The global vegan bacon market size is estimated to reach USD 1,331 million in 2023 and is further expected to grow at a robust CAGR of 6% between 2023 and 2033, totaling around USD 2,442 million by 2033.
Revenue for the bacon strip segment is likely to grow by 5.8% during the forecast period of 2022 to 2033. The rising trend of veganism along with the growing demand for plant-based food products is a key factor driving growth in the global market.
Over the years, the rapid shift towards plant-based meat alternatives has brought the global vegan bacon market into the spotlight. Vegan bacon is a plant-based version of bacon that is used as a side dish, central ingredient, or flavoring. It is high in protein and fiber and contains low amounts of fats.
Veg-bacon is becoming increasingly popular in everyday diets as the desire for eco-friendlier, organic, and natural food grows in comparison to animal-based cuisine. Vegan bacon makers continue to profit from aesthetics and fitness uses.
Consumers are shifting to vegan food habits because of the numerous health advantages and environmental benefits. Vegan bacon is also becoming increasingly popular as a way to avoid the danger of type 2 diabetes and cardiovascular disease that comes with animal intake.
Thanks to its healthy nature, vegan bacon is making a name for itself in the kitchen. According to research that tracks store data for organic products, sales are up 25%, which is nearly twice as high as meat-based bacon for the 52-week relevant period.
Similarly, according to Nielsen, which compiles data from traditional supermarkets, the total market for bacon substitutes nearly tripled in 2022, to USD 267 million as compared to 2020.
| Attribute | Key Statistics |
|---|---|
| Vegan Bacon Market Estimated Size (2023) | USD 1,331 million |
| Projected Market Valuation (2033) | USD 2,442 million |
| Anticipated Growth Rate (2023 to 2033) | 6% |
Explore FMI!
Book a free demo
As per FMI, the global demand for vegan bacon grew at a CAGR of 5.2% during the historical period of 2018 and 2022. However, with the growing demand for plant-based meat alternatives, the vegan bacon market will likely grow at a healthy CAGR of 6.6% between 2023 and 2033.
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.
Vegan bacon has become an ideal alternative to conventional meat bacon due to its various health benefits. It is a rich source of fiber, vitamins, and minerals, including antioxidants, calcium, and other phytonutrients.
Growing awareness about the health benefits of vegan bacon and the increasing popularity of this bacon type across emerging nations will therefore continue to boost the market growth during the forecast period.
Similarly, 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 new generation of manufacturers uses innovative components, procedures, or both to improve the quality of their products and expand their customer base.
For instance, Hooray Foods, which is based in San Francisco uses a trademark manufacturing technology to bind together rice flour, coconut oil, and starch, encapsulating oil droplets and allowing the item to cook more like the genuine thing.
Prime Root, which started in the year 2018, produces bacon using koji produced in massive fermentation tanks. The fungi koji is cut into blocks and smoked before being wrapped in colorful packaging. Another Berkeley-based protein sources business, Trophic, is rapidly developing bacon produced from red seaweed protein.
Growing Awareness About the Negative Health Effects of Bacon Fuelling Market Growth
In recent years, growing awareness about the harmful effects of consuming bacon has prompted consumers to look for alternatives like vegan bacon. Various studies have concluded that eating too much bacon can lead to conditions like cancer.
For instance, in October 2015, the International Agency for Research on Cancer (IARC), a body of the World Health Organization, classified the consumption of red meat as probably carcinogenic to humans. Based on sufficient evidence, it was concluded that consumption of processed meat causes colorectal cancer.
The announcement immediately led to panicked headlines, such as Bacon Causes Cancer, The Great Bacon Freakout, and The End of the Road for Bacon. This created a conducive environment for vegan bacon market growth, and as a result, various new startups jumped into this business.
Today, a major portion of the world population prefers to consume plant-based bacon due to its various health benefits. It contains high amounts of proteins and fibers and is generally low in fats and cholesterol.
Rising Demand for On-the-Go Processed Foods to Boost Vegan Bacon Sales
With an increase in consumption of easy, fast food, including sandwiches, hamburgers, pizzas, and appetizers, the industry for vegan bacon has seen an increase since many food and beverage makers have begun to include veg-bacon in their goods.
Vegan bacon has seen substantial growth in demand due to its ability to be molded into a wide variety of types and tastes. Food manufacturers are continuously incorporating veg bacon in a variety of on-the-go processed foods. Thus, rising consumer spending on these on-the-go processed foods will eventually boost the sales of vegan bacon during the forecast period.
Rapid Shift Towards Plant-based Foods Driving Growth in the USA Market
Sales of vegan bacon across the USA are slated to grow at a robust pace of around 7.6% 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 USA 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), the USA retail sales of plant-based foods grew by 11% in the past year, bringing the total plant-based market value to USD 4.5 billion in 2019. Furthermore, Since April 2018, total plant-based food sales have increased by 31% in the country.
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 in the country.
Growing Preference for Vegan Bacon Over Conventional One Spurring Sales in Germany
As per FMI, the vegan bacon market in Germany is projected to grow at a healthy CAGR of 6% during the forecast period of 2023 and 2033. This can be attributed to the rapid consumer shift towards plant-based foods, easy availability of a variety of veg bacon, and increasing consumer spending.
