Vegan Snacks Industry Overview
The global vegan snacks market size was valued at USD 44.02 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 6.9% from 2022 to 2030. The rising demand for vegan products across the globe due to health benefits coupled with increasing veganism is one of the major factors propelling the growth of the industry. The intake of vegan food, such as snacks, helps improve gut health and support the immune systems and reduce inflammation, owing to these benefits, consumers are adopting vegan food in their snack routine that further supporting the growth of the market growth. On the other hand, the availability of various substitutes for vegan snacks is projected to restrain the industry growth during the forecast period.
The high processing cost of vegan snacks further hinders the adoption of these snacks in low- and middle-income countries, which may hamper the industry growth during the forecast period. However, a significant number of product launches in plant-based snacks by the manufacturer are projected to provide lucrative growth opportunities for the industry. Significant demand for healthy vegan snacks during the pandemic positively impacted the industry. During the COVID-19 pandemic, the healthcare expert recommended a daily intake of nutritional food to maintain the immunity of the body. Moreover, the rise in snacking habits further supported the market growth positively. As per the survey, around 40% of the U.S. population admitted the growth in the consumption of plant-based snacks in the country.
Gather more insights about the market drivers, restraints, and growth of the Global Vegan Snacks Market
Rapid growth in online sales of plant-based food products during the lockdown period supported the industry growth. Moreover, the increasing vegan population across the globe contributes to the growth of the industry. Major countries, such as the U.S., the U.K., Australia, Canada, and India, are contributing significantly to the growth of the industry due to the rising veganism. As per a survey by the Vegetarian Resource Group in 2020, around 3% of respondents were vegan in the U.S. Moreover, the growing trend of veganism among celebrities and athletes across the globe is projected to provide ample growth opportunities to the market. Various organizations claimed the growth in the vegan population across the globe.
For instance, in the U.K., as per a survey conducted by the Vegan Society in collaboration with Vegan Life magazine, there was around 360% growth in the vegan population. In Canada, the vegan population increased by 250% reaching around 850,000 vegans as per the survey data. Australia is second only to the U.K. in terms of plant-based eating likings as per the 2020 report survey. In addition, the growing health concerns boost the adoption of vegan food products including vegan snacks. The harmful effects of animal-based food products on human health further encourage people to choose vegan snacks over animal-based food products. For instance, as per research, the intake of red meat can increase the risk of mortality due to stroke, diabetes, and heart disease. Animal-based foods also support the unhealthful gut bacteria that cause various diseases.
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Vegan Snacks Industry Segmentation
Grand View Research has segmented the global vegan snacks market based on product, packaging, distribution channel, and region:
Vegan Snacks Product Outlook (Revenue, USD Million, 2017 - 2030)
- Nuts & Seeds
- Bakery
- Savory
- Confectionery
- Others
Vegan Snacks Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
- Offline
- Online
Vegan Snacks Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Central & South America
- MEA (Middle East & Africa)
Key Companies profiled:
Some prominent players in the global Vegan Snacks Industry include
- Amy’s Kitchen
- Danone S.A
- The Archer Daniels Midland Company
- Daiya Foods Inc.
- Tofutti Brands Inc.
- Eden Foods Inc.
- Sun Opta Inc.,
- Hain Celestial Group Inc.
- Organic Valley Corporative
- Primal Spirit Foods, Inc.
- Upton's Naturals
- Green Pack Food, Inc.
- Allplants Ltd.
- Follow Your Heart
Order a free sample PDF of the Vegan Snacks Market Intelligence Study, published by Grand View Research.
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