Future Market Insights delivers key insights, and presents a revised forecast of the global plant-based snacks market for a 10-year period from 2018 to 2028, for the report titled, ‘Plant-based Snacks Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028’. Revision in the market size and forecasts have been carried out taking into account the impact of various macroeconomic indicators and other industry-based demand-driving factors, as well as the recent developments of key market participants. The global plant-based snacks market is estimated to be valued at US$ 31,832.6 million in 2018, and expected to reach US$ 73,610.2 million by 2028, at a CAGR of 8.7% during 2018-2028, revised from the previous CAGR of 6.4%, due to factors regarding which FMI offers useful insights in detail in this report for plant-based snacks.
The market for plant-based snacks is anticipated to increase over the forecast years, owing to growing consumer awareness regarding health and wellness. Besides, there is the rapidly rising trend for vegan/vegetarian/flexitarian diets, which is boosting the market for plant-based snacks. Also, increasing health issues, food-borne allergies, and intolerances have made consumers shift and prefer natural and healthier plant-based snacks.
The global plant-based snacks market has been segmented on the basis of product type, into meat alternative snacks, cereal-/grain-based snacks, plant-based salted snacks, plant-based snack bars, fruit and nut snacks, and others. The meat alternative snacks segment is expected to witness the highest CAGR among the other segments, over the forecast years.
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Global Plant-based Snacks Market Scenario
The plant-based snacks market witnesses a significant contribution from plant-based salty snacks, snack bars, and meat alternatives. The plant-based salty snacks segment is expected to reach a value of US$ 20,097.0 million by 2028. Ever-increasing consumers’ likability towards snacks, along with the increasing consciousness about health and wellness have led to the rapidly increasing demand for healthier snacking alternatives, such as plant-based snacks. The growing trend for veganism and vegetarianism is further leading to the increasing demand for plant-based snacks and products. Increasing concerns regarding animal welfare and treatment is considered to be another driver for the growth of plant-based snacks and products in developed economies. Besides, the growing commonness of food-allergies and intolerances like lactose intolerance among people has further fuelled the growth of the plant-based snacks market.
The plant-based snacks market is further categorized on the basis of nature, into conventional plant-based snacks and organic plant-based snacks. The organic plant-based snacks segment is anticipated to overtake the conventional plant-based snacks segment, with an expected CAGR of 9.5% by 2028, owing to the increasing popularity and demand for healthier organic products, along with the increasing per capita disposable incomes of consumers.
Target Geographies for Plant-based Snacks
The report for plant-based snacks has been segmented into seven regions, namely, North America, APEJ (Asia Pacific excluding Japan), Western Europe, MEA (Middle East & Africa), Japan, Latin America, and Eastern Europe.
APEJ, Western Europe, and North America, together, constitute more than 92.9% of the market share for plant-based snacks. Currently, North America, followed by APEJ and Western Europe, is the largest market in terms of size, and is expected to dominate through the forecast period. However, APEJ would emerge as the most pulsating market in terms of CAGR, which is anticipated to reach 9.7% over the forecast year.
Trends for Plant-based Snacks
Plant-based snacks are expected to witness lucrative growth over the forecast years, owing to the ever-changing eating habits of consumers. Consumers are becoming readily conscious and aware about whatever they consume, and their effects on health and wellness. Thus, they are picking natural and plant-based healthier products that satisfy their demand for nutrition, taste, and flavor. This is the primary driver for the fast growth of the plant-based snacks market. The need for plant-based snacks is increasing, as other snack products having high oil, sugar, and fat content are associated with a number of problems, such as obesity, diabetes, and high blood pressure, due to higher sugar content and presence of artificial flavors and additives. Plant-based snacks