Increasing awareness of plant-based foods and changes in food consumption patterns are driving forces for the market. Durin the COVID-19 pandemic, the demand for plant-based, vegan snacks increased due to their various health benefits.

Based on product format, the global market is categorized into nuts and seeds, bakery, savory, confectionery, and others. Among these, the savory segment contributed to a larger market share in 2021. The market is mainly driven by demand for salty savory snacks, such as potato chips, tortilla chips and others. The availability of different flavors and ingredients in plant-based savory snacks further contributes to the segment growth.

The vegan bakery segment is projected to grow significantly over the forecast period due to the rising demand for healthy bakery products in developed economies. On the basis of distribution channels, the industry is segmented offline and online. The online segment is expected to register the fastest CAGR from 2022 to 2030. This growth can be credited to manufacturers adopting e-commerce technology to boost product sales.

Europe accounted for the most revenue share in 2021 and is expected to grow at a steady CAGR from 2022 to 2030. The rising demand for plant-based protein intake in the UK, Germany and France is driving the market growth. Moreover, significant growth in the sales of plant-based bakery and confectionery products in Spain and Italy contributed to the regional market growth.

Grand View Research also reported that the global vegan confectionery market is anticipated to reach $2.62 billion by 2030. The market is projected to expand at a CAGR of 11.8 percent from 2022 to 2030. Increasing adoption of veganism among millennials and the working population is one of the key factors driving demand worldwide. Growing awareness regarding animal cruelty and the rise in campaigns targeted at environmental protection and sustainability are also expected to contribute to the growth of the market.