Low Carbs Vegan Food Market Size, Share Global Analysis Report, 2023 – 2030

Industry Insights

[210+ Pages Report] According to Facts and Factors, the global low carbs vegan food market size was valued at USD 14.90 billion in 2022 and is predicted to surpass USD 19.98 billion by the end of 2030. The low carbs vegan food industry is expected to grow by a CAGR of 3.73%.

Market Overview

The low-carb vegan food product refers to plant-based food items made with ingredients that are low in carbohydrates. A low-carbon vegan diet does not include any animal-based product. It contains fatty fruits, vegetables, nuts, seeds, legumes, and many others.

Key Insights

• As per the analysis shared by our research analyst, the global low carbs vegan food market size is estimated to grow annually at a CAGR of around 3.73% over the forecast period (2023-2030).
• In terms of revenue, the global low carbs vegan food market size was valued at around USD 14.90 billion in 2022 and is projected to reach USD 19.98 billion by 2030.
• Rising dietary trends and influencers are driving the growth of the global low carbs vegan food market.
• Based on the distribution channels, the business-to-consumer segment is growing at a high rate and is projected to dominate the global market.
• Based on the packaging, the bag segment is projected to swipe the largest market share.
• Based on the product type, the grain-based snack segment is projected to witness a high CAGR during the forecast period.
• Based on nature, the organic segment is expected to witness huge developments in the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.

Growth Drivers

• Rising dietary trends and influencers are driving the growth of the global market.

The market is witnessing the growing prevalence of many popular diets like low-carb diets or ketogenic diets, which contributes heavily to the growth of the global low carbs vegan food market. The increasing accessibility of these low-carb vegan products on e-commerce platforms is further expected to foster major developments in the marketplace. Also, social media platforms are a major factor influencing people to opt for low-carb meals.

Moreover, the increasing transition of people towards a vegan lifestyle is also expected to impact the growth trajectory of the market positively. Discounts, convenience, the availability of a large variety of products, and several other factors boost online shopping. For instance, Kellogg Co. launched its protein-rich snack bites in 2017. The product is launched under the umbrella of the Special K brand.

Restraints

• Limited product availability is expected to hamper the growth of the global market.

The limited product availability of low-carb vegan products is expected to hinder the growth of the low carbs vegan food industry. The limited availability is largely due to the complexities of mimicking the taste and texture of traditional animal-based products. Also, these foods are quite more expensive than traditional products, which also restricts their adoption rate.

Opportunities

• Health-focused marketing is expected to foster growth opportunities in the global market.

Food companies are actively marketing their products with respect to their health benefits. For instance, these low-carb vegan diets promote weight management and improve blood sugar, heart health, etc. Also, the surging focus of both food companies and consumers on clean labels and transparent ingredient lists is further expected to widen the scope of the global low carbs vegan food market.

For instance, Kellogg said to 2X their vitamin D levels in their cereal-based food products to include a good amount of nutrient content in the food items.

Challenges

• Inconsistent supply chain is a big challenge in the global market.

Sourcing high-quality ingredients is challenging in today’s marketplace. The constant fluctuations in supply because of the seasonal availability affect the production. Therefore, such inconsistent supply and distribution slows down the growth trajectory of the low carbs vegan food industry.

Segmentation Analysis

The global low carbs vegan food market can be segmented into distribution channels, packaging, product type, nature, and region.

On the basis of distribution channels, the market can be segmented into business-to-consumer and business-to-business. The business-to-consumer segment is projected to see huge developments in the low carbs vegan food industry. The growing awareness among people regarding their health and environmental concerns is boosting the demand for low-carb food in the market. There is a significant shift in people's preference towards plant-based diets.

Also, the surge in e-commerce activities and shopping is further paving a new path for huge opportunities for retailers and consumers. Consumers can have easy access to a wide range of products from the comfort of their own place without any hassle of visiting stores and standing in the queue for billing, which further promotes online shopping.

