Vegan Food Market to Reach $81.4B by 2033, Led by Almonds and Meat Alternatives
The vegan food market is booming, with almonds and meat & seafood alternatives leading the charge. North America, with a 41.2% share, is the largest regional market, valued at USD 10.4 billion. Supermarkets and hypermarkets dominate distribution, capturing over 53.3% of the market. The global market is projected to reach USD 81.4 billion by 2033, growing at a CAGR of 12.4%.
The growth is driven by increasing consumer awareness of health and environmental concerns, leading to a shift towards plant-based diets. Vegan food's popularity is further boosted by its perceived health benefits and lower environmental impact. Almonds hold a dominant market position, capturing more than a 34.5% share. Similarly, meat & seafood alternatives have a significant share of over 37.4%.
The market presents ample opportunities for innovation and expansion. In 2023, Ingredion introduced a new product made from rice protein isolate for the sports nutrition and vegan food market. Retailers and food service providers are also embracing vegan offerings, making them more accessible to mainstream consumers.
The vegan food market is expected to continue expanding, with a projected value of USD 81.4 billion by 2033. This growth presents significant opportunities for companies in the sector, with almonds and meat & seafood alternatives currently leading the market. The market's expansion is driven by consumer demand for healthier and more sustainable food options.
