Global Vegan Food Market to Surge by $29.93 Billion by 2028, Driven by AI Insights and Growing Demand for Plant-Based Options – Technavio
The global vegan food market is poised for remarkable growth, with projections indicating an increase of $29.93 billion between 2024 and 2028, according to Technavio. Growing at a compound annual growth rate (CAGR) of 15.2%, the market’s expansion is fueled by a rising number of vegan consumers and innovative product launches. However, challenges such as inconsistent product standardization guidelines persist.
Key Highlights from the Report:
- Market Growth: Estimated CAGR of 15.2% from 2024 to 2028, with North America contributing 44% of the market growth.
- Drivers of Growth: Increased consumer health consciousness, environmental concerns, and demand for cruelty-free, sustainable options.
- Major Players: Companies like Amy’s Kitchen Inc., Beyond Meat Inc., Danone SA, and Ripple Foods PBC are shaping the competitive landscape.
- Challenges: Lack of consistent global regulatory policies affecting product labeling and manufacturing standards.
Market Trends and Opportunities:
- Health and Wellness: Consumers are turning to plant-based diets for health benefits such as weight loss, better nutrient intake, and reduced risks of obesity and cardiovascular disease.
- Ethical and Environmental Concerns: A shift toward sustainable consumption, driven by concerns over animal cruelty and greenhouse gas emissions.
- Product Innovation: Companies are creating alternatives like plant-based meat, cheese, and milk, addressing lactose intolerance and dietary restrictions.
Distribution and Segmentation:
- Channels: Offline sales (e.g., supermarkets and department stores) dominate but online platforms are rapidly gaining traction due to increasing internet penetration.
- Products: Key segments include dairy alternatives, meat substitutes, and other plant-based foods, catering to diverse consumer needs.
AI-Driven Market Insights:
The report reveals how AI technologies are transforming market analysis, identifying trends, and enabling businesses to refine strategies. By leveraging AI-powered insights, companies can stay ahead in this competitive and rapidly evolving market.
Challenges Ahead:
Despite strong growth prospects, the market faces hurdles such as inconsistent global regulations, leading to consumer confusion and slower market adoption in certain regions. Companies must navigate these challenges while maintaining innovation and quality.
Get Ahead in the Market:
Technavio’s comprehensive report provides deep insights into market trends, segmentation, and growth drivers. Download a free sample to explore how AI-driven innovations are reshaping the competitive dynamics of the vegan food industry.
About Technavio:
Technavio is a global leader in technology research and advisory, offering actionable insights to help businesses optimize strategies and capitalize on market opportunities. With a library of over 17,000 reports spanning 800 technologies and 50 countries, Technavio serves a diverse clientele, including 100+ Fortune 500 companies.
