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  • Published On : Dec 2022
  • Code : CMI5426
  • Industry : Food and Beverages
  • Pages : 120
  • Formats :

Vegetarian bacon is a plant-based version of bacon. It is also known as veggie bacon, vegan bacon, vacon, and facon. As a part of balance diet, bacon is healthier than animal-derived meat when eaten in moderation. Soybeans are one of the main ingredients in vegan bacon. Apart from that, wheat, yeast, and sugar are also used in vegan bacon. Around 60 calories are present in each serving of vegan bacon. It is also a good source of sodium as well as vitamins such as B1, B6, and B2.

The global vegan bacon market was valued at US$ 1,200.8 Mn and is expected to reach, exhibiting a CAGR of 6.4% during the forecast period 2022-2030.

Drivers:

The rising production and consumption of mushroom such as button mushroom, oyster mushroom, and others is also expected to drive the market growth in the coming years. For instance, on December 8, 2020, Post Holdings, a consumer packaged goods holding company, acquired Peter Pan brand of Conagra (consumer packaged goods holding company) and the transaction between Conagra and Post Holdings was completed on January 25, 2021.

Acquired Peter Pan brand of Conagra Brands combines a rich heritage of making great food with a sharpened focus on innovation and the transaction between Conagra and Post Holdings was completed on January 25, 2021.

Increasing demand for plant-based food products such as tofu, bread, rice, dry pasta, and others is also boosting the market growth. In November 2020, Hooray Foods, a plant-based meat company launched around 300 whole food stores across California. Hooray Foods estimated their growth projection of US$ 140 billion by the end of 2029.

According to global news wire, in November 2020, Hooray Foods, a plant-based meat company launched around 300 whole food stores across California and this food stores are expanding weekly in the state. According to the company’s report, Hooray Foods estimated their growth projection of US$ 140 billion by the end of 2029.

Figure 1. Global Vegan Bacon Market Revenue Share (%), By Flavoring, 2021

Vegan Bacon  | Coherent Market Insights

Among flavoring, the smoked paprika segment held a dominant position in the global vegan bacon market in 2021, accounting for 38.2% market revenue share.

Market Restraints

Vegan bacons are highly processed foods which can restrain the market growth. They tend to be high in (Sodium) saturated fat such as coconut and palm oil. Presence of saturated fats can hamper the market growth during the forecast period.

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Vegan Bacon Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 1,200.8 Mn
Historical Data for: 2017-2020 Forecast Period: 2022-2030
Forecast Period 2022 to 2030 CAGR: 6.4% 2030 Value Projection: US$ 2,028.6 Mn
Geographies covered:
  • Region: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa
Segments covered:
  • By Source: Soy, Wheat, Pea, Blends
  • By Storage: Frozen, Refrigerated, Shelf-stable
  • By Product Types: Burger Patties, Sausages, Meatballs, Strips & Nuggets
  • By Types: Beef, Chicken, Pork
  • By Distribution Channel: Offline (Supermarket, Hypermarket), Online
Companies covered:

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

Growth Drivers:
  • Rising production and consumption of mushroom such as button mushroom, oyster mushroom, and others across the globe
  • Increasing demand for plant-based food products such as tofu, bread, rice, dry pasta, and others 
Restraints & Challenges:
  • Highly processed food

Market Trends

Rising awareness about the medical advantages of vegan bacon can boost the market growth. For instance, on April 29, 2021, vegan food manufacturer, Upton’s Naturals collaborated with Dot Foods, which is a  food industry redistributor in North America. The new relationship will increase the availability of 100% vegan meat alternatives for distributors, restaurants, and foodservices establishments’ nationwide. Additionally, In July 2022, the International Agency for Research on Cancer, part of the World Health Organization, classified the utilization of red meat as probably oncogenic to humans. On the basis of sufficient evidence, it was concluded that the consumption of processed meat causes colorectal cancer which can hampered the market growth of meat-based products.

Furthermore, in June 2020, a leading vegan bacon manufacturer, Beyond Meat, announced to acquired a new production unit in Enschede, Netherlands for the expansion of their production capacity in Europe.

