The Vegan Meals Market is rapidly growing due to heightened health awareness, environmental consciousness, and ethical choices. This surge is fueled by increased demand for innovative and delectable plant-based food options, leading to substantial market expansion. Valued at US$ 2,186.9 million in 2023, the market is projected to reach US$ 3,771 million by 2033.
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 Million in 2023 and to reach a valuation of US$ 3771 Million by 2033.
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The market for vegan meals is being shaped by a number of important factors. One trend is the rise in popularity of plant-based protein sources, which are frequently used in vegan cuisine and include beans, lentils, and tofu. The rising acceptance of flexitarian diets, which combine plant-based and animal-based foods, and the expanding knowledge of the health advantages of plant-based protein are contributing factors to this trend.
Demand for these items is being driven by the perception that vegan meals are healthier and more sustainable. Furthermore, there is a growing need for simple and convenient vegan meals, including prepared foods or meal delivery services.
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)
About Future Market Insights (FMI)
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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