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Vegan Snacks Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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The global vegan snacks market was valued at USD 35.2 billion in 2021 and is projected to grow at a CAGR of 6.5% from 2022 to 2030. The increasing awareness regarding the health benefits of veganism and the growing demand for sustainable and cruelty-free products are the key factors driving the growth of the market. Moreover, the rising trend of health consciousness and the growing demand for healthy snacks are further propelling the market.
Furthermore, the increasing number of product launches is further providing a boost to the market. For instance, in March 2021, PepsiCo had launched a new range of vegan snacks and drinks under its Walkers brand in the UK. The new range includes potato chips, popcorn, and nut and seed mixes, which are labeled as vegan. Furthermore, the increasing number of vegan restaurants and the growing demand for vegan products, such as vegan snacks, are expected to drive the market during the forecast period.
In addition, the rising trend of premiumization in the demand for vegan snacks is also supporting the growth of the market. For instance, in March 2021, PepsiCo launched a new range of vegan snacks and drinks under its Walkers brand in the UK, which are priced at a premium. Moreover, advancements in the packaging of vegan snacks are further propelling the market. For instance, in April 2021, PepsiCo announced the launch of its Walkers Vegan range of snacks in compostable packaging, which are made from plants instead of plastic.
Moreover, the increasing demand for vegan chips and other snacks is providing a major boost to the market. For instance, in August 2021, Herr’s launched a new range of vegan chips, which are made with natural ingredients and are gluten-free, nut-free, and cholesterol-free. The company’s product portfolio includes vegan chips in flavors such as original, sour cream & onion, and sea salt & vinegar.
The rising trend of convenience food and the increasing preference for snacks over meals is also providing a major boost to the market. For instance, in October 2021, POM Wonderful announced the launch of its new vegan snack bars, which are made with organic ingredients and are free from gluten, dairy, and soy. Furthermore, the increasing demand for vegan snacks from health conscious consumers is providing a major boost to the market.
Product Insights
The vegan snacks segment led the market and accounted for a share of around 32.2% in 2022. Growing demand for vegan snacks among consumers is driven by the health benefits associated with vegan diets and rising awareness about animal welfare. According to an article published by the National Restaurant Association, in November 2019, 6 in 10 consumers said they are trying to eat more plant-based foods. Furthermore, rising health consciousness among consumers, especially millennials and Gen Z, is driving the demand for vegan snacks globally.
The bakery products segment is anticipated to expand at the fastest CAGR of 8.1% over the forecast period. The growing demand for vegan bakery products can be attributed to the growing trend of veganism. According to an article published by the Food Trends & Technologies Research, in January 2020, nearly half of the consumers said they would like to see more vegan bakery products in the market. Moreover, the growing popularity of plant-based diets and the increasing demand for convenience foods are other factors driving the market growth.
Distribution Channel Insights
The supermarkets and hypermarkets segment is estimated to capture the majority share of the vegan snacks market in 2022. The growth of the segment is mainly driven by the rising demand for vegan snacks among consumers due to increasing health consciousness and rising vegan population. Supermarkets & hypermarkets also provide a wide range of vegan snacks, which makes it convenient for customers to make their choice.
The online segment is anticipated to expand at the highest CAGR of 11.3% over the forecast period. Rapid e-commerce development in the vegan snacks industry has made it easier for consumers to shop for vegan snacks online. For instance, in May 2020, vegan snack company Health Warrior launched an online store for its products. In addition, it also enables consumers to track the nutritional value of their purchases and make informed decisions.
Type Insights
The plant-based segment accounted for the largest revenue share of 65.4% in the year 2022 due to the increasing popularity of veganism. The rising trend of veganism has made plant-based snacks popular among health-conscious consumers. Moreover, the increasing awareness about the health benefits of plant-based snacks such as reduced risk of obesity, diabetes, and heart diseases is driving the growth of the market. Additionally, the growing number of vegan restaurants and food outlets is also contributing to the growth of the market.
