Vegan confectionery at the forefront of a growing consumer trend

According to findings by Grand View Research Inc, the global vegan snack market is expected to be worth $80 billion by 2030.

The category is currently valued at USD 44.02 billion and is expected to register a compound annual growth rate (CAGR) of 6.9% from 2022 to 2030, with the main factors being the increasing demand for vegan products worldwide due to the benefits for health, combined with growing veganism drive the growth of the industry.

Consumers are adopting vegan food into their breakfast routine, which is further supporting market growth as the benefits of improving gut health and supporting the immune system to reduce inflammation become widely accepted.

On the other hand, the report warns, the availability of various vegan snack substitutes is expected to restrain the growth of the industry during the forecast period.

Major countries such as the US, UK, Australia, Canada and India are contributing significantly to the growth of the industry due to growing veganism.

According to a 2020 Vegetarian Resource Group survey, approximately 3% of respondents were vegan in the US. Moreover, the growing trend of veganism among celebrities such as actor Joaquin Phoenix and athletes worldwide is expected to provide ample opportunities for market growth.

In addition, growing health concerns are driving 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 example, according to research, red meat intake may increase the risk of mortality due to stroke, diabetes and heart disease. Animal foods also support the unhealthy gut bacteria that cause various diseases.

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