Vegan Snacks market is expected to grow from USD 47.2 billion in 2021 to USD 82.3 billion by 2029 : GreyViews

Vegan Snacks Market Size By Product Type (Nuts & Seeds, Bakery, and Savory), By Distribution Channel (Offline and Online), Regions, Segmentation, and forecast till 2029.

Pune India, Dec. 06, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East, and Africa. These are the key regions where the Vegan Snacks market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Vegan Snacks market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, route of administration, facility of use, and others. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.

The significant players operating in the global Vegan Snacks market are 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., All plants Ltd., Follow Your Heart, among others. To achieve a substantial market share in the worldwide Vegan Snacks market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Hoyer Group is among the most significant manufacturers and distributors in the global Vegan Snacks market.

The growth of this market is mainly driven owing to the increasing shift toward a healthy lifestyle. A vegetarian and a vegan are not the same. Vegetarians abstain from consuming animal products like meat, poultry, or fish. Vegans are more stringent vegetarians who additionally abstain from eating dairy, eggs, and any other products with animal byproducts. The strictest type of vegetarianism might be characterized as a vegan diet. The Vegan Society now describes veganism as a way of life that makes every effort to avoid animal exploitation and cruelty. This includes being exploited for food or any other reason. Therefore, a vegan diet forgoes not only eating animal meat but also products like dairy, eggs, and eggs. According to projections, the market will experience significant development because of the rising trend of veganism among athletes and celebrities worldwide. Many organizations asserted that the number of vegans had increased globally. For instance, a survey by the Vegan Society and Vegan Life magazine found that the vegan population in the U.K. had increased by almost 360%. According to poll results, there are now about 850,000 vegans in Canada, a 250% rise from the previous year.

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Scope of Vegan Snacks Market Report

Report Metric Information
Study Period 2021-2029
Base Year             2021
Forecast Period 2022-2029
Market Share Unit USD Million
Segments Covered Product Type, and Distribution Channel
Regions Covered North America, Europe, Asia-Pacific, South America and Middle-East and Africa
Major Players 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, among others.

Segmentation Analysis

The savory segment is expected to be the fastest-growing segment in 2021.

The product segment includes nuts & seeds, bakery, savory, confectionery, and others. The savory segment is expected to witness the highest CAGR during the forecast period. In industrialized economies like the US, the UK, and others, there is a considerable demand for plant-based savory snacks among the working-class and college-going population. Additionally, savory snack foods let people satisfy their appetites while preventing overeating. Manufacturers are releasing a range of nutritious vegan savory snack products, including crackers, baked chips, and others. As a result, the availability of various flavorful and healthful items also helped explain why this segment had the biggest share.

The offline segment is expected to be the fastest-growing segment in 2021.

The distribution channel segment includes offline and online. The offline segment is expected to have the highest CAGR during the forecast period. The offline distribution channel segment includes convenience stores, specialty shops, hypermarkets, and supermarkets. The overall sales of vegan snacks have surged due to notable growth in the number of supermarkets and hypermarkets. Consumers prefer to buy groceries from brick-and-mortar stores because they are more readily available and easy to obtain. Additionally, offline retailers promote category growth by providing various options and the ability to scan product specifications before any transaction.

For more information about   Vegan Snacks Market Infographics

Regional Analysis                                                         

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for Vegan Snacks include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

North America region witnessed a major share. The growing awareness of animal cruelty in the food business and its detrimental effects on the environment is the key factor driving the regional market. As a result, the U.S.’s considerable increase in plant-based retail sales also helped the business expand. The overall retail sales of plant-based foods in the United States climbed by 6.2% to reach about 7.4 billion in 2021, according to the Plant-based Foods Association and The Good Food Institute, based on SPINS data. The strong consumer tendency toward obtaining foods that taste wonderful and bring about health advantages was a major factor in expanding plant-based food sales in the U.S. Asia-Pacific is anticipated to experience significant growth during the predicted period. The industry is primarily driven by the growing understanding of the advantages of vegan diets for health.

Country Analysis

  • Germany

Germany’s Vegan Snacks market size was valued at USD 2.2 billion in 2021 and is expected to reach USD 3.3 billion by 2029, at a CAGR of 5.3% from 2022 to 2029.
Germany has one of the leading vegan snack industries in Europe. In Germany, the number of vegans doubled between 2016 and 2020, reaching 2.6 million, or 3.2 percent of the population. The rising demand for plant-based protein intake in Germany also propels the market’s growth in the region.

  • China

China Vegan Snacks’ market size was valued at USD 3.3 billion in 2021 and is expected to reach USD 5.5 billion by 2029, at a CAGR of 6.7% from 2022 to 2029. China’s meat and plant-based substitute market have proliferated in recent years, and COVID-19 is expected to add to this rising trend. The Chinese government intends to reduce the country’s meat consumption by 50% by 2030 to reduce carbon emissions and prevent obesity. China is the largest consumer market in the world, making it increasingly important for international players in the plant-based and cultured meat industries. Along with growing safety concerns, changing dietary views, and the sheer scale of the business.

  • India

India’s Vegan Snacks market size was valued at USD 2.4 billion in 2021 and is expected to reach USD 3.8 billion by 2029, at a CAGR of 6.0% from 2022 to 2029. The need for vegan fast-food alternatives, such as soymilk ice cream and shakes, bakery goods, chips, biscuits, muffins, chocolates, and bakery items, is likely to drive industry expansion. Vegan food goods, such as plant-based vegan foods, can grow further within the market if customer awareness of healthy lifestyles, such as how to eat a healthier diet, reduce weight, and lower cholesterol and fat, increases.
Covid-19 Impact                                                                             

Covid-19 had a major impact on almost all the industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the food sector have seen increased revenue due to significant changes in consumer preferences toward foods. In addition, the pandemic has led to significant changes in the fooding habits of people across developing and developed countries.

The rising awareness regarding nutritional values and the increasing health concerns increases the need for vegan snacks. Vegan snacks are mainly driven owing to the increasing shift toward a healthy lifestyle.

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Rocky Shah
GreyViews
Pune India
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