Packaged Vegan Food Market Size, Share, Industry, Forecast and outlook (2024-2031)

Packaged Vegan Food Market Size

The Global Packaged Vegan Food Market reached US$ 25.2 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 50.5 billion by 2030. The market is expected to exhibit a CAGR of 9.1% during the forecast period (2024-2031). The Packaged Vegan Food Market report analyzes the global market size, shares, recent trends, competitive intelligence, and future market outlook. Packaged vegan food products include ready-to-eat meals, snacks, desserts, and other food items entirely plant-based and contain no animal-derived ingredients. The market is driven by increasing consumer awareness of the health benefits of a vegan diet, rising demand for plant-based protein sources, and the growing trend of veganism among millennials and Gen Z populations in Europe is growing. Key players in the Packaged Vegan Food Market include Amy's Kitchen Inc., Beyond Meat Inc., Daiya Foods Inc., Impossible Foods Inc., and other prominent players operating in the market.

Packaged vegan food offers a variety of options, including vegan convenience foods that provide quick and easy plant-based meals. The market also features a wide array of plant-based alternatives, ranging from vegan meat substitutes to dairy alternatives. These products cater to the growing demand for ethical and sustainable food choices, providing accessible and convenient options for individuals following a vegan lifestyle.

The packaged vegan food market has experienced robust growth in recent years, driven by the increasing adoption of plant-based diets and the rise in veganism. The market expansion is evident in various segments, including vegan dairy alternatives, which offer plant-based alternatives to milk, cheese, and yogurt. Additionally, the market has seen a surge in the availability of vegan protein sources, catering to the demand for plant-based protein options. 

Market Scope

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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

The global packaged vegan food market is segmented based on type into Vegan dairy alternatives, Packaged vegan meals, Meat alternatives, and Vegan bakery and confectionery products.

Among the listed types, vegan dairy alternatives are widely used in various applications. Vegan dairy alternatives encompass plant-based milk, cheese, yogurt, and other dairy substitutes. These products are widely used by individuals seeking to eliminate or reduce their consumption of animal-based dairy products. The demand for vegan dairy alternatives has seen significant growth, driven by factors such as lactose intolerance, ethical concerns, and the increasing popularity of plant-based diets.

Vegan dairy alternatives, such as plant-based milk, cheese, and yogurt, are particularly popular, with a market share of around 35-40%. Packaged vegan meals and meat alternatives hold approximately 25-30% and 20-25% market shares, respectively. Vegan dairy alternatives have become a staple in many households and food establishments, making them the most frequently used among the listed categories.

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

By region, the global packaged vegan food market is segmented into North America, Europe, South America, Asia-Pacific, Middle-east, and Africa.

North America is the largest market for packaged vegan food, experiencing significant growth as more individuals in the region adopt plant-based diets. The packaged vegan food market analysis reveals that packaged vegan food holds a substantial market share of approximately 25-30% in North America. The number of people consuming packaged vegan food is steadily increasing, with approximately 9.7% of the U.S. population identifying as vegans.

This sizable consumer base is driving the demand for convenient vegan options. The market is responding with an expanding range of packaged vegan food products available in grocery stores, online platforms, and restaurants. The growing acceptance and awareness of the health, environmental, and ethical benefits of plant-based eating are key factors contributing to the market's success. As this trend continues, the North America packaged vegan food market is expected to maintain its upward trajectory.

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