VEGAN FOOD MARKET ANALYSIS

Vegan Food MarketSize and Trends

The global vegan food market size was valued at US$ 16,532.3 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 8.8% from 2023 to 2030. The vegan food market is projected to grow at a significant rate during the forecast period.

Global Vegan Food Market Trends:

Expanding e-commerce sector increasing sale of vegan food

The e-commerce sector is witnessing strong growth due to growing trend of digitalization and increasing online shopping. This is increasing visibility of vegan food products. Moreover, key players are adopting various growth strategies to expand their distribution channel. According to the Invesp, online grocery sales in US are estimated to reach $59.5 billion by 2023 from $23.9 billion in 2018. 48% of US grocery shoppers currently purchase at least some of their groceries online and 59% intend to in 2019. Expansion of online grocery stores will favor market growth.

Growing popularity of flavored plant-based meals

For instance, in August 2021, Nestlé-owned brand Freshly has launched its first fully vegan meal line. Under its new Purely Plant menu, the chef-prepared meal delivery service will offer six options developed to showcase the nutritional benefits and delicious possibilities of plant-based foods.

Global Vegan Food Market Segmentation: