Vegan Bacon Market

Vegan Bacon Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Vegan Bacon Market grew at a CAGR of 5.6% between 2017-2021 and is estimated to be US$ 1,036.9Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.2% and is expected to reach a valuation of US$ 1,892.3Mn by 2032 end.

The global vegan bacon industry has gained attention due to the quick shift toward plant-based meat substitutes. Vegan bacon is a plant-based alternative to bacon that can be added as a flavor, main element, or side dish. It has a low-fat content and a high protein and fiber content.

In contrast to animal-based cuisine, vegetarian bacon is becoming more and more common in ordinary meals as consumer demand for healthier, organic, and natural foods rise. Manufacturers of vegan bacon continue earning money from fashion and fitness trends.

Consumers are changing their eating patterns due to the many health and environmental benefits of veganism. Additionally, vegan bacon is gaining popularity as a means of avoiding the risk of type 2 diabetes and cardiovascular disease that comes with animal intake.

Market Dynamic

GROWING AWARENESS ABOUT THE NEGATIVE HEALTH EFFECTS OF BACON FUELLING MARKET GROWTH

Growing knowledge of the negative effects of eating bacon has led customers to search for alternatives like vegan bacon in recent years. Numerous studies have found that excessive bacon consumption can result in diseases like cancer.

For instance, the World Health Organization’s International Agency for Research on Cancer (IARC) categorized red meat intake as probably carcinogenic to humans in October 2015. It was determined that processed beef caused colorectal cancer based on sufficient data.

As soon as the news broke, headlines like “Bacon Causes Cancer,” “The Great Bacon Freakout,” and “The End of the Road for Bacon” appeared. As a result, numerous new firms entered the vegan bacon market, creating a favorable climate for expansion.

Due to its numerous health benefits, many of the global population now prefer to eat plant-based bacon. It is often low in fats and cholesterol and high in proteins and fiber.

RISING DEMAND FOR ON-THE-GO PROCESSED FOODS TO BOOST VEGAN BACON SALES

Since many food and beverage manufacturers have started to include vegan bacon in their products, the demand for quick, uncomplicated meals, including sandwiches, hamburgers, pizzas, and appetizers, has increased.

Due to its versatility in terms of flavors and varieties, demand for vegan bacon has significantly increased. Manufacturers of processed foods for consumption on the fly are consistently adding vegan bacon to their products. Thus, increased consumer expenditure on these processed foods for on-the-go consumption will gradually increase the sales of vegan bacon throughout the projected period.

Market Segments Covered in Report

By Type:

• Bacon Bites
• Bacon Strip
• Ready-to-eat Bacon
• Bacon Bits
• Standard Bacon

By Storage:

• Shelf-stable
• Refrigerated
• Frozen

By Distribution Channel:

• Retail Channel
• Supermarkets/Hypermarkets
• Specialty Stores
• Online Stores
• Other Retail Channels
• Foodservice Channel
• Cafes and Bars
• Quick-service Restaurants
• Full-service Restaurants
• Other Foodservice Channels

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Which is the top-selling vegan bacon type?

The bacon strip segment’s sales are expected to increase by 6.9% from 2023 to 2032. This is due to the increased consumption of ready-to-eat bacon strips worldwide. These bacon strips are widely utilized in fast food items like pizza, hamburgers, and sandwiches. Therefore, during the projection period, the growing production and consumption of these food items will support the expansion of the bacon strip segment.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• Due to rising consumer preference for plant-based foods, rising food sensitivity to animal-based foods, and raising awareness of animal rights and protection, sales of vegan bacon are expected to grow at a strong rate of about 8.1% CAGR with a market share of 35.1% across North America during the forecast period.
• Germany’s vegan bacon market is anticipated to expand at a healthy CAGR of 6% between 2023 and 2032. The quick movement in customer preferences toward plant-based foods, the accessibility of a wide variety of veg bacon, and rising consumer expenditure are all responsible for this.

Competition Analysis

The major businesses consistently use tactics to grow their client base and raise their revenue shares, such as new product releases, partnerships, acquisitions, mergers, collaborations, and distribution channel strengthening.

The recent developments in the Global Vegan Bacon Market:

• In June 2020, to increase its production capacity in Europe, Beyond Meat, Inc., a significant manufacturer of vegan bacon, announced the official launch of the Zandbergen co-manufacturing facility in Zoeterwoude, the Netherlands.

A list of some of the key suppliers present in the market are:

• Cool Foods Inc.
• Beyond Meat
• Conagra Inc.
• 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

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.