Vegan Meals Market Size, Share Global Analysis Report, 2023 – 2030

Industry Insights

[202+ Pages Report] According to the report published by Facts & Factors, the global vegan meals market size was USD 26.05 billion in 2022 and is anticipated to reach USD  59.98 billion by the end of 2030. The vegan meal market is likely to grow with a healthy CAGR of 10.74% during the anticipated period.

The market report offers detailed analytical insights into the top companies in the global marketplace. The vegan meals industry report is a mix of both deep primary and secondary research dedicated to discovering the upcoming market trends, growth restraining factors, and opportunities.

Market Overview

A vegan diet refers to a plant-based diet that avoids the consumption of any animal ingredients like honey, dairy, eggs, seafood, poultry, meat, and other animal-derived food items. However, the vegan meal only consists of plant-based foods like nuts, seeds, legumes, fruits, vegetables, and other plant-based alternatives. Vegan meals refer to all meals that do not include animal-based ingredients or their by-products.

Key Insights

• As per the analysis shared by our research analyst, the global vegan meals market size is estimated to grow annually at a CAGR of around 10.74% over the forecast period (2023-2030).
• In terms of revenue, the global vegan meals market size was valued at around  USD 26.05 billion in 2022 and is projected to reach  USD 59.98 billion by 2030.
• The increasing health awareness among people is likely to drive the growth of the global vegan meal market.
• Based on the distribution channels, the meat & seafood segment accounts for the largest share of the global market.
• Based on the products, the offline segment is expected to dominate the global market.
• Based on region, North America is expected to dominate the market during the forecast period.  

Growth Drivers

• Increasing health awareness among people is expected to propel the growth of the market.

Increasing health consciousness among consumers globally is expected to significantly impact the growth trajectory of the global vegan meals market. An increasing number of people are realizing the health benefits associated with plant-based diets, therefore driving a more number of people towards vegan meals. Vegan meals help people reduce the risk of various health diseases, thereby maintaining their overall well-being.

Vegan meals are gaining popularity worldwide because of cultural exchange and high globalization. People are getting exposed to different culinary traditions and experiences, which leads to the adoption of more healthy meals from different cultures.

Also, the celebrity endorsements and influencer's impact is likely to support the strong growth trajectory of the global vegan meals market. Social media influencers and celebrities are promoting veganism which is further expected to be a significant contributor to the market growth. For instance, Treeline Cheese in March 2020 revealed a line of plant-based cream cheese. The product is manufactured with cultured cashew nuts and other plant-based ingredients.

Restraints

• Taste preferences and price issues are major factors hampering the growth of the global market.

A few customers are still into the consideration of animal-based food because of the lack of taste and texture in vegan meals. However, overcoming the taste and texture barrier is a big challenge for manufacturers in the global vegan meals industry. Additionally, vegan food products are quite expensive than traditional animal-based food products, which further restricts people from adopting vegan meals.

Furthermore, the dietary preferences of the people are deeply rooted in their culture, which is negatively impacting the growth trajectory of the global market. Derooting people from their cultural backgrounds and making them stick to the vegan meal is a big challenge that is likely to hamper the growth of the global market.

Opportunities

• Product development and government support are likely to offer lucrative growth opportunities in the global market.

The rising demand for vegan meals by a large number of consumers is fostering huge developments in the food sector. Manufacturers and big companies are coming up with a number of food innovations that mimic the texture and taste of traditional meat and dairy products. Therefore, such developments are expected to offer lucrative growth opportunities in the global vegan meals market.

However, the government is also contributing heavily towards the growth of the global market by supporting the plant-based diet for environmental and health reasons. The government is offering incentives to the manufacturers for innovating appealing vegan food products. For instance, Food Conglomerate Nestle in May 2021 launched Wunda, a new vegan pea-based milk alternative. The launch covers three areas named Portugal, Netherlands, and France.

Challenges

• Supply chain disruptions and limited availability are big challenges in the global market.

Establishing a reliable supply chain for vegan meals is a big challenge in the global vegan meals industry due to the absence of a proper framework for plant-based animal alternatives. Companies are finding it difficult to scale up their operation and source quality vegan ingredients from different places.

