Frequently asked questions
The global vegan bacon market was valued at USD 1258.9 Million in 2022.
The vegan bacon market is expected to grow at a CAGR of 6.5% between 2023 and 2030, reaching USD 2083.5 Million in 2030.
Vegan bacon bits are the leading segment by product type, holding over 42% share in value in 2022.
The soy-based vegan bacon segment governs the global demand for vegan bacon, holding a massive market share of over 28% in 2022.
The online retail and food service segment will post the highest CAGR in the projection period.
North America is fueling the rapid growth of the vegan bacon industry, with over one-third of its share in 2022.
The top players include Cool Foods Inc, Beyond Meat, Hooray Foods, Kellogg NA Co., Omni Foods, Tofurky, LikeMeat GmbH, Upton’s Naturals, Whole Perfect Food, Sweet Earth Foods, Sunfed Ltd, Lightlife, Organic Matters, The Vegetarian Butcher, and Others.
The major market drivers are the increasing adoption of plant-based diets driven by health and environmental concerns, rising consumer demand for meat alternatives, and ongoing product innovation to enhance the taste and texture of vegan bacon.
The major market restraints of the vegan bacon industry include challenges related to replicating the taste and texture of traditional bacon, limited availability in certain regions, and the potential for higher pricing compared to meat-based bacon.
The major market opportunities in the vegan bacon industry include continuous product innovation and diversification, expansion of distribution channels to reach a broader consumer base, and tapping into the growing trend of flexitarian and plant-based diets worldwide.