Vegan Snacks Market Size, Share, Growth Analysis, By Type(Chips, and Bars), By Flavor(Sweet, and Spicy) - Industry Forecast 2024-2031

Vegan Snacks Market size was valued at USD 45.4 billion in 2022 and is poised to grow from USD 48.17 billion in 2023 to USD 77.36 billion by 2031, growing at a CAGR of 6.10% in the forecast period (2024-2031).

The vegan snacks market is highly competitive, with several small and large-scale players competing to gain market share. These players are focusing on developing new and innovative plant-based products to cater to the evolving consumer preferences. Many companies are investing in research and development activities to improve the taste, texture, and nutritional value of their vegan products. Moreover, companies are adopting various marketing strategies, such as social media marketing, celebrity endorsements, and partnerships with food service providers, to expand their customer base and increase their market share. 'Beyond Meat Inc. (US)', 'Impossible Foods Inc. (US)', 'The Vegetarian Butcher BV (Netherlands)', 'Tofurky Company Inc. (US)', 'Amy's Kitchen Inc. (US)', 'Daiya Foods Inc. (Canada)', 'Gardein Protein International (Canada)', 'Lightlife Foods Inc. (US)', 'MorningStar Farms (US)', 'Quorn Foods Inc. (UK)', 'Sweet Earth Foods (US)', 'Field Roast (US)', 'Oatly AB (Sweden)', 'Vbites Foods Limited (UK)', 'Yves Veggie Cuisine (Canada)', 'Fry Family Food Co. (South Africa)', 'The Meatless Farm Co. (UK)', 'Moving Mountains Foods Ltd. (UK)', 'No Evil Foods (US)', 'Good Catch Foods Inc. (US)'

One of the major drivers for the growth of the vegan industry is the increasing awareness about the health benefits associated with plant-based diets. Vegan products, such as snacks, are considered to be rich in nutrients, fiber, and antioxidants, which help improve gut health and support the immune system. Additionally, plant-based diets are associated with reduced risk of chronic diseases, such as heart disease, diabetes, and certain types of cancer. As a result, consumers are increasingly adopting vegan products in their daily diets, which is driving the growth of the industry.

One key market trend in the vegan snacks market is the increasing demand for sustainable and ethically sourced plant-based products. Consumers are becoming more aware of the environmental impact of their food choices, and are increasingly looking for products that have a lower carbon footprint and are produced using sustainable practices. Moreover, there is a growing interest in plant-based products that are free from genetically modified organisms (GMOs) and artificial ingredients. As a result, many vegan companies are focusing on developing products that are not only plant-based but also sustainable and ethically sourced to meet the evolving consumer preferences.

In North America, the United States is the largest market for vegan products, with the highest number of vegan consumers. The rising trend of veganism among millennials and the growing awareness about the health benefits of plant-based diets are major factors driving the market growth. The increasing availability of vegan options in foodservice channels, such as restaurants and cafes, is also contributing to the market's growth in the region. Additionally, the growing number of startups and small-scale vegan food manufacturers in the region is expected to boost market growth further.