The rising demand for vegan products worldwide as a result of the health advantages of going vegan and rising veganism are the key factors driving the growth of the global vegan snacks market.
According to TechSci Research report, “Vegan Snacks Market– Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027F”
Vegan snacks are becoming more and more popular as consumers choose meat alternatives. The preference for plant-based food products has evolved due to numerous factors. The two primary concerns are criticism of the adverse health effects meat products have on populations around the world, as well as the environmental effects of the livestock industry. Developments significantly influence the development of the vegan snack market in the snacking sector. In addition, vegan snack bars have become one of the most popular product categories in the vegan snacks market.
The fast-paced lifestyle of people has opened new opportunities for the snacking industry. Along with this, people are becoming more aware of the nutritional content of vegan snacks and the variety of flavors and tastes they offer. Two main categories dominate the vegan snack market. Vegetables, tubers, fruits, cereals, and legumes are a few additional familiar sources used in the vegan snack market. Sales of vegan snacks have increased dramatically among urban residents.
The market for vegan snacks is expanding during the forecast period due to rising the demand for meat alternatives. One significant demographic trend that is helping the market grow is the rapidly ageing population. The role that vegan diets play in nutritional interventions to manage chronic illnesses and cardiovascular diseases has also contributed to the popularity of these diets. Sales of snacks made from plants have increased due to shifting consumer preferences in developing economies. The convenience of consuming nutrient-dense food is a major factor influencing the allure of plant-based snacks. Furthermore, the majority of newly released products made the claim that they had been processed in such a way as to largely preserve their nutritional value.
During the COVID-19 pandemic, the industry has seen rapid growth owing to the online sales of vegan food products. Additionally, the industry is growing as the number of vegans increases globally. Due to the growing veganism, powerful nations like the U.S., U.K., Australia, Canada, and India are significantly boosting the industry's growth.
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The Vegan Snacks Market is segmented based on the product type, distribution channel, region, and competitive landscape.
On the basis of product type, the global vegan snacks market is segmented into nuts & seeds, bakery, savory, confectionery, and others. Among these, the savory segment dominates the market and is expected to remain dominant during the forecast period. The significant demand for savory snacks like tortilla chips and potato chips drives the market. A variety of savory vegan snacks, including crackers, baked chips, and others, are being produced by manufacturers and the availability of savory vegan snacks in a variety of flavors and ingredients fuels the market growth.
Based on distribution channel, the market is segmented into Supermarkets/Hypermarkets, Departmental Stores, Specialty Stores, Online, and Others (Convenience Stores, Direct Sales, etc.). Among these, the online distribution channel will be the fastest growing segment in the market due to the increase in the online sales of grocery products contributing to the growth of the vegan snacks market.
On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa and South America. North America holds the largest share in the global vegan snacks market because growing awareness of animal cruelty in the food industry and its detrimental effects on the environment is the main factor driving the regional market.
Key market players in the Global Vegan Snacks Market 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
- Green Pack Food Inc.
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“The rising demand for vegan products worldwide is a result of the health advantages of going vegan and the rising veganism and benefits of consuming vegan snacks, which include improved gut health, immune system support, and reduced inflammation. More consumers are incorporating vegan snacks into their snacking routines, assisting the market's expansion. However, many vegan snack product launches by the manufacturers are anticipated to offer lucrative growth opportunities for the sector. During the pandemic, there was a sizable demand for nutritious vegan snacks, which was advantageous for the industry.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Vegan Snacks Market- Global Industry Size, Share, Trends, Opportunity, and Forecast 2017-2027
Segmented By Product Type (Nuts & Seeds, Bakery, Savory, Confectionery, and Others), By Distribution Channel (Supermarkets/Hypermarkets, Departmental Stores, Specialty Stores, Online, Others (Convenience Stores, Direct Sales, etc.)), By Region, , has evaluated the future growth potential of vegan snacks market globally and provides statistics and information on market structure, size, share, and future growth. The report provides cutting-edge market intelligence and helps decision-makers to make sound investment decisions. Besides, the report also identifies the emerging trends along with essential drivers, challenges, and opportunities present in the vegan snacks market globally.
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