Vegan Bacon Market to Surpass US$ 2,028.6 Mn by 2030 - Coherent Market Insights

The Global Vegan Bacon Market was valued at US$ 1,200.8 Mn in 2021, according to the Global Vegan Bacon Market Report, by Flavoring (Smoked Paprika, Onion, Dark Beer, and Other Vegetables), By Storage (Frozen, Refrigerated, and Shelf-Stabled), By Product Type (Tofu Bacon, Mushroom Bacon, Carrot Bacon, Coconut Bacon, and Others [Eggplant Bacon]), By Distribution Channel (Supermarket, Hypermarket, and Online), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) – published by Coherent Market Insights.

The global vegan bacon market is expected to surpass US$ 2,028.5 Mn by 2030 and exhibit a CAGR of 6.4% during the forecast period 2022-2030. Due to health benefits associated with plant-based products across the globe can boost the vegan bacon market in forecast period. Growing demand for anticruelty products along with the rising awareness about animal rights provides lucrative opportunities for increasing the vegan bacon sales in the upcoming years. Moreover, the prevalence of allergies from the consumption of animal based protein source is likely to provide boost to the consumption of vegan bacon. Consumers are switching to plant-based or vegan food patterns due to various health benefits and environment friendly properties associated with plant-based food products.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/vegan-bacon-market-5426

Browse 16 market data tables* and 16 figures* on "Global Vegan Bacon Market” – Forecast to 2022-2030.

Key Trends and Analysis of the Global Vegan Bacon Market:

• Among regions, in 2021, North America was the largest market owing to increasing awareness among consumers and high disposable income of population. The vegan bacon market in North America is expected to grow at a rapid pace during the forecast period, due to increasing demand for functional food and desire for healthy & active lifestyle among the European population.
• The rapid shift towards the plant-based industry and products is playing a key role in the growth of the vegan bacon market in the country. Moreover, increasing animal welfare and food processing concerns consumers are helps to boost the vegan bacon market growth.

Key Takeaways of the Market:

• Among Distribution channel, the offline segment is divided into hypermarket and supermarket can held a dominant position in the global vegan bacon market in 2021. The availability of various varieties and wide range of products in hypermarket and supermarket is anticipated to boost the market growth in upcoming years.
• Major players operating in the market are adopting various growth strategies such as new product launches in order to expand their product portfolio. For instance, in 2020, Sweet Earth Foods, a sub-brand of Nestle, introduced a new burger with vegan bacon slices in the U.S. This new bacon is made with granular pea protein.

Key Players

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

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

• Since March 2020, almost every industry in the world has suffered due to the COVID-19 pandemic. The demand for consumer goods in 2020 reduced significantly, which in turn, hampered growth of the plant-based industry. Furthermore, supply chain disruptions also reduced the growth of the plant based industry. Moreover, import and export activities reduced drastically due to stringent regulation policies.
• In U.S., the demand was affected due to shut down of stores. However, availability of e-commerce channels increased the demand for vegan bacon during the pandemic. Furthermore, rapid shift towards organic and safe food and increasing demand for vegan bacon in the U.S. and Canada can help to boost the market growth in upcoming years.