Vegan Snacks Market size is expected to grow USD 99.2 billion by 2030
Manufacturers are putting efforts to cater to the demand for such plant-based snacks by collaborating with startups, small companies, and other brands. Vegan products also include meat-alternatives as a key product; however, plant-based is the most preferred type.
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COVID-19 Impact on the Global Vegan Snacks Market
The COVID-19 pandemic has had a diverse impact on the global economy; however, the vegan snacks market was lucky enough to survive the hit. The World Health Organization (WHO) was advising people around the globe to consume a balanced diet in order to strengthen their immune systems. Existing health problems like diabetes and obesity could worsen the effects of Covid-19; hence WHO recommended avoiding the consumption of sugar fat and limiting the consumption of red meat and poultry.
Owing to the requirement of a healthy diet, the vegan snacks market is being driven. Another reason for its growth was the snacking habit of people developed because of working from home. Eating healthy while staying at home, with limited physical activity, was necessary. Hence, vegan snacks were prevalent with a higher shelf life & nutrition value, along with flavour and taste.
Hence the Covid-19 impact on the vegan snacks market was not severe, and the industry could sail through the pandemic.
Global Vegan Snacks Market Dynamics
Drivers: Growing Health Awareness
The growth-inducing factor for the vegan snacks market is rising consumer awareness regarding health and wellness. Due to urbanization and modernization, consumers are even more informed. They are shifting their preference towards healthy diets to fight the prevalent health complications. Vegan snacks are light, nutritious, strengthen the immune system, and low in sugar and cholesterol. This makes it a better choice for health-conscious consumers. Also, animal protection awareness is key in their shift toward vegan products.
The aforementioned growth drivers will accelerate the market growth of this industry.
Restraints: Availability of Substitutes & High Processing Cost
The availability of various substitutes for vegan snacks is expected to restrain the industry growth during the forecast period. Other easily available vegetarian snacks are still prevalent, and competing with their low price advantage would be difficult for vegan snacks.
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Surveys show that consumers are reluctant to spend more on snacks, except for those on a strict diet. And due to the high processing cost, vegan products are expensive compared to regular snacks, which makes it a restraint in the growth of this market.
For instance, the plant-based meat alternative is four times more expensive than conventional chicken, three times as expensive as pork, and two times as expensive as conventional beef. For most consumers, this price gap will reduce the intent to switch to plant-based meat alternatives.
Opportunities: Growing Trend of Veganism
Growing veganism and demand for packaged snack products is expected to promote huge plant-based or vegan snack sales.
The need for vegan snacks is increasing as vegan consumers become more prevalent around the world. To meet the need of consumers who are vegan, manufacturers are working to provide a variety of plant-based snacks, such as processed snacking foods and meat-alternative snacks.
This growing trend of veganism can bring a plethora of opportunities for manufacturers. The food and beverage industry welcomes a diverse range of products and vegan snacks are limited compared to other snacks. Hence, various snacks under the vegan umbrella have an untapped potential for growth.
Scope of the Global Vegan Snacks Market
The study categorizes the vegan snacks market based on nature service, source service, product type service and distribution channel service at the regional and global levels.
By Nature Service Outlook (Sales, USD Billion, 2017-2030)
By Source Service Outlook (Sales, USD Billion, 2017-2030)
Fruits & Vegetables
By Product Type Service Outlook (Sales, USD Billion, 2017-2030)
Nuts & Seeds
By Distribution Channel Service Outlook (Sales, USD Billion, 2017-2030)
By Region Outlook (Sales, USD Billion, 2017-2030)
Rest of Europe
Australia & New Zealand
Rest of Asia Pacific
Rest of South America
The Middle East & Africa
Rest of MEA
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Savory segment accounts for the highest CAGR during the forecast period by product type service
Based on product type service, the market is bifurcated into nuts & seeds, confectionery, savory, bakery & others. The savory segment is expected to control a significant portion of the domestic and international market.
This segment is mainly driven by the rising demand for plant-based savory snacks in the student and working-class population. Savory snacks are preferred because it satisfies sudden cravings and avoids overeating habits. Hence, manufacturers are trying to make vegan savory snacks loaded with nutrition so consumers can devour their favorite snacks without worrying about health-related complications.
The vegan confectionery segment is expected to give the highest CAGR in the coming years. The growing demand for confectionery chocolates, low fat, and cholesterol is key to accelerating its growth. Promotion through social media is also enhancing its growth over the forecasted period.
North America is projected to account for the largest market share, by Region
Based on the regions, the global vegan snacks market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America will dominate the global vegan snacks market in 2021. The rising awareness of environmental protection and animal cruelty in the food sector is a major factor in its popularity in North America. Also, owing to the prevelance of obesity in the U.S., consumers prefer snacks that are in line with health standards and don't compromise on taste.
The Asia Pacific region is anticipated to have the fastest growth during the forecast period. The market is being driven by the growing awareness of the advantages of vegan health foods. In important nations like India and China, the demand for plant-based foods is expanding as a result of the rising concern over animal cruelty. Additionally, the large expansion of the snack business in these nations offers the market profitable expansion prospects.
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Key Market Players in the Global Vegan Snacks Market
The global vegan snacks market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
Major players in the global vegan snacks market are:
Archer Daniel's Midland Company
Amy's Kitchen Inc.
Plamil Food Ltd.
Daiya Foods Inc.
Tofutti Brands, Inc.
Vbites Food Ltd.
Eden Foods Inc.
Vitasoy International Holdings Ltd.
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