According to Reed Intelligence the Plant-Based Bacon Market will approximately grow at a CAGR of 5.4% during the forecast period.
Over the next ten years, the market for vegan bacon in China is anticipated to expand quickly due to the expansion of plant-based alternative businesses and customer desire for healthy and organic products.
Major companies are using a variety of strategies, including mergers, acquisitions, and capacity growth, in response to the rising demand for vegan bacon. For instance, in 2020, Danone (a French firm that manufactures a variety of food items) spent $12.5 million to acquire Whitewave Foods firm, a business recognized for making goods including Silk Soymilk, Horizon Organic Milk, and Worldwide Pleasure Coffee Creamers. Additionally, the vegan food producer Grub Market purchased the high-tech food production startup SunFed in March 2022.
The plant-based industry has been impacted by the COVID-19 in both good and bad ways. Throughout the epidemic, there was a noticeable rise in the number of people following vegan, vegetarian, or flexitarian diets. The development of the economy and industries of emerging nations was impeded by lockdowns, travel restrictions, and company closures. The consequences of the pandemic on the supply chain hindered the market's expansion for vegan bacon.) However, due to the distinctive aromas and tastes of vegan goods, the market may expand during COVID-19. Customers' concerns about their immune systems, energy metabolism, systemic inflammation, weight, and existing lifestyles are increasing as a result of COVID-19.
The quick growth of the vegan community, increased concerns about animal cruelty, the harmful effects of consuming too much meat, and growing public awareness of the health benefits of vegan bacon are just a few of the significant factors driving the sales of vegan bacon.
The swift shift to plant-based products has led to a rapid expansion of the vegan bacon business in the nation. Along with the expansion of the food service industry, there will be a rise in the number of plant-based businesses selling vegan bacon across the nation.
Processing requirements for vegan bacon might restrict market growth. Such foods often include significant levels of saturated fat (sodium), such coconut and palm oil. The market's expansion can be constrained if saturated fats are still present.
Increased demand for vegan bacon in developing markets and growing consumer awareness of its health advantages will both contribute to the market's development throughout the anticipated timeframe.
The quick transition from animal products to plant-based goods, the adoption of cutting-edge production methods, and the use of novel materials all portend well for the future of the vegan bacon sector.
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|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
This vegan bacon has a texture and look similar to traditional bacon.
To mimic the flavor and texture of bacon, bacon strips are often manufactured from plant-based proteins such as soy, seitan, tempeh, or mushrooms.
They often appear in sandwiches, as a stand-alone breakfast meal, and as a topping for burgers and salads.
The term "bacon bits" refers to the little vegan chunks of bacon that are often used as a garnish or flavoring in a variety of recipes.
Tofu, textured vegetable protein (TVP), and plant-based protein isolates are often included in these goods.
They may be used as a garnish to salads, baked potatoes, pasta dishes, and casseroles.
"Bacon bites" are bite-sized chunks or slices of vegan bacon.
These adaptable vegan bacon substitutes make cooking simple and versatile.
Small bits of bacon may be eaten as a snack, an appetizer, or as a side dish with meals like stir fries or spaghetti
The use of plant-based bacon by individuals or families for domestic consumption falls within this application area.
Customers buy vegan bacon ingredients so they may prepare it themselves as a side dish or snack at home.
Customers that follow vegetarian, vegan, or flexitarian diets look for meatless substitutes for regular bacon.
The major focus of the commercial application area is the use of plant-based bacon by foodservice businesses such restaurants, cafés, hotels, and catering services.
Vegan bacon is used by chefs and other industry experts to produce menu dishes that satisfy the growing desire for plant-based choices.
The consumption of packaged items including frozen dinners, prepared sandwiches, and ready-to-eat bacon alternatives is also covered in this chapter.
The Global Plant-Based Bacon Market is segmented by region as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
The sector is prospering as a consequence of the availability of plant-based alternatives in North America and the rising popularity of plant-based diets. The growth of the market is significantly influenced by the United States and Canada because to the enormous demand for plant-based bacon from consumers and the foodservice industry. Because of the region's strong industrial foundation and well-established infrastructure for supplying plant-based meals, it is simpler to get plant-based bacon products there.
The popularity of flexitarian diets, environmental issues, and growing awareness of animal cruelty are all factors in Europe's growing interest in plant-based bacon. Consumers in well-known European markets including the United Kingdom, Germany, France, and the Netherlands are embracing plant-based food options, including plant-based bacon. Local and international plant-based food companies now provide a range of vegan bacon products to fulfill customer demand.
Asia-Pacific is a booming market for plant-based bacon because of rising interest in plant-based diets, rising health concerns, and the influence of Western culinary traditions. In countries like Australia, Japan, China, and South Korea, plant-based bacon market demand is increasing, particularly among urban populations and younger demographics. Due to its big population, growing culinary scene, and rising assortment of plant-based foods, the region has a lot of growth potential.
Beyond Meat, Inc., a prominent producer of vegan bacon, announced the official opening of the Zandbergen co-manufacturing facility in Zoeterwoude, the Netherlands, in June 2020 in order to enhance its production capacity in Europe.
In 2020, Sweet Earth Foods, a branch of Nestlé, created a new plant-based burger with vegan bacon pieces. Granular pea protein is used to create the new Incredible Bacon Burger, which is based on the business's original non-GMO burger.