Vegan Food Market Expected To Reach USD 40.71 billion by 2032, to grow at CAGR 9.2% from 2025-2032

Vegan Food Market is expected to reach USD 40.71 billion by 2032. The industry is undergoing a transformation driven by increasing demand for durable, high-performance industrial components across various sectors.

Market to Hit USD 40.71 Bn by 2032

Vegan Food Market was valued at USD 20.13 billion in 2024 and expected to expand at a compound annual growth rate (CAGR) of 9.2% from 2025-2032, reaching USD 40.71 billion by 2032. In North America Vegan Food Market was valued at approximately USD 14.88 billion in 2024. North America is about 47% of market share. In Europe held a market share of 26% in the same year, equating to revenues of USD 7.6 billion in 2024. Daiya Foods, Inc. (Canada) leading with a revenue of USD 70.9 million in 2024.

Leading market Players Fueling Industry Evolution

Daiya Foods, Inc. reports a revenue of USD 70.9 million, solidifying its position as a significant player in the plant-based sector. Danone SA, a global leader in the food industry, generated a substantial revenue of USD 30.9 billion, reflecting its broad portfolio, including plant-based products. Eden Foods, Inc. also remains a key contributor with an estimated revenue of USD 68 million in 2024, further demonstrating the growth of the natural and organic food market. These companies are at the forefront of innovation and market expansion within the plant-based industry.

Dairy Alternative is dominated the largest by Product segment in the overall Vegan Food Market in terms of value, in 2024

​In 2024, the dairy alternatives market was valued at approximately USD 33 billion holding with a market share of 74.8% in Vegan Food Market. This domination is primarily due to the rising prevalence of lactose intolerance, increased consumer desire for vegan diets, and the nutritional benefits offered by plant-based milks.

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Offline is dominated the largest by Distribution Channel segment in the overall Vegan Food Market in terms of value, in 2024

​In 2024, the vegan food market’s distribution was predominantly offline, with offline channels accounting for approximately 58% of the market share. Convenience stores, speciality stores, hypermarkets, and supermarkets all fall within this category. The overall product sales have increased as the number of supermarkets and hypermarkets has grown.

North America is estimated to be the largest dominating the Vegan Food Market in terms of value, during the forecast period

This is the dominant region in the Vegan Food Market. In 2024, the market was valued at approximately USD 14.88 billion, holding with a market share of 47% in Vegan Food Market. This dominance is driven by a growing consumer shift towards plant-based diets, particularly in the United States and Canada.

Europe is estimated to be the second-largest dominating the Vegan Food Market in terms of value, during the forecast period

This is second-largest dominant region in the Vegan Food Market. In 2024, European Vegan Food Market was valued at approximately USD 7.6 billion holding with a market share of 26%. Germany leads the European market, accounting for 23.9% of the market share in 2024. This growth is driven by increasing consumer demand for plant-based products, supported by the rising awareness of health, sustainability, and ethical considerations surrounding food choices.

Vegan Food Market Competitive Landscape

Daiya Foods, Inc.: This company comes with a revenue of USD 70.9 million in 2024. Daiya Foods remains a significant player in the plant-based food sector, offering a range of dairy-free products.

Danone SA (France): The company’s total revenue is 30.9 billion in 2024. The growth was driven by sustained demand in medical nutrition and baby food in China, as well as coffee creamers and high-protein products in North America. The company plans to utilize its strong cash position for acquisitions, particularly in specialized nutrition and science-based consumer products.

Eden Foods, Inc. (Michigan, USA): The company’s total revenue is around 68 million in 2024. Eden Foods continues to specialize in natural and organic food products, with a commitment to sustainable and ethical food production practices.

Emerging Trends in the Vegan Food Market

• Danone SA, Daiya Foods, Inc., and Eden Foods, Inc. Danone is focusing heavily on expanding its plant-based portfolio, with innovations in high-protein and functional plant-based products, as consumers increasingly seek health-conscious, sustainable options. The company is also ramping up its investments in plant-based dairy alternatives, especially in regions like North America and Europe, responding to the growing demand for dairy-free and allergen-friendly options.
• Daiya Foods is enhancing its product line of dairy-free cheeses and frozen foods, leveraging innovations in plant-based protein sourced from peas and fava beans, highlighting sustainability and clean-label ingredients as key factors driving consumer interest.
• Meanwhile, Eden Foods continues to cater to the growing demand for organic and non-GMO plant-based foods, focusing on health and ethical considerations.
• Across the industry, there is a clear trend towards clean-label ingredients, with transparency in sourcing and production processes becoming increasingly important to consumers. Additionally, the rise of vegan convenience foods, such as ready-to-eat meals and snacks, is transforming the market, making plant-based eating more accessible and convenient.
• These trends underscore a shift toward more sustainable, health-conscious, and ethically produced food options, with companies like Danone, Daiya, and Eden Foods actively responding to evolving consumer preferences in 2024.

To know the most attractive segments, click here for a free sample of the report: https://www.stellarmr.com/report/req_sample/Vegan-Food-Market/394 

Conclusion

• Vegan food market is experiencing rapid growth and transformation, with a projected CAGR of 9.2%, reaching USD 40.71 billion by 2032. North America and Europe continue to dominate, with North America holding a 47% market share in 2024, driven by an increasing shift toward plant-based diets.
• Leading companies like Danone SA, Daiya Foods, Inc., and Eden Foods, Inc. are at the forefront of this evolution, expanding their product offerings and focusing on health-conscious, sustainable, and ethically produced foods. With a strong emphasis on dairy alternatives, clean-label ingredients, and vegan convenience foods, these companies are responding to the growing demand for plant-based options.
• The industry’s focus on innovation, transparency, and accessibility will ensure continued expansion, paving the way for a more sustainable and health-focused food landscape. The rise of plant-based consumption is expected to strengthen further, positioning the vegan food sector as a major force in the global food market over the next decade.

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