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.
In the UK, according to research carried out by the Vegan Society in collaboration with Vegan Life magazine, there has been an estimated 360% increase in the vegan population.
Veganuary’s international head of communications, Tony Vernelli, said that following this year’s campaign in January, the trend was turning into a month-long pledge, with many participants planning to go vegan as a permanent diet change.
“With 83% of our 2022 participants planning to at least halve their intake of animal products permanently – including 36% planning to go completely vegan, Veganuary is truly driving positive change for the planet, people and animals“, she said.
In Canada, the vegan population has increased by 250%, reaching about 850,000 vegans according to the survey data. Australia is second only to the UK in terms of plant-based food preferences, according to the 2020 report survey.
Additionally, social media influence on vegan confectionery is expected to contribute to segment growth during the forecast period. The growing demand for confectionary chocolates due to their low fat and cholesterol content is further accelerating the growth of the segment, the authors of the report said.
The bakery segment also has a significant share in the global industry. The segment is mainly driven by the significant demand for vegan bakery products such as biscuits, bagels, pastries, cakes and others.
A wide range of products offered by key manufacturers such as Danone SA and Daiya Foods Inc. is expected to further drive segment growth over the forecast period. In addition, the rapid growth of vegan bakery in the US, UK, Germany and France is contributing to the growth of the segment.
Study: Vegan Snacks Market Size, Share and Trend Analysis Report by Product (Nuts & Seeds, Bakery, Pickles), by Distribution Channel (Offline, Online), by Region (North America, EU, APAC) and segment forecasts, 2022 – 2030