USD 45.4 billion
Vegan Snacks Market Size, Share, Growth Analysis, By Type(Chips, and Bars), By Flavor(Sweet, and Spicy), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2213 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
61
|Figures:
75
Vegan Snacks Market Insights
Global Vegan Snacks Market size was valued at USD 45.4 billion in 2022 and is poised to grow from USD 48.17 billion in 2023 to USD 77.36 billion by 2031, growing at a CAGR of 6.10% in the forecast period (2024-2031).
The global vegan snacks market is experiencing remarkable growth due to the increasing demand for vegan products and rising veganism worldwide, which offer significant health benefits. The inclusion of vegan snacks in daily diets improves gut health, strengthens the immune system, and reduces inflammation. Consumers are increasingly adopting vegan food in their snack routine, which is contributing to the growth of the market. However, the availability of substitutes for vegan snacks may hinder the market growth during the forecast period. The market is also positively impacted by the growing trend of snacking habits, as approximately 40% of the U.S. population has reported an increase in plant-based snack consumption. The increasing vegan population across the globe, particularly in major countries such as the U.S., the U.K., Australia, Canada, and India, is another significant factor contributing to the growth of the industry. According to surveys conducted by various organizations, the vegan population has significantly increased in these countries. Furthermore, the growing trend of veganism among celebrities and athletes is expected to provide ample growth opportunities for the market. The rise in health concerns has also led to the adoption of vegan food products, including vegan snacks. The harmful effects of animal-based food products on human health encourage people to choose vegan snacks over animal-based products. For instance, research indicates that the intake of red meat increases the risk of mortality due to stroke, diabetes, and heart disease. Additionally, animal-based foods support unhealthy gut bacteria, which can lead to various diseases. Therefore, the vegan industry is expected to experience continuous growth due to the increasing demand for healthy and sustainable food products.
US Vegan Snacks Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Chips
Fastest Growth
Chips
Growth Rate
6.10% CAGR
Global Vegan Snacks Market 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
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Vegan Snacks Market Segmental Analysis
Global Vegan Snacks market is segmented by type, flavor, and region. Based on type, the market can be segmented into chips, and bars. Based on flavor, the market is segmented into sweet, and spicy. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Vegan Snacks Market Analysis by Type
By type, the market can be segmented into chips and bars. Chips segment is currently dominating the vegan snacks market as they are a popular and convenient snack option among consumers due to their availability and variety of flavors. Chips are also widely available in supermarkets and convenience stores, making them easily accessible for consumers. Furthermore, the increasing popularity of plant-based and vegan diets is boosting the demand for vegan chips.
Bars segment is the fastest growing segment in the vegan snacks market, with a high growth rate due to their convenience and portability. Vegan bars are popular among health-conscious consumers as they offer high nutritional value and energy content. Additionally, the increasing awareness of the benefits of plant-based and vegan diets is driving the demand for vegan bars. Companies are launching innovative vegan bars with unique flavors and ingredients to attract more consumers, further boosting the growth of this segment.
Vegan Snacks Market Analysis by Flavor
By flavor, the market can be segmented into sweet and spicy. The sweet flavor segment dominated the vegan snacks market. Sweet vegan snacks are popular among consumers as they offer a variety of options such as cookies, brownies, and cakes. Additionally, the increasing demand for vegan desserts and baked goods is driving the growth of the sweet flavor segment. The availability of a wide range of vegan sweet snacks in supermarkets and online stores is also contributing to the dominance of this segment.
Spicy flavor is a fastest-growing segment in the vegan snacks market. Spicy vegan snacks, such as chips, nuts, and trail mixes, are gaining popularity among consumers due to their unique flavors and health benefits. Spicy vegan snacks are often made using natural ingredients like chili, pepper, and paprika, which have antioxidant and anti-inflammatory properties. The demand for spicy vegan snacks is expected to grow due to the increasing interest in healthy and plant-based diets, as well as the popularity of international cuisines and flavors.
Global Vegan Snacks Market Size By Type, 2021 (%)
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Vegan Snacks Market Regional Insights
In North America, the United States is the largest market for vegan products, with the highest number of vegan consumers. The rising trend of veganism among millennials and the growing awareness about the health benefits of plant-based diets are major factors driving the market growth. The increasing availability of vegan options in foodservice channels, such as restaurants and cafes, is also contributing to the market's growth in the region. Additionally, the growing number of startups and small-scale vegan food manufacturers in the region is expected to boost market growth further.
