Trends and Future Prospects for the Global Vegan Food Brands Market
RELEASE DATE: Jul 2024 Author: Spherical Insights Request Free Sample
Overview
Vegan foods are primarily products made from plants, vegetables, grains, nuts, legumes, and fruit sources, and are free of animal products and byproducts, not contain any animal ingredients, including ingredients made with or from animal parts. The Global Vegan Food Brands Market Size is expected to Grow from USD 33.5 Billion in 2023 to USD 117.5 Billion by 2033, at a CAGR of 13.37% during the forecast period 2023-2033. The innovation, improvements in sustainability, animal welfare and human health are offering market opportunity for vegan food brand. The vegan food sector is to be develop significantly as more customers prefer plant-based diets for ethical, environmental, and health related reasons.
Marketing Excellence: Strategies of Vegan Food Brands
The vegan food market is extremely competitive, with major firms competing for market share based on their distinct selling points. Rising startups and expanding plant-based area of traditional food forms. For expanding and strengthening of relationships with partners from across the world, companies are spanning start-ups and scale-ups, to corporates and academic institutions. For instance, Danone has signed a joint business development plan aimed at using Chr. Hansen’s industry leading bio-solutions capabilities to drive innovation in plant-based sectors. In July 2023, Danone announced its partnership with Paris 2024 Olympic and Paralympics Games a unique opportunity for the company to highlight the importance of eating a nutritious diet and regular exercise for people of all ages. Axiom Foods, Inc. (“Axiom”) has expanded worldwide distribution of plant-based food and beverage ingredients by signing deals with Brenntag Food and Nutrition and Healy Group.
Environmental Commitment and Innovations
Plant-based alternatives to dairy are far more sustainable than dairy. Upfield’s Butters and Spreads have, on average, 70% lower climate impact, and 50% less water and 66% less land than dairy equivalent. With using just a small fraction of the land, water, and energy required by conventional animal meat counterparts, Impossible Foods and Beyond Meat have raised hundreds of millions of dollars, going public on the stock market, and expanded globally—all while generating fewer greenhouse gas emissions and posing no risk of zoonotic disease or antibiotic resistance. The pilot facility, a part of the Taste, texture & health Business Unit of dsm-Firmenich, for support company, gives food and beverage brands the tools needed to create enjoyable eating and drinking experiences that are more environmentally friendly.
Insights and Projections: Global Vegan Food Brands Market Analysis
The report provides a summary of the global top trends and future prospects for the global vegan food market based on historical data sets (current trends, industry statistics, and emerging trends shaping the Vegan Food industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global vegan food brands trends and future prospects for global regions in 2024 and 2025. According to Spherical Insights LLP, this data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions.
Growth Factors and Emerging Trends in the Vegan Food Brands Industry
- Benefits of veganism
The increased awareness about the benefits of veganism, such as lower levels of stress hormones as well as the growing number of individuals with lactose intolerance and other food allergies are influencing consumer dietary habits. There is plant-based meat that has the same tastes and textures as conventional meat products, like burgers, sausages, and nuggets which comprise of soy, wheat, and pea protein. Further, almond milk, coconut milk, and oat milk are dairy substitutes that taste and function like regular milk.
- Increasing awareness about animal cruelty
More people are adopting lifestyles and diets designed to lessen animal suffering and lessen the negative environmental effects of consuming animal products as awareness of the issue grows. In 2023, PETA (People for the Ethical Treatment of Animals) conducted a survey that revealed an astounding 38% of millennials were concerned about the wellbeing of animals used in food production. Diets free of animal products release more carbon than diets that include them. Avoiding or consuming fewer foods derived from animals can help people greatly lower their greenhouse gas emissions and mitigate the effects of climate change.
Opportunities and Future Prospects in the Vegan Food Brands Industry
The ongoing product research and development provide innovative plant-based substitutes for a range of animal products, including meat, dairy, eggs, and seafood. The developments in food technology and the availability of distinct plant-based alternatives that nearly mimic the taste, texture, and appearance of animal products. For instance, Shiru, an AI-powered discovery and development company for novel ingredients, has launched its first product: OleoPro. The ingredient would be publicly showcased for the first time at San Francisco’s Future Food-Tech conference as part of a plant-based crispy chik’n karaage developed by Nourish Ventures, the corporate venture capital arm of Griffith Foods.
