Vegan food market was valued at US$ 17 billion in 2022; registering at a CAGR of 10.2% from 2022 to 2028, according to a new research study conducted by The Insight Partners.

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Based on product type, the vegan food market is segmented into dairy alternatives, meat substitutes, baked goods & confectioneries, sauces & spreads, and others. The meat substitutes segment is expected to grow at the highest CAGR from 2022 to 2028. Plant-based meat products are lower in saturated fat and calories than conventional meat products, making them a healthier choice for consumers. Moreover, as per the Plant-Based Food Association, the retail sales of meat & seafood products in the US have increased by 74% since 2019. These factors are expected to boost the demand for meat substitutes.

Further, manufacturers are making significant investments in product innovation to attract a large number of consumers. For instance, NotCo, a plant-based food manufacturer that offers plant-based meat, burger, milk, and ice cream, has invested in Giuseppe a program based on artificial intelligence and machine learning. The program uses an algorithm to find unlimited combinations of plants to make products with similar taste and texture to animal products. Such technological investments are expected to boost the product development process, which will support the vegan meat market growth in the coming years.

Beyond Meat.; Earth's Own; Gooddot; Mona Naturprodukte GmbH; Danone S.A; PANOS brands; Tofutti Brands, Inc.; Unilever; Plamil Foods Ltd; and VBites Foods Ltd are a few of the key players profiled in the study of the vegan food market. Several other major companies were analyzed in this research study to get a holistic view of the market and its ecosystem.

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