The concept of vegan diet or lifestyle is increasing with each passing day. It gained more popularity during COVID19, and millions of populations realised it as a safe option to fight against such deadly diseases. People also realised that our planet is in danger, and it needs a complete transformation. The vegan food market became widespread from $24.58 billion in 2023 to $27.8 billion in 2024. It is also estimated that by 2028, the vegan food industry will reach to $42.86 billion. This vegan food global market report 2024 was published by The Business Research Company.
Vegan food trends in 2024
Since it’s inception, vegan food already created a huge wave. During COVID19, people became more health conscious, thus they started experimenting more with vegan food. So, there’s some prediction, I found from various news sources.
1. Vegan seafood
Vegan crab cakes, vegan tuna cakes and vegan whitefish are raising the bar in the vegan seafood industry. PETA predicted that in 2024 some more brands are also come into the market to compete to offer a plethora of vegan seafood products. The vegan seafood industry made a revenue of about 800 million USD in 2022. It’s expected to grow till 27.8 billion USD in 2024.
2. Vegan meat industry
With the growing interest of the consumers in the vegan meat industry, the brands are forced to do lot of research and development with their products. In 2023, the vegan meat industry made 8.5 billion USD, which is leading to 9.94 billion USD in 2024. Some of the popular vegan meat brands you can try in 2024 are Beyond Meat, Impossible Foods, Amy’s Kitchen, Maple Leaf Foods Inc, and so on.
3. AI in the vegan food industry
2023 witnessed a huge surge in the field of artificial intelligence (AI). Like, NotCo is a popular vegan food brand introduced AI chef Giuseppe to develop various recipes and products with plant-based food items. The brand is not compromising on the taste and nutrition to provide their consumers. On the other hand, Climax Foods is using machine learning techniques to improvise their products to grab the lion share of the vegan food industry.
4. Celebrity backed brands
Many Hollywood celebrities are supporting plant-based brands to spread awareness. From Rihanna to Leonardo DiCaprio, many popular celebrities are supporting vegan brands. They are widening the horizon by investing in vegan cosmetics, skin care, fashion and food brands. Cosmetics like, Fenty Beauty, Rare Beauty, REM Beauty are popular all over the world. The fun thing I personally like about them is, whatever the Hollywood celebrities earn, they invest in good cause.
5. New vegan food items
Innovation is the key to expand the business in the market. Nature’s Fynd, backed by tech honcho, Bill Gates; is about to launch world’s first yogurt made from fungi. They are about to role out the new products in 2024 in the US market.Kellogg’s is all set to launch their series of vegan cereals, “Eat Your Mouth Off” with a few varieties of options. Another brand, The Coffee Bean and Tea Leaf is bringing coffee and tea options with oat milk. Just Salad is partnering with Michelin-star chef Amanda Cohen to introduce vegan salads in their menu.
Vegan food is not a newly introduced concept in the world, but people are now taking more interest in it. Somehow, COVID19 is responsible for this huge growth in the vegan food industry. Apart than food, vegan cosmetics, skin care and haircare brands are making good amount of money. Consumers are more concerned about the products they are applying on themselves.
Consumers check the list of ingredients before buying the products. This consciousness was not prevailing earlier. Probably, as the time is advancing, we are becoming more aware about our surroundings. Brands are trying to be recyclable and more planet conscious. Hope you found this article useful.