The Vegan Meals Market is experiencing rapid growth, driven by increasing health-consciousness, environmental concerns, and ethical considerations. Consumers are embracing plant-based diets, leading to a surge in demand for innovative and delicious vegan food options. As a result, the market is witnessing significant expansion with a diverse range of vegan products and dining options.
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
- The chilled vegan meals segment is expected to have a 57.5% market share in 2023.
- Due to accessibility and availability, consumers prefer brick-and-mortar supermarkets. Wide product availability of domestic and international brands and physical verification of product specifications stimulate offline purchases.
- The Chinese vegan meals market is expected to hold a share of 8.1%.
- In some regions, vegan options for consumers, such as ready-to-eat meals, may be scarce.
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:
- Product offerings: Companies may differentiate themselves based on the type and variety of vegan meals they offer, such as ready-to-eat meals, meal kits, snacks, or beverages.
- Price and value: Companies may also differentiate themselves based on price and value, such as offering lower-priced products or products that are perceived as higher quality or more sustainable.
- Distribution channels: The distribution channels used by companies can also be a source of differentiation, such as offering meal delivery services or having a strong presence in retail outlets.
- Branding and marketing: Companies may also differentiate themselves through branding and marketing efforts, such as promoting their commitment to ethical values or highlighting the health benefits of their products.
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
By Product:
- Ready-to-eat meals
- Meal kits
- Snacks
- Beverages
By Distribution Channel:
- Retail outlets
- Online sales
- Meal delivery services
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
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