The organic segment is anticipated to expand at the highest CAGR of 7.2% over the forecast period. The increasing availability of organic vegan snacks is propelling the growth of the market. Furthermore, the growing trend of organic and natural food among health-conscious consumers is driving the demand for organic vegan snacks. Companies such as Nature’s Path are introducing new products to meet the growing demand for organic vegan snacks. For instance, in April 2021, Nature’s Path introduced a new line of vegan oatmeal, which is made with organic, gluten-free, and vegan ingredients.
Regional Insights
Europe is expected to be the largest market for vegan snacks owing to the growing preference for vegan diets and increase in awareness about animal cruelty in the region. According to the Vegan Society, the number of vegans in the UK increased from 150,000 in 2006 to 600,000 in 2019, which is anticipated to drive the regional market. Additionally, the presence of prominent players in the region, such as The Fry Family Food Co., is expected to fuel the growth of the market.
Asia Pacific is expected to witness the fastest growth in the coming years. Increasing awareness about the health benefits of vegan snacks, coupled with the availability of vegan snacks in offline and online stores, is driving the growth of the market in the region. For instance, in April 2021, Walmart India launched its own line of vegan snacks in the country. Additionally, the growing demand for plant-based snacks due to the surge in health consciousness is expected to further fuel the regional market growth.
Financial Projections
In this part of the vegan snacks products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your vegan snacks products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a vegan snacks products business comes from sales of the vegan snacks products, as well as other sources such as commissions from distributors, sponsorships, and export sales. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, food & beverage, the sale of merchandise, and leasing the place for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the vegan snacks products business running will be described. The list of operating expenses includes raw materials and ingredients, packaging costs, wages, maintenance and repairs, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the vegan snacks market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Hain Celestial Group, Inc. launched a line of vegan snacks under its ‘Earth’s Best’ brand.
– In August 2022, Beyond Meat launched its line of vegan snacks, including vegan jerky and vegan energy bars.
– In October 2022, Kellogg Company launched a line of vegan snacks, including vegan cereal bars and vegan granola bars.
Some of the prominent players in the vegan snacks market include:
– Hain Celestial Group, Inc.
– Beyond Meat
– Kellogg Company
– General Mills, Inc.
– Kraft Heinz Company
– Clif Bar & Company
– The Hain Daniels Group
– Unilever
– Hero Group
– Mars, Inc.
Global Vegan Snacks Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global vegan snacks products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Bars
– Cookies & Crackers
– Nuts & Seeds
– Dried Fruits & Vegetables
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Factors Driving Market Growth?
[A]: The increasing health consciousness and the rise in the number of vegan consumers are some of the major factors driving the vegan snacks market. Moreover, the rise of vegan restaurants and the focus on offering a wide range of vegan snacks are expected to drive the market growth. Additionally, the increasing demand for healthy snacks is expected to create potential opportunities for the vegan snacks market.
[Q]: Which Region is Expected to Offer the Largest Opportunity for Sales of Vegan Snacks?
[A]: Europe is expected to be the largest market for vegan snacks due to the increasing vegan population in the region. Moreover, the presence of a large number of vegan restaurants, cafés, and bakeries in the region is expected to drive market growth.
[Q]: What are the Key Players in the Vegan Snacks Market?
[A]: Key players in the vegan snacks market include Sunfeast Farmlite, PepsiCo Inc., General Mills, Inc., Kellogg Company, Hain Celestial Group, Inc., Beyond Meat Inc., The Kraft Heinz Company, and Nestlé SA.
[Q]: What are the Different Types of Vegan Snacks?
[A]: The different types of vegan snacks include vegan chips, vegan bars, vegan candy, vegan cookies, vegan cakes, vegan muffins, vegan ice cream, vegan popcorn, and vegan protein snacks.
[Q]: What are the Benefits of Vegan Snacks?
[A]: Vegan snacks are rich in dietary fiber, vitamins, minerals, and other essential nutrients. They are low in calories and fat, and are free from cholesterol and trans fats. Moreover, vegan snacks are cruelty-free and made with plant-based ingredients, making them suitable for those with ethical concerns.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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