Online sales of plant-based food products saw rapid growth during the lockdown period, supporting industry growth in the global vegan snacks market size.
According to findings by Grand View Research Inc, the rising demand for vegan products due to health benefits along with increasing veganism across the globe sees the category currently valued at $44.02Bn. These factors are propelling the growth of the industry, expected to register a compound annual growth rate (CAGR) of 6.9 percent from 2022 to 2030.
The global vegan snacks market is expected to be worth $80Bn by 2030.
Due to rising veganism, major countries such as the US, the UK, Australia, India and Canada are contributing significantly to the growth of the market. The benefits of a vegan diet are becoming more widely accepted, improving gut health and supporting the immune system to reduce inflammation. In addition, the harmful effects of animal-based food on the planet and human health encourage people to adopt a vegan diet.
The influence of social media on the vegan snack market is expected to contribute to growth as, due to low fat and cholesterol options, demand grows for confectionery items such as chocolate. The growing trend of veganism amongst celebrities and athletes across the globe is also projected to provide growth opportunities to the market.
