Vegan Fast Food Market to Surge Reaching US$ 27.98 Billion by 2033, Driven by Rising Awareness and 4.5% CAGR Growth

The global vegan fast food market is estimated to be valued US$ 27980.2 million by 2033 and US$ 18829.5 million in 2023. Growing awareness of the advantages of a vegan diet is expected to fuel the growth of the vegan fast food business worldwide. The market has grown as a result of other factors, such as people’s rising knowledge of animal health issues and cruelty in the food industry, which has prompted many to switch from animal-based to plant-based fast food.

These factors will likely cause the demand for vegan fast food to increase at a steady 4.5% CAGR, with the US, UK, Germany, and Japan emerging as major producers.

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The rise in awareness of health issues and human well-being, as well as changes in lifestyle, are the factors driving the growth of the global vegan fast food market. People are migrating toward vegetarian foods as their attitudes toward people and the environment alter.

The rise in the number of students living in PGs or rented rooms is a crucial element contributing to the growth of the vegan fast-food market. Furthermore, firms are focusing on providing different new vegan fast food offers to attract customers as awareness grows. Some fast-food companies, like Burger King, are selling plant-based fast food in order to attract customers’ attention. These reasons are expected to drive the worldwide vegan fast-food market forward.

Certain constraints and limitations are expected to stifle the demand for vegan fast food. Fast food-related obesity is expected to stifle growth during the projection period. Nonetheless, rising demand for vegan fast food due to several health benefits such as aiding in the categorization of plaque and fat in arteries, as well as untapped potential in new markets, provide exciting growth chances.

Key Takeaways

The US is expected to have a share of 30.2% of the vegan fast-food market share.
Rising disposable incomes are likely to support the expansion of the vegan fast-food business in North America over the forecast period.
The China vegan fast-food market is expected to grow at a rate of 3.5% throughout the forecast period.
The increasing penetration of global companies in the region is projected to promote vegan fast food market growth.

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Competitive Landscape

Global players are expected to see an increase in demand for vegan fast food, primarily from the food and beverage industries, in order to improve existing product portfolios and increase the use of vegan ingredients in processed food products and beverages, all with the goal of attracting the vegan population. Companies are attempting to provide personalised flavours in order to meet the diverse needs of food and beverage manufacturers. They are focused on providing vegan fast food that meets the needs of vegan fast-food makers, such as organic and natural food products.

Key Segments

By Product Type:

  • Dairy Alternatives
  • Meat Substitutes

By End-User:

  • Takeout
  • Dine-in

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific (APAC)
  • Middle East & Africa (MEA)

Partnerships, and Collaborations

In September of 2020, Planterra Foods and the NFL’s Denver Broncos announced a three-year partnership. Through this partnership, the OZO brand is expected to be recognised as the official plant-based fast food of the Denver Broncos. The company is likely to be able to raise brand recognition and customer interest using this tactic.

Beyond Meat Food Co. Ltd., a 100% owned subsidiary of Beyond Meat, has signed a contract with Jiaxing Economic & Technological Development Zone in September 2020 to design and develop production facilities (China). China is the site of a state-of-the-art plant being constructed to manufacture Beyond Meat-branded vegetarian alternatives.

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Product Launches

In October 2020, the Impossible Burger, Impossible Foods’ signature product, is expected to be introduced to the Canadian vegan fast food market, significantly expanding the company’s presence there. The company’s wares can be purchased in any of the roughly 600 Sobeys family stores, or through the retailer’s grocery delivery service. The company’s retail footprint can then be expanded as a result.

In September 2020, Beyond Meat is anticipated to introduce Beyond Meatballs to supermarkets across the United States. There is a need in the market for convenient and healthy plant-based fast food, and this item is expected to fill that void.

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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