouse gas emissions, according to a scholarly journal.

Veganism reduces food production using animals. PETA’s initiatives to promote awareness of animal rights and cruelty have boosted the number of vegans. Vegan cuisine is in demand. The Vegan Society reports a 980% increase in vegan products demand in the past decade. The worldwide vegan food industry is predicted to increase steadily over the forecast period.

Growing Eco-Friendly Food Packaging Vegan eating groups seek sustainable cruelty-free products due to their environmental awareness. Vegan companies like Oatly now identify their products with carbon. No Evil Foods Sacred Serve, a U.S. company, is also developing new, sustainable food packaging.

What are the Main Factors That Will Slow Down the Vegan Food Market?

High Cost of Vegan Products

Several companies make plant-based products option and put them on the market, but their prices are usually higher than those of animal-based foods. This is likely to make it harder for people in low- and middle-income countries to buy veggie food.

Vegan food market prospects?

Health Awareness and Lifestyle Improvement Obesity and cardiovascular disease plague inactive people. Veganism reduces weight, blood pressure, and cardiovascular disease risk. A JAMA Internal Medicine Journal study found that veganism extends life more than a meat-based diet. High-fiber vegan diets and vegan food items boost metabolism.

Thus, health-conscious consumers are increasingly adopting vegan diets. Food chains, fine dining locations, and producers like Amy’s Kitchen, Inc. are releasing new vegan diets and vegan recipes to meet market demand. Vegan cuisine ideas incorporate pumpkin, avocado, and other nutritional ingredients to attract health-conscious consumers.