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The global vegan snacks market is anticipated to grow at an impressive CAGR during the forecast period. Due to the benefits of consuming vegan snacks, which include improved gut health, immune system support, and reduced inflammation, more consumers are incorporating vegan snacks into their snacking routines, assisting the market's expansion. Some businesses are aiming their products at people who want to switch to vegan diets to prevent cancer and cardiovascular disease. These assert to give such consumers more options, and by doing so, they seek to strengthen their overall position in the market for vegan snacks worldwide. The manufacturers are expected to launch a significant number of vegan snacks, which has opened lucrative growth opportunities for the sector. During the pandemic, there was a great demand for nutritious vegan snacks, which was advantageous for the industry. The healthcare professional advised daily intake of nutritious food to maintain the body's immunity during the COVID-19 pandemic. Additionally, the increase in snacking behaviors contributed positively to the market's expansion.
One of the main aspects influencing the appeal of vegan snacks is the convenience of consuming nutritious food. Furthermore, most newly released products regarded processing techniques that largely preserved their nutritional value. This is another encouraging development in the market for vegan snacks.
Launch Of New Products Propels the Market Growth
The significant number of people in rural areas who follow vegan, vegetarian, or flexitarian diets is a positive development for the promotion of vegan snacks. Manufacturers are releasing new, occasionally exotic flavors. One illustration is giving vegan snacks meat-like flavors. This has given the market's growth a significant boost. The demand for plant-based snacks has seen improved prospects in recent years as organic plant-based snacks have gained popularity in emerging markets like some developing economies in Asia. For instance, Healthline, a US-based company, offers vegan snacks which are made up of fruit and nut butter, with nutritional advantages. While nut butter is rich in fiber and protein that can help one feel full and energized, fruits offer fiber, vitamins, and minerals. Bananas or apples with cashew, almond, or peanut butter are common pairings. Hence, this factor is anticipated to drive the growth of the vegan snacks market globally.
The Rising Popularity of Vegan Diets Propels the Market Growth
Vegan diets have become increasingly popular due to their use in nutritional interventions to treat chronic illnesses and cardiovascular diseases. A vegan diet comprises plants such as vegetables, grains, nuts, and fruits. Vegans abstain from eating foods derived from animals, such as dairy and eggs. The rising popularity of vegan diets fuels the growth of the vegan snacks market. Companies are launching and developing vegan snacks to attract consumers. For instance, in 2021, Dr. Gino Bortone, the creator of Cheetos Frito-Twisted Lay's Cheetos, announced a new cheesy vegan snack. Also, Protein Twists, a high-protein, cheesy snack, were introduced by the plant-based investment firm Eat Well Group into 300 Federated Co-Operatives and expanded to other Co-Operatives, select retailers, and online sales.
Market Segmentation
The global vegan snacks market is segmented based on product type, distribution channel, region, and competitional landscape. Based on product type, the market is fragmented into Nuts & Seeds, Bakery, Savory, Confectionery, and Others). Based on distribution channel, the market is segmented into Supermarkets/Hypermarkets, Departmental Stores, Specialty Stores, Online, and Others (Convenience Stores, Direct Sales, etc.).
Company Profile
Amy's Kitchen, Danone S.A, The Archer Daniels Midland Company, Daiya Foods Inc., Tofutti Brands Inc., Eden Foods Inc., Sun Opta Inc., Hain Celestial Group Inc., Organic Valley Corporative, Green Pack Food Inc. are the major market players in the global platform that lead the market growth of the global vegan snacks market.
Report Scope:
In this report, the global vegan snacks market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Vegan Snacks Market, By Product Type:
- Nuts & Seeds
- Bakery
- Savory
- Confectionery
- Others
Vegan Snacks Market, By Distribution Channel:
- Supermarkets/Hypermarkets
- Departmental Stores
- Specialty Stores
- Online
- Others
Vegan Snacks Market, By Region
- North America
- The United States
- Canada
- Mexico
- Europe
- France
- Germany
- United Kingdom
- Italy
- Spain
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey
- South America
- Brazil
- Argentina
- Colombia
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the global vegan snacks market.
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Table of Contents
Companies Mentioned
- Amy's Kitchen
- Danone S.A
- The Archer Daniels Midland Company
- Daiya Foods Inc.
- Tofutti Brands Inc.
- Eden Foods Inc.
- Sun Opta Inc.
- Hain Celestial Group Inc.
- Organic Valley Corporative
- Green Pack Food Inc
