While veganism isn’t a new trend (in fact, it’s beginnings date back as early as 1944) , it has become a more prominent diet for many individuals across the globe in recent years. According to The Vegas Society, the demand for meat-free meals increased by 987% between 2012 and 2017.
A vegan is defined someone who embraces a plant-based diet. People become vegan for a variety of reasons including diet, to save animals or for the environment.
Because of its recent popularity, the vegan market and industry has been growing at significant rates.
According to a report published by Acumen Research and Consulting, the vegan food market size is anticipated to be worth nearly $24.3 billion by 2026, registering a CAGR of about 9.1% during the forecast period 2019-2026.
A large number of the vegan population reside in North America, Europe and Asia-Pacifc. In fact, one in three Americans has quit decreased their intake of meat or cut it out of their diet completely. North America lead the market share in 2018, contributing to 31% of the industry.
As mentioned above, many individuals are turning to veganism for more than one reason, including:
The global vegan food market is segmented by product, as outlined below:
In 2018, by far the largest product sector was dairy alternatives. Because almost 65% of the world’s population is lactose intolerant, there is a significant demand for dairy-free food and drink alternatives.
Many consumers are also moving towards the online sales of vegan food. In the United States, for example, about 48% of consumers are purchasing their food through online retailers and experts anticipate this number to grow in the next few years.
The Vegan market is also expanding beyond food as individuals with plant-based lifestyles look for beauty and personal care products that contain vegan ingredients. This includes toothpastes, cosmetics, fragrances and beyond.