Global Vegan Bacon Market Is Estimated To Witness High Growth Owing To Increasing Demand For Vegan Bacon And Growing Consumption Of Fast Food Items
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| Vegan Bacon Market |
Overview:
There are more and more plant-based bacon products popping up in supermarkets, and some of them are pretty good. However, many of these meat substitutes are highly processed and full of sodium. They're also usually more expensive than the real thing. The best part about this faux bacon is that it's made from ingredients that are safe for vegans to eat, including soy, wheat gluten, water, and yeast. However, it still contains honey and meat flavoring, so it's not suitable for vegans who avoid all foods containing animal products.
These bacon analogues are crafted using ingredients such as pea protein, rice flour and seasonings like nutritional yeast, smoked paprika and liquid smoke. They are available in supermarkets such as Whole Foods and are a great addition to vegan breakfast sandwiches or stuffed inside a vegetarian BLT. This plant-based bacon is a favorite of both vegans and non-vegans alike. The flavor is reminiscent of the classic cured meat, and it has a chewy texture that is perfect for a sandwich or wrap. This version of bacon is also made without animal products, making it more ethical and environmentally friendly than its pork counterpart.
Market Dynamics:
Rising acquisitions among key players is estimated to augment growth of the global Vegan Bacon Market during the forecast period. For instance, a French multinational food-products corporation Danone acquired Whitewave Foods Company, for US$ 12.5 Million, in 2020. Whitewave specializes in the production of international delight coffee creamers, silk soymilk, and organic milk. Moreover, growing presence of saturated fats is anticipated to restrain growth of the global vegan bacon for market during the forecast period.
Impact of COVID-19:
The pandemic was first reported in 2019 in China. The outbreak was then transmitted to more than 100 nations globally. This outbreak affected several sectors of society including automobiles, manufacturing, pharmaceuticals, and the healthcare sector. Manufacturing activities were halted during the pandemic owing to strict nationwide lockdowns in many countries. The pandemic also hampered trade activities in all sectors.
The food and beverage industry also had to shut down many activities, only essential items were being manufactured. The pandemic also had a positive impact amongst people regarding their health and well-being. People were opting for healthier options, over processed food items and meat. This led to increase in demand for vegan bacon. Thus, the global vegan bacon for market witnessed growth during the pandemic. However, in the post-pandemic era several new vegan products have been launched by many companies. This is expected to further boost growth of the market.
Key Takeaways:
The global Vegan Bacon Market is expected to witness robust growth, exhibiting CAGR of 6.4 % over the forecast period, due to increasing product launched by key players.
For instance, Beyond Steak, a new plant-based product was launched by Beyond Meat, Inc., in October 2022. This product has been launched from meat lovers and flexitarian population in the United States.
North America is anticipated to witness robust growth in the global vegan bacon for market during the forecast period, due to growing consumer awareness regarding contaminated meat goods and rising consumption of meatless meat products.
Key players active in the global Vegan Bacon Market are The Vegetarian Butcher, Cool Foods Inc., Organic Matters, Beyond Meat, Lightlife, Hooray Foods, Sunfed Ltd., Kellogg NA Co., Sweet Earth Foods, Omni Foods, Whole Perfect Food, Tofurky, Upton’s Naturals, and LikeMeat GmbH.
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