On the basis of packaging, the market can be segmented into tins, bags, wrappers, pouches, and others. The bag segment is anticipated to grow steadily during the forecast period. Bags are a convenient packaging format that offers easy portability for consumers and are of high importance in the food sector.

People look forward to the easy-to-carry and on-the-go packaging formats because of their hectic and fast work schedules. There is a surge in demand for sustainable packaging formats. These bags are manufactured from sustainable materials and attract environmentally conscious consumers.

On the basis of product, the market can be segmented into fruit & nut snacks, plant-based snack bars, grain-based snacks, meat alternative snacks, and others. The grain-based snack segment is expected to witness huge developments in the global low carbs vegan food market. Consumers are looking forward to healthier snack options, and grain-based snacks are an ideal alternative to traditional snacks. These wholegrain snacks offer minerals, vitamins, and fiber.

Also, these snacks encompass a large range of products like chips, popcorn, cakes, granola bars, and many more. Nowadays, people are paying more attention to the labels of the products. There is a growing demand for clean-label and transparent natural ingredient products among consumers. Moreover, the easy availability of gluten-free and allergy-free grain-based snacks is also contributing to the growth of the segment.

On the basis of nature, the market can be signed into conventional and organic. The organic segment is projected to witness a high CAGR during the forecast period. The increasing awareness regarding health and wellness among consumers is driving the growth of the segment. People view organic products as healthier and chemical-free food items, thereby accentuating their demand in the market.

Also, the rising concerns regarding environmental health and the need to support sustainable farming practices are further encouraging consumers to choose organic products in the market. Moreover, the growing trend of purchasing clean-label products that are free from artificial additives is further driving the demand for organic foods in the market.

Report Scope

Regional Analysis

• North America to dominate the global market.

North America accounts for the largest share of the global low carbs vegan food market because of the rising popularity of plant-based diets. Consumers in the region are looking forward to foods that align with their specific dietary preferences, like vegan and low-carb food. Food companies in the region are coming up with low-carbon vegan products to cater to people's growing demand. It includes plant-based protein, alternative convenience foods, and low-carb snacks.

The increasing retail availability of low-carb products is further expected to contribute heavily towards the growth of the regional market. Specialty stores, health centers, supermarkets, and grocery stores are widely including low-carb and vegan food products because of their growing popularity in the market. The surge in online shopping is also accentuating their demand in the market.

Asia Pacific is also likely to experience heavy growth during the forecast period because of the cultural preferences and dietary habits of the people. The region witnesses many traditional cuisines based on plant-based diets, which is a major reason behind the high growth rate of the regional market. Many start-ups and food companies are innovating with low-carb vegan products to cater to people's growing demand.

All this includes plant-based proteins, vegan snacks, and other convenience foods. The government is playing a crucial role in encouraging healthy eating and sustainability practices in the region. Therefore, such a landscape is expected to boost the growth of the regional market. For instance, General Mills Inc. came up with carb-vegan ready-to-eat meals, snacks, and beverages under an umbrella brand, Urban Remedy, in 2018.

Competitive Analysis

The key players in the global low carbs vegan food market include:

• Plamil Foods
• Archer Daniels Midland
• Quorn
• Nestlé
• The Unilever Group
• General Mills Inc.
• Earth’s Own Food Company Inc.
• Amy’s Kitchen
• DuPont
• Danone

For instance, Kellogg launched 50 new products in the frozen, morning foods, and snack categories. All the products are low-carb foods ideal for health-conscious consumers.

The global low carbs vegan food market is segmented as follows:

By Distribution Channels Segment Analysis

• Business-To-Consumer
• Business-To-Business

By Packaging Segment Analysis

• Tins
• Bags
• Wrappers
• Pouches
• Others

By Product Type Segment Analysis

• Fruit & Nut Snacks
• Plant-Based Snack Bars
• Grain-Based Snacks
• Meat Alternative Snacks
• Others

By Nature Segment Analysis

• Conventional
• Organic

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America