Similarly, the prevalence of sensitivities from animal-based energy source intake and increasing acceptance of cruelty-free goods paired with expanding awareness regarding animal rights will boost the sales of vegan bacon in the country during the assessment period.
Demand to Remain High for Bacon Strips
As per FMI, revenue for the bacon strip segment will grow by 5.8% from 2023 to 2033. This can be attributed to the rising consumption of vegan bacon strips across the world.
These bacon strips are being extensively used in fast food products like sandwiches, hamburgers, and pizza. Growing production and consumption of these food products will therefore continue to boost the growth of the bacon strip segment during the forecast period.
According to FMI analysis Cool Foods Inc., Beyond Meat, Conagra Inc., Hooray Foods, Kellogg NA Co., OmniFoods, Tofurky, LikeMeat GmbH, Upton’s Naturals, Whole Perfect Food, Sweet Earth Foods, Sunfed Ltd., Lightlife, Organic Matters, The Vegetarian Butcher, THIS.co, Quorn Foods, VBites Foods, and Impossible Foods Inc. are identified as key veg-bacon brands.
These leading players are continuously adopting strategies such as new product launches, partnerships, acquisitions, mergers, collaborations, and strengthening of distribution channels to expand their customer base as well as to increase their revenue share.
For instance:
Beyond Meat, Cool Foods Inc., and Hoory Foods- Enabling the Meat Lovers to Enjoy the Taste and Flavor of Bacon
Beyond Meat, Cool Foods Inc., and Hoory Foods are the top 3 companies advancing in vegan bacon pace by launching plant-based bacon. Founded in 2009 by Ethan Brown, Beyond Meat, Inc. has become a leading producer of plant-based meat substitutes.
The company offers plant-based options in the beef, pork, and poultry categories, with its products available in approximately 118,000 retail and food service outlets in over 80 countries worldwide.
Beyond Meat combines expert innovation with simple, non-GMO ingredients to deliver the meaty experience consumers crave without compromising. The USA-based company is continuously making strides in the plant-based foods space by developing new products. For instance, in 2019, Beyond Meat’s CEO announced the launch of a new vegan bacon.
Likewise, Cool Foods Inc. is another company that is ramping up its vegan bacon business. The company is a family of organically driven people workers who deliver delicious plant-based foods derived from mother nature herself.
Cool Foods has been innovating to produce a wide range of vegan bacon products like Hickory Smoked Veggie Bacon Bits which is made from pinto beans.
Another global manufacturer and supplier of vegan bacon are Hooray Foods. headquartered in San Francisco, California, the company makes delicious plant-based foods like veg bacon that are designed to look, cook, and taste just like the real thing. Since its establishment, Hooray Foods has expanded distribution to more than 1000 stores.
Hooray Foods is constantly adopting strategies such as new product launches, facility expansions, partnerships, and acquisitions to expand its customer base. For instance, in April 2022, Hooray Foods expanded the distribution of plant-based bacon to Wegmans.
Similarly, in November 2022, Hooray Foods secured a USD 2.7 million seed extension for plant-based bacon.
| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | USD 1,331 million |
| Projected Market Size (2033) | USD 2,442 million |
| Anticipated Growth Rate (2022 to 2033) | 6% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | MT for Volume and USD million for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; and Middle East & Africa |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Chile, Peru, Argentina, Rest of LATAM, EU-4, United Kingdom, BENELUX, Nordic, Russia, Poland, Rest of Europe, China, Japan, South Korea, India, Thailand, Indonesia, Singapore, Rest of South Asia. |
| Key Market Segments Covered | Type, Storage, Distribution Channel, Region |
| Key Companies Profiled | Cool Foods Inc.; Beyond Meat; Conagra Inc.; Hooray Foods; Kellogg NA Co.; OmniFoods; Tofurky; LikeMeat GmbH; Upton’s Naturals; Whole Perfect Food; Sweet Earth Foods; Sunfed Ltd.; Nightlife; Organic Matters; The Vegetarian Butcher; THIS.co; Quorn Foods; VBites Foods; Impossible Foods Inc |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
In 2023, the market is predicted to be worth USD 1,331 million.
Developing concerns about bacon's negative health effects accelerating market growth
The market to continue to thrive at a 6% CAGR through 2033.
The bacon strip segment is to flourish at a CAGR of 5.8% by 2033.
By 2033, the market is expected to be worth USD 2,442 million.
The United States market is to surge at a CAGR of 7.6% through 2033.
Germany's market is to surge at a CAGR of 6% through 2033.
Botanical Sugar Market Analysis by product type, application and by region - Growth, trends and forecast from 2025 to 2035
Amaranth Color Market Analysis by application, form and by region - Growth, trends and forecast from 2025 to 2035
Coconut Sugar Market By Form, Nature, Application and Region - Forecast from 2025 to 2035
Monk Fruit Sugar Market Analysis by Nature, Form, End Use, Packaging Type and Sales Channel Through 2035
Marine Active Ingredients Market Analysis by Product Type, Ingredient Type, Form and End Use Through 2035
Sorbic Acid Market Analysis by Form and Application Through 2035
Vegan Bacon Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
