According to findings by Grand View Research Inc, the global vegan snacks market is expected to be worth $80bn by 2030.
The category is currently valued at $44.02bn and is expected to register a compound annual growth rate (CAGR) of 6.9% from 2022 to 2030, with the rising demand for vegan products across the globe due to health benefits coupled with increasing veganism the major factors propelling the growth of the industry.
Consumers are adopting vegan food in their snack routine that further supports the growth of the market as the benefits of improving gut health and supporting the immune system to reduce inflammation become widely accepted.
On the other hand, the report cautions, the availability of various substitutes for vegan snacks is projected to restrain the industry growth during the forecast period.
Major countries, such as the US, the UK, Australia, Canada, and India, are contributing significantly to the growth of the industry due to the rising veganism.
As per a survey by the Vegetarian Resource Group in 2020, approximately 3% of respondents were vegan in the US Moreover, the growing trend of veganism among celebrities such as actor Joaquin Phoenix and athletes across the globe is projected to provide ample growth opportunities to the market.
In addition, the growing health concerns boost 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 instance, as per research, the intake of red meat can increase the risk of mortality due to stroke, diabetes, and heart disease. Animal-based foods also support the unhealthful gut bacteria that cause various diseases.
In the UK, as per a survey conducted by the Vegan Society in collaboration with Vegan Life magazine, there was approximately 360% growth in the vegan population.
Veganuary’s International Head of Communications, Toni Vernelli, said that after this year’s campaign in January the trend is becoming more than a one-month pledge with many participants planning to adopt veganism as a lasting diet change.
“With 83% of our 2022 participants planning to at least halve their intake of animal products permanently – including 36% who plan to stay fully vegan, Veganuary really is driving positive change for the planet, people and animals,” she said.
In Canada, the vegan population increased by 250% reaching around 850,000 vegans as per the survey data. Australia is second only to the UK in terms of plant-based eating likings as per the 2020 report survey.
Confectionery
Moreover, the influence of social media on vegan confectionery products is projected to contribute to segment growth over the forecast period. The growing demand for confectionery chocolates owing, to low fat and cholesterol, further accelerates segment growth, the report’s authors stated.
Bakery
The bakery segment also holds a significant share in the global industry. The segment is mainly driven by the significant demand for vegan bakery products, such as cookies, pretzels, pastries, cakes, and others.
A wide range of products offered by key manufacturers, such as Danone S.A. and Daiya Foods Inc., is further projected to fuel the segment growth during the forecast period. In addition, the rapid expansion of the vegan bakery industry in the US, the UK, Germany, and France contribute to segment growth.