Burlingame, Jan. 12, 2023 (GLOBE NEWSWIRE) -- The global vegan bacon market was valued at US$ 1,200.8 Mn in 2022 and is expected to exhibit a CAGR of 6.4% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Vegan Bacon Market:
The growth of plant based industry in emerging economies is expected to drive the demand for vegan bacon during the forecast period. Increasing consumption of fast food such as sandwiches, hamburgers, pizzas, and appetizers, is attracting many food and beverages companies to include vegan bacon in their menu.
Due to the availability of wide variety of types and tastes vegan bacon has seen exponential growth in the plant based meat industry. Food manufacturers are continuously incorporating vegan bacon in a variety of processed foods which will boost the sales of vegan bacon in the coming years.
The increasing number of new startups offering vegan bacon and the expansion of food service industry will further drive the vegan bacon market growth in the upcoming years. According to Plant Based Foods Association and The Good Food Institute, the U.S. plant- based food market sales increased by 11% in 2021. In the country, from April 2017 the plant based food sales have raised by 31%.
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Key Market Takeaways
The global vegan bacon market is expected to exhibit a CAGR of 6.4% over the forecast period (2022-2032). In China, the vegan bacon market is anticipated to expand at a robust pace over the next ten years, due to the increasing number of plant-based alternative startups and rising consumer demand for healthy and organic products.
Major players are using different strategies such as mergers, acquisitions, and capacity expansion, owing to rising demand for vegan bacon. For instance, in 2020, Danone (French multinational food-products corporation) acquired Whitewave Foods Company for US$ 12.5 Million, Whitewave Foods Company is specialized in the production of silk soymilk, horizon organic milk, and international delight coffee creamers. Furthermore, in March 2022, Grub market a vegan food manufacturing company acquired SunFed, a high tech food produce company.
Competitive Landscape:
Major players operating in the global vegan bacon market include Cool Foods Inc., Beyond Meat, Hooray Foods, Kellogg NA Co., Omni Foods, Tofurky, LikeMeat GmbH, Upton’s Naturals, Whole Perfect Food, Sweet Earth Foods, Sunfed Ltd., Lightlife, Organic Matters, and The Vegetarian Butcher.
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Market Segmentation:
- Global Vegan Bacon Market, By Flavoring
- Smoked Paprika
- Onion
- Dark Beer
- Other Vegetables
- Global Vegan Bacon Market, By Storage
- Frozen
- Refrigerated
- Shelf-Stabled
- Global Vegan Bacon Market, By Product Type
- Tofu Bacon
- Mushroom Bacon
- Carrot Bacon
- Coconut Bacon
- Others (Eggplant Bacon)
- Global Vegan Bacon Market, By Distribution Channel
- Offline
- Supermarket
- Hypermarket
- Online
- Offline
- Global Vegan Bacon Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- South Korea
- ASEAN
- Australia
- Rest of Asia Pacific
- By Country:
- Latin America
- By Country:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- By Country:
- Middle East & Africa
- By Sub-Region:
- Middle East
- Africa
- By Sub-Region:
- North America
Related Market Intelligence Reports:
Indian Vegan Food Market, by Product (Dairy Alternatives (Cheese, Desert, Snacks, and Others) and Meat Substitutes (Tofu, Seitan, Quorn, and Others)), by Source (Almond, Soy, Wheat, Oats, and Others), by Distribution Channels (Offline (Hypermarket and Supermarket), Online, and Specialty Stores), and by Sub-region (North India, South India, East India, and West India)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030
Plant Based Meat Market, by Source (Soy, Wheat, Pea, and Blends), by Storage (Frozen, Refrigerated, and Shelf-Stabled), by Product Types (Burger patties, Sausages, Meatballs, and Strips & Nuggets), by Types (Beef, Chicken, and Pork), by Distribution Channels (Offline [Supermarket and Hypermarket] and Online), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
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