List of Key Companies in the Vegan Food Industry
- Danone S.A.
- Upfield Holdings B.V.
- Nestle S.A.
- Conagra Brands Inc.
- Daiya Foods Inc.
- Impossible Food Inc.
- Kellogg Company
- ITC Limited
- Beyond Meat Inc.
- Axiom Foods Inc.
- Others
Top Players in the Vegan Food Industry
Danone S.A.
Headquarters: Paris, France
Danone is a leading global food and beverage company operating in three health-focused, fast-growing, and on-trend categories including essential dairy & plant-based products, waters, and specialized nutrition. Danone has defined its “Renew” strategy to restore growth, competitiveness, and value creation for the long-term. With almost 90,000 employees, and products sold in over 120 markets, Danone generated €27.6 billion in sales in 2023.
Danone’s reaffirmes dual commitment to simultaneously achieve economic success and social progress. Danone also focuses on the sustainability issues that are material to the business, showing how they are connected to Danone’s operations and broader value chain. As part of the company’s strategy to accelerate adult medical nutrition, Danone launches its first products in the adult Foods for Special Medical Purposes (aFSMP) category in China.
Nestle S.A.
Headquarters: Vevey, Switzerland, Europe
Nestle S.A. is a multinational manufacturer of food products. Nestle’s chief products are condensed and powdered milk, baby foods, chocolate products, candies, instant coffees and teas, soups, seasonings and condiments, frozen foods, ice cream, and bottled water. The company sells almost 2,000 products in approximately 186 countries.
Nestle aims to strengthen the coffee supply chain with a new high-yielding Arabica variety. Nestle India has a significant presence in the FMCG sector and enjoys a healthy market share in the food and beverage industry. The company has established ambitious objectives that focus on sustainability, aiming at zero net greenhouse gas emissions by 2050.
Upfield Holdings B.V.
Headquarters: Amsterdam, Netherlands, Europe
Upfield is a global leader in plant-based food, operating in four categories – butters and spreads, creams, liquids and cheeses. The company serves 90 countries across the world and has over 100 scientists working at a new Upfield Food Science Centre in the heart of Europe’s ‘Silicon Valley of Foods’.
Upfield has invested in transforming and future-proofing its products, processes, and platforms. It now combines the strength of its iconic power brands with investment in a brand new, state-of-the-art Food Science Centre in Wageningen, The Netherlands, where its technologists work to simplify recipes using all-natural ingredients and to create the plant-based foods of the future. It has also secured strategic partnerships with, for example, Change Foods, OGGS and Alfreds.
Recent Development
- In June 2024, Beyond Meat, Inc., announced the expansion of its Beyond IV product line with the roll out of the new, fourth generation Beyond Sausage at grocery stores nationwide.
- In March 2024, Daiya, the brand that cracked the code on dairy-free cheese, announced the launch of their new Dairy-Free Cheese Shreds tailored specifically for foodservice operators.
- In March 2024, The Kraft Heinz Not Company LLC debuted NotHotDogs and NotSausages, the first ever plant-based Oscar Mayer offerings and the first plant-based meat innovation from the joint venture between The Kraft Heinz Company (“Kraft Heinz”) and TheNotCompany, Inc. (“NotCo”)
- In January 2024, the Plant-based meat company VFC (Vegan Fried Chicken) has rebranded. Following several acquisitions in 2023, it is now Vegan Food Group and aims to grow through acquisitions into a larger, more versatile, and further reaching part of the plant-based meat industry landscape.
- In November 2023, UNLIMEAT, a leading plant-based Korean food brand, launched its online store on November 10th. The UNLIMEAT SHOP showcases bestsellers like pulled pork and Korean BBQ, along with new offerings such as frozen kimbap and gluten-free frozen desserts. Furthermore, they plan to introduce limited editions, collaborative products, and items popular in Korea through the online shop.
- In October 2023, Nestlé announced the debut of a range of plant-based alternatives to white fish. The certified vegan products, which include faux breaded fish fillets, nuggets, and fingers, stand out for their solid nutrition content as well as flavor and texture that is close to real white fish.
- In January 2022, ITC Limited officially entered the plant-based meat market; Good Food Institute (GFI) India provide product and positioning strategic support.
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