Global Vegan Bacon Market - 2022-2029

Global Vegan Bacon Market - 2022-2029

Market Overview

Vegan bacon is a plant-based version of bacon. As part of a balanced diet, bacon is healthier than animal-derived meat when eaten in moderation. Soybeans are one of the main ingredients in vegan bacon. Wheat and yeast are also used in vegan bacon. It is a good source of sodium and vitamins such as B1, B6, and B2. Furthermore, vegan bacon is generally healthy and can be used in sweet and savory dishes because it is flexible for making the dishes and a popular choice for chefs to add flavor and excitement to their dishes or menus. Vegan bacon offers all the flavor of pork bacon without any animal cruelty. Thus, it is being incorporated into various ready-to-eat processed food items by food manufacturers.

The vegan bacon market has been growing in recent years due to more people looking for plant-based alternatives to meat and dairy products. Moreover, the rapid surge in the vegan population, growing concerns regarding animal cruelty, side effects of consuming excessive meat products, and growing awareness among people about the health benefits of veg bacon are some of the key factors driving sales of vegan bacon in the global market. The rapid shift of manufacturers towards plant-based products, the integration of advanced manufacturing technology, and the usage of innovative materials will bode well for the vegan bacon market in the forthcoming years.

The global vegan bacon market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 6.43% during the forecast period (2022-2029).

Market DynamicsRapid shift towards plant-based foods drives the vegan bacon market

Sales of vegan bacon across the globe are slated to grow at a robust pace of around YY% CAGR during the forecast period, owing to the rising consumer preference for plant-based foods, increasing food sensitivities to animal-based foods, and increased awareness of animal rights and protection. Over the years, there has been a sharp rise in the consumption of plant-based foods across the globe due to increasing animal welfare and food processing concerns, the surge in lifestyle diseases, and the introduction of a wide range of plant-based meat alternatives. According to data released by the Plant-Based Foods Association and The Good Food Institute in June 2019, U.S. retail sales of plant-based foods grew by 11% in the past year, bringing the total plant-based market value to $4.5 billion in 2019. This rapid shift towards plant-based products is playing a key role in accelerating the growth of the vegan bacon market in the country.

Furthermore, a rise in the number of plant-based startups offering veg-bacon and the expansion of the food service industry will further expand the veg-bacon business across the globe. Key players are also launching new products, which is expected to drive market growth. For instance, in 2020, Sweet Earth Foods, a subsidiary of Nestlé, introduced a new plant-based burger with vegan bacon pieces in the United States. The new Incredible Bacon Burger is created with granular pea protein and is built on the brand's original non-GMO burger.

Market Segmentation:The frozen segment accounted for the highest share of the global vegan bacon market

Storage of frozen bacon is a common conservation method. It reduces after-death enzyme action, inhibits microbial expansion, and prolongs the shelf life in the market. The frozen meat covered with the package and surrounded by or stored at 0°Frequency temperature is safe to eat. Hence, frozen bacon is commonly transported overseas or internationally. Certain food and meat are seasonal and available only in a particular area, so the adoption of freezer technology can store food all seasons and supply across the globe. The increase in the meat-eating population and the rise in popularity of ready-to-eat food preferences in the market have contributed to the significant growth of the frozen segment in the vegan bacon market. According to The American Frozen Food Institute (AFFI) and FMI, Frozen Food rang in USD 65.1 billion in retail sales in 2020, a 21% increase compared to a year ago. All meal occasions, such as dinner, lunch, snacks, and breakfast, increased frozen food purchases. Key players are also launching new products, which has expected to drive market growth. For instance, on April 5, 2022, Prasuma launched frozen Chicken Nuggets, Frozen Veg and Chicken Spring Rolls, Veg and Chicken Mini Samosas, Mutton and Chicken Shammi Kababs, and Mutton and Chicken Seekh Kababs as well as Bacon to its frozen portfolio.

Geographical Penetration: North America is the dominant region during the forecast period

In 2021, the North American region held a dominant position in the global vegan bacon market, accounting for the highest market revenue share. North America has been a fertile ground for the vegan bacon market. The demand for plant-based bacon in the US and Canada increased with a perceptional shift among consumers towards sustainable and safe food consumption. The vegan varieties include bold, premium bacon varieties, such as applewood smoked bacon, thick-cut bacon, and candied bacon. The increasing consumption and preference for a variety of bacon enabled the manufacturers to develop new products with various flavors to meet the growing consumer demand. For instance, on April 22, 2021, Prime Roots launched its first koji bacon. And with the San Francisco brand debuted a range of vegan-ready meals featuring plant-based bacon, including a Koji Bacon Mac and Cheese.

The European market for vegan bacon is expected to witness the fastest growth because the government has imposed stringent regulations against animal cruelty throughout the region. Germany, Italy, and France are 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.

Competitive Landscape

Many leading manufacturers and suppliers have an e-commerce presence to supply vegan bacon directly to end-users, cutting down on intermediary costs. The increasing importance of plant-based nutrition, the positive outlook for the health and fitness industry, and the high demand for a vegan protein diet are likely to create huge opportunities for market participants in the vegan bacon market. Some of the major players in the market are Upton’s Naturals, Beyond Meat, Tofurky, THIS.co, Sweet Earth Foods, Kellogg NA Co. (MorningStar Farms), Organic Matters, Lightlife, Cool Foods, Inc., and VBites Foods. Further, many vegan bacon manufacturers are focusing on adopting strategies such as product innovations, mergers and acquisitions, developments, joint ventures, collaborations, and partnerships. For instance, on April 9, 2022, Hooray Foods announced it had secured three new regional retail brands to carry its innovative plant-based bacon across California, Connecticut, Massachusetts, and Nevada. This expansion brings the total number of stores to more than 1,000.

On August 25, 2022, UK brand HIPPEAS announced a collaboration with alt-meat producer THIS to launch limited-edition smoky bacon-flavor chickpea puffs. The snacks are inspired by the meaty flavor of THIS’ 's plant-based bacon and lardons, which have both won Great Taste awards. They are fully plant-based and free of gluten, palm oil, and MSG.

COVID-19 Impact: Positive impact on the global 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, the vegan bacon market witnessed lower growth owing to disruptions in raw material supplies and a halt in the downstream supply chain. However, the increasing adoption of vegan products during COVID-19 supported the market growth of vegan bacon, owing to its resemblance in taste and flavor to that of meat and bacon. At the covid time, the market has expected to rebound and witness an upsurge in growth with the increasing awareness of the health benefits of a vegan diet. In addition, the increased consumption of vegan products during COVID-19 boosted market growth, owing to the different tastes and flavors of these products. Due to COVID-19, consumers are concerned about their immune health, energy metabolism, systematic inflammation, weight level, and current lifestyles.

In addition, key players are also launched new products, which has expected to drive market growth. For instance, on October 27, 2020, Hooray Foods launched its first vegan bacon product at 300 Whole Foods Market locations in seven regions. The new bacon is made with coconut oil, rice flour, tapioca starch, liquid smoke, umami seasoning (shiitake mushrooms, salt, mushroom extract, calcium carbonate), maple syrup, salt, and beet juice concentrate, a combination that creates a realistic bacon flavor and texture that sizzles similar to its animal-derived counterpart but without animal suffering.

The global vegan bacon market report would provide access to approximately 58 market data tables, 55 figures and 170 pages.