In contrast, APAC is the fastest-growing region in the vegan industry, with countries such as India, China, and Japan showing remarkable growth. In India, the rising trend of veganism and the increasing awareness about animal rights and environmental sustainability are major factors driving the market's growth. China is also experiencing significant growth in the vegan industry due to the rising health concerns among consumers and the government's efforts to promote healthy eating habits. Moreover, Japan's growing aging population and increasing awareness about health benefits associated with plant-based diets are driving the market growth in the country.
Global Vegan Snacks Market By Geography, 2021-2030
- Largest
- Fastest
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Vegan Snacks Market Dynamics
Vegan Snacks Market Drivers
Increasing awareness about the health benefits
- One of the major drivers for the growth of the vegan industry is the increasing awareness about the health benefits associated with plant-based diets. Vegan products, such as snacks, are considered to be rich in nutrients, fiber, and antioxidants, which help improve gut health and support the immune system. Additionally, plant-based diets are associated with reduced risk of chronic diseases, such as heart disease, diabetes, and certain types of cancer. As a result, consumers are increasingly adopting vegan products in their daily diets, which is driving the growth of the industry.
Vegan Snacks Market Restraints
Availability of various substitutes
- The availability of various substitutes for vegan snacks, such as meat-based snacks, is projected to restrain the growth of the vegan industry during the forecast period. Many consumers are still hesitant to switch to vegan snacks due to the perceived lack of taste and flavor compared to traditional animal-based snacks. Additionally, the cost of vegan snacks is often higher than meat-based snacks, which may limit their adoption among price-sensitive consumers. These factors may hinder the growth of the vegan industry, especially in regions where the vegan market is still in its early stages.
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Vegan Snacks Market Competitive Landscape
The vegan snacks market is highly competitive, with several small and large-scale players competing to gain market share. These players are focusing on developing new and innovative plant-based products to cater to the evolving consumer preferences. Many companies are investing in research and development activities to improve the taste, texture, and nutritional value of their vegan products. Moreover, companies are adopting various marketing strategies, such as social media marketing, celebrity endorsements, and partnerships with food service providers, to expand their customer base and increase their market share.
Vegan Snacks Market Top Player’s Company Profiles
- Tofurky Company Inc. (US)
- Amy's Kitchen Inc. (US)
- Daiya Foods Inc. (Canada)
- Gardein Protein International (Canada)
- Lightlife Foods Inc. (US)
- MorningStar Farms (US)
- Quorn Foods Inc. (UK)
- Sweet Earth Foods (US)
- Field Roast (US)
- Oatly AB (Sweden)
- Vbites Foods Limited (UK)
- Yves Veggie Cuisine (Canada)
- Fry Family Food Co. (South Africa)
- The Meatless Farm Co. (UK)
- Moving Mountains Foods Ltd. (UK)
- No Evil Foods (US)
- Good Catch Foods Inc. (US)
Vegan Snacks Market Recent Developments
- Beyond Meat stated in June 2022 that it would introduce a plant-based sliced steak before the end of the year. The purpose of this product is to substitute sliced steak for a full chunk of meat.
- In August 2022, Tofutti Brands, Inc., the company that established the dairy-free food industry, will launch its new packaging. Tofutti has a new look that strengthens its branding and puts it in a better position to compete in a market that is constantly growing and competitive. Tofutti was plant-based before it was trendy.
- In 2021, The Fuse Fit snack bar was introduced by Mondelez International in the Indian market.
Vegan Snacks Key Market Trends
- One key market trend in the vegan snacks market is the increasing demand for sustainable and ethically sourced plant-based products. Consumers are becoming more aware of the environmental impact of their food choices, and are increasingly looking for products that have a lower carbon footprint and are produced using sustainable practices. Moreover, there is a growing interest in plant-based products that are free from genetically modified organisms (GMOs) and artificial ingredients. As a result, many vegan companies are focusing on developing products that are not only plant-based but also sustainable and ethically sourced to meet the evolving consumer preferences.
Vegan Snacks Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global vegan snacks market analysis, the market is growing rapidly due to various factors such as the rising demand for vegan products, increasing health consciousness, and the growing vegan population across the globe. The industry is highly competitive with several small and large-scale players competing to gain market share by developing new and innovative plant-based products. The market trend is shifting towards sustainable and ethically sourced products, and companies are investing in research and development activities to improve the taste, texture, and nutritional value of their products. Despite the growth opportunities, the industry faces some challenges such as the availability of substitutes for vegan snacks and limited availability of raw materials.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 45.4 billion |
| Market size value in 2031 | USD 77.36 billion |
| Growth Rate | 6.10% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Vegan Snacks Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Vegan Snacks Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Vegan Snacks Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Vegan Snacks Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Vegan Snacks Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Vegan Snacks Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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