According to Grand View Research, Inc., the global vegan snacks market is expected to reach $80.53 billion by 2030.
The market is expected to grow at a compound annual growth rate of 6.9 percent in total.
Growing consumer awareness of plant-based foods, as well as changes in food consumption patterns, are driving forces in the market. Because of the various health benefits, demand for plant-based, vegan snacks increased during the COVID-19 pandemic.
The global market is divided into several product categories, including nuts and seeds, bakery, savoury, confectionery, and others. The savoury segment, in particular, contributed to a larger market share in 2021. Demand for salty savoury snacks such as potato chips, tortilla chips, and others drives the market.
The availability of various flavours and ingredients in plant-based savoury snacks adds to the segment’s growth.
Due to rising demand for healthy bakery products in developed economies, the vegan bakery segment is expected to grow significantly over the forecast period. The industry is divided into offline and online distribution channels. From 2022 to 2030, the online segment is expected to grow at the fastest rate. This expansion can be attributed to manufacturers implementing e-commerce technology to increase product sales.
Europe had the highest revenue share in 2021 and is expected to grow at a consistent CAGR from 2022 to 2030. Rising demand for plant-based protein intake in the United Kingdom, Germany, and France is propelling market growth.
Furthermore, significant increases in sales of plant-based bakery and confectionery products in Spain and Italy aided regional market growth.
According to Grand View Research, the global vegan confectionery market is expected to reach $2.62 billion by 2030. From 2022 to 2030, the market is expected to grow at a CAGR of 11.8 percent. One of the key factors driving demand globally is the growing acceptance of veganism among millennials and the working population. Growing public awareness of animal cruelty, as well as an increase in environmental protection and sustainability campaigns, are expected to drive market growth.