Vegan Meals Market Analysis Growth Opportunities and Demand Drives 2023 to 2033
Global vegan meals market is expected to be valued at US$ 2186.9 Mn in 2023 and to reach a valuation of US$ 3771 Mn by 2033.
There are several key trends that are shaping the vegan meal market. One trend is the increasing demand for plant-based protein sources, such as beans, lentils, and tofu, which are often used in vegan meals. This trend is driven in part by the growing awareness of the health benefits of plant-based protein and the increasing popularity of flexitarian diets, which include a mix of plant-based and animal-based products.
Vegan meals are also often perceived as being healthier and more sustainable, which is driving demand for these types of products. In addition, there is increasing demand for vegan meals that are convenient and easy to use, such as ready-to-eat meals or meal delivery services.
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Finally, the trend towards sustainability is also driving the growth of the vegan meal market, as vegan meals are often seen as a more sustainable alternative to animal-based products. Overall, these trends are contributing to the growth of the vegan meal industry and shaping the types of products that are being offered.
Due to these factors, it is expected that the demand for vegan meals will increase at a steady rate of 6.2% per year.
Key Takeaways
Competitive Landscape
The competitive landscape in the vegan meals market is diverse and competitive, with a range of players operating at different levels of the market. These players may include large multinational food companies, smaller specialized vegan meal companies, and emerging startups.
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There are several factors that can shape the competitive landscape in the vegan meals market, including:
Overall, the competitive landscape in the vegan meals market is diverse and dynamic, with a range of players competing for market share.
Recent Developments
French firm Dannon paid $36 million (at the time, a lot of money) to acquire California-based Follow Your Heart in February 2021. The company’s capacity to create and market innovative vegan products will expand thanks to this purchase.
Nestle, the multinational food company, will introduce a new vegan milk brand called Wunda in May of 2021. The initial rollout of Wunda will occur in the Netherlands, Portugal, and France.
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Key Segments
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jun 23, 2023