Additionally, there are limited vegan meal options on the menus in restaurants and dining cafes, which makes it difficult for consumers to adopt a fully plant-based diet. However, such a landscape is expected to slow down the growth of the global market in the forthcoming years.

Segmentation Analysis

The global vegan meals market can be segmented into distribution channels, products, and regions.

On the basis of distribution channel, the market can be segmented into protein bars, meals, butter, cheese, yogurt, ice cream, creamer, meat & seafood, and others. The meat & seafood segment accounts for the largest share of the global vegan meals industry. The market swiped around 46% of the total market share and volume in 2022. The segment is highly driven by the increasing demand for plant-based substitutes in developing regions like the U.K., U.S., and others.

However, the cheese segment is further expected to grow significantly with a CAGR of 11% over the predicted period due to the constantly evolving food habits of the people. Also, the constant developments and emerging trends in the food and beverage sector are further expected to propel the growth of the segment in the global market.

Additionally, increasing incidences of lactose intolerance among adults are compelling them to opt for vegan products, particularly cheese, which in turn is also expected to foster developments in the segments. Furthermore, increasing food-related allergies among children are anticipated to support the growth trajectory of the segment during the predicted period.

On the basis of product, the market can be segmented into online and offline. The offline segment is expected to dominate the vegan meal industry in the forthcoming years. The segment swiped around 82% of the total market share in 2022. The segment includes supermarkets, hypermarkets, specialty stores, convenience stores, and others. Additionally, the increasing number of hypermarkets and supermarkets all across the globe is significantly impacting the overall product sales in the segment.

Also, the increasing preferences of people to shop from brick-and-mortar grocers owing to the wide availability and easy access is likely to promote the growth of the segment. Easy availability of international and domestic brands in the local stores further enables the physical verification of the product, which increases consumer satisfaction and further encourages them to purchase from the offline stores.

Report Scope

Regional Analysis

• North America accounts for the largest share of the global market.

North America accounts for the largest share of the global vegan meals market due to the constantly increasing concerns in the food industry regarding animal exploitation. Additionally, the impact of animal cruelty on the environment supports people's reactions.

According to a study, the U.S. has the highest number of lactose intolerant people, which further creates a huge demand for alternative dairy and vegan products. Therefore, such a landscape is expected to exponentially boost the growth of the regional market in the forthcoming years.

However, as a result, there are an increasing number of campaigns on television channels and social media to have a positive outlook towards plant-based meals. For instance, U.S. retail corporation in May 2021 revealed the launch of a new subsidiary of the Good & Gather plant-based brand. The company aims to innovate 30 new products under this brand in the market.

Asia Pacific is likely to be the fastest-growing region in the global vegan meals industry, with a CAGR of 12.5% during the predicted period. The market is highly driven by the growing number of health-conscious people. Additionally, the growing number of health issues in the region, along with the disposable income of the people, is further compelling them to adopt premium vegan food products in the market.

Also, the big companies and manufacturers in the region are heavily focusing on expanding their business in the region due to the high growth opportunities, which in turn is expected to further positively impact the growth trajectory of the regional market in the forthcoming years.

Competitive Analysis

The key leaders in the global vegan meals market include:

• SunOpta 
• VITASOY International Holdings Limited 
• Eden Foods Inc. 
• VBites Foods Limited 
• Plamil Foods Ltd 
• Tofutti Brands Inc. 
• Beyond Meat 
• Daiya Foods Inc. 
• Danone S.A 
• Amy's Kitchen 
• Greenleaf Foods 
• SPC 
• Schouten Europe B.V. 
• The Hain Celestial Group Inc. 
• Ripple Foods PBC.

For instance, Upfield revealed a vegan cheese brand Violife in July 2021 in the Middle East. The brand is a good alternative to dairy, which is allergen-free and comes in two flavors mozzarella and cheddar.

The global vegan meals market is segmented as follows:

By Distribution Channels Segment Analysis

• Protein Bars
• Meals
• Butter
• Cheese
• Yogurt
• Ice Cream
• Creamer
• Meat & Seafood
• Others

By Products Segment Analysis

• Online
• Offline

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America