The global market for vegan snack foods is growing, according to a new report from Grand View Research, giving retailers an idea of how to better expand private label plant-based offerings.
By 2030, the market is expected to reach $80.5 billion, growing at a CAGR of 6.9% during the forecast period. The global vegan snacks market size was valued at $44.02 billion in 2021. Grand View Research cites the rising demand for vegan products globally due to “health benefits coupled with increasing veganism is one of the major factors propelling the growth of the industry.”
“The intake of vegan food, such as snacks, helps improve gut health and support the immune system and reduce inflammation, owing to these benefits, consumers are adopting vegan food in their snack routine that further supports the growth of the market,” said the firm in a sample of the report. “On the other hand, the availability of various substitutes for vegan snacks is projected to restrain the industry growth during the forecast period. The high processing cost of vegan snacks further hinders the adoption of these snacks in low and middle-income countries, which may hamper the industry growth during the forecast period. However, a significant number of product launches in plant-based snacks by manufacturers are projected to provide lucrative growth opportunities for the industry.”
The global vegan snack industry has been further classified into nuts & seeds, bakery, savory, confectioner, and others. Among these, the savory product segment accounted for the largest share of more than 51% of the global revenue in 2021. The bakery segment holds a significant share in the global industry, and the segment is mainly driven by the significant demand for vegan bakery products, such as cookies, pretzels, pastries, cakes and more.
The full report can be found here.