Analysis of Vegan Bacon market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
According to latest research by Fact.MR, vegan bacon market is likely to witness robust growth during 2021-2031. Demand for vegan bacon will witness positive growth outlook in the long-run. Increasing adoption of cruelty-free products coupled with the rising awareness about animal rights will mean limited opportunities in near future, however, the predominance of allergies from animal-based protein source consumption is likely to provide momentum to the consumption of vegan bacon.
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Evolving demand for more organic, natural, eco-friendly food compared to that of animal-based food continues to drive the demand for vegan bacon in daily dietary. Aesthetic and bodybuilding applications continue to be a lucrative avenue for vegan bacon manufacturers.
Owing to the extensive health benefits and environment friendly properties, consumers are switching to plant-based/vegan eating patterns. Furthermore, vegan bacon are being increasingly sought-after to prevent the risk of type-2 diabetes and cardiovascular diseases accompanied with the consumption of meat products.
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With an increasing demand for on-the-go fast food such as hamburgers, pizzas, sandwiches, and appetizers, the demand for vegan bacon has also witnessed an upsurge in the market as many manufacturers in food and beverages industry started incorporating vegan bacon in their food products.
Owing to its properties to get molded into a variety of textures and flavors such as Irish and Canadian-style bacon, the demand for vegan bacon has showed a significant increase and expected to fleet the overall vegan bacon market.
The recent COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. During the pandemic, vegan bacon market witnessed a lower growth owing to disruption in raw material supplies and halt in downstream supply chain. However, increasing adoption of vegan products during COVID-19 supported the market growth of the vegan bacon, owing to its resembling taste and flavor to that of meat and bacon. Post Covid, the market is expected to rebound and witness an upsurge in growth with the increasing awareness of health benefits attached with vegan diet.
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North America has been a fertile ground for vegan bacon market. US and Canada, both have witnessed a rapid growth in the vegan bacon sales, owing to increasing food allergies from animal-based food products and rising awareness on animal rights and safety.
The traditional meat market in United States is facing an adverse effect of COVID-19 pandemic, primarily due to shut down of production units by key manufacturers. However, the sale of vegan/plant based meat has shown a significant increase with the continuous dealing through e-commerce platform. Furthermore, the demand for plant-based bacon in US and Canada is likely to increase in near future with a perceptional shift of consumers towards sustainable and safe food consumption.
Many countries in EU have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities. However, as is the case in US and Canada, health and fitness spending in EU continues to drive demand for vegan bacon. The European market for vegan bacon is expected to witness fastest growth owing to the government imposed stringent regulations against animal cruelty, throughout the region.
Germany, Italy, and France being the most visited countries in Europe, creating opportunities for vegan bacon manufacturers to provide vegan bacon incorporated with on-the-go and ready-to-eat food products.
Some of the leading manufacturers and suppliers of vegan bacon include
Many leading manufacturers and suppliers have an e-commerce presence to supply vegan bacons directly to end-users by cutting down intermediary costs. Increasing importance of plant-based nutrition, positive outlook for the health and fitness industry, and high demand for vegan protein diet are some of the factors which are likely to create huge opportunities for market participants in vegan bacon market. Further, many vegan bacon manufacturers are focusing on adopting the strategies such as product innovations, mergers & acquisitions, developments, joint venture, collaborations, and partnership. For instance, in June 2020, Beyond Meat, a leading vegan bacon manufacturer announced the expansion of its production capacity in Europe by acquiring a new production unit in Enschede, the Netherlands.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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