Figure 2. Global Vegan Bacon Market Revenue Share (%), By Region, 2021

Vegan Bacon  | Coherent Market Insights

Among region, North America region held a dominant position in the global vegan bacon market in 2021, accounting for 40.1% market revenue share.

Global Vegan Bacon Market - Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 has positively as well as negatively affected the plant-based industry. During the pandemic, vegan, vegetarian, and flexitarian diets were rising rapidly. Due to lockdowns, travel bans, and business shutdown reduced the economic and industries growth of the developing countries. During the pandemic, disruption in the supply chain, vegan bacon market witnessed the lower growth.) However, the increased consumption of vegan products during COVID-19 can boost the market growth, owing to different taste and flavor of these products. Due to COVID-19, consumers are more concerned about their immune health, energy metabolism, systematic inflammation, weight level, and their current lifestyles.

Competitive Section

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.

Vegan bacon is generally healthy and can be used in sweet as well as savory dishes because it is flexible for making the dishes and popular choice for chefs to add flavor and excitement to their dishes or menus. Most vegan bacon has healthy fats, a considerable amount of protein, and fiber. Without any of the animal cruelty, vegan bacon offers all the flavor of pork bacon. Thus, it is being incorporated into a variety of ready-to-eat processed food items by food manufacturers. The vegan bacon market has been growing in recent years due to more people looking for plant-based alternatives to meat and dairy products.

Market Dynamics

 (The consumption of meat products are assumed to prevent the risk of type-2 diabetes and cardiovascular diseases. For improving the quality of products and increasing the customer base the manufactures are using various innovative ingredients as well as procedures in their products.) For instance, in 2021, Hooray Foods, a vegan bacon manufacturing company announced that it had secured an additional US$2.7 million in order to grow its operations. , Additionally, in June 2020, a major vegan bacon maker Beyond Meat, Inc. announced the opening of Zandbergen co-manufacturing facility in Zoeterwoude, Netherlands to expand its production capacity in the Europe region.

Key features of the study:

  • This report provides an in-depth analysis of the global vegan bacon market, its market size (US$ Mn), and compound annual growth rate (CAGR %) for the forecast period, considering 2021 as the base year
  • It elucidates potential revenue opportunity across different segments and explains an attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new material type launches or approvals, regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the vegan bacon market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered as a part of this study 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
  • Insights from this report would allow marketers and management authorities of companies to make an informed decision regarding future product launches, technology up-gradation, market expansion, and marketing tactics
  • The global vegan bacon market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global vegan bacon market

Detailed 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
  • Global Vegan Bacon Market, By Region:
    • North America
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By Country:
        • U.K.
        • Germany
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Country:
        • China
        • India
        • Japan
        • South Korea
        • ASEAN
        • Australia
        • Rest of Asia Pacific
    • Latin America
      • By Country:
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • By Sub-Region:
        • Middle East
        • Africa
  • Company Profiles
    • Cool Foods Inc.*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Beyond Meat
    • Hooray Foods
    • Kellogg NA Co.
    • OmniFoods
    • Tofurky
    • LikeMeat GmbH
    • Upton's Naturals
    • Whole Perfect Food
    • Sweet Earth Foods
    • Sunfed Ltd.
    • Lightlife
    • Organic Matters
    • The Vegetarian Butcher

“*” marked represents similar segmentation in other categories in the respective section.

Frequently Asked Questions

The global vegan bacon market size is was valued at US$ 1,200.8 Million in 2021 and is expected to exhibit a CAGR of 6.4% between 2022 and 2030.
Rising production and consumption of mushroom such as button mushroom, oyster mushroom, and others across the globe is expected to drive the global plant based meat market growth. (Increasing number of vegan population) across the globe is expected to drive the market.
Rising awareness about the medical advantages of vegan bacon is one of the growing trends in the plant based industry.
Vegan bacon contains high saturated fats which is expected to hamper the market.
Major players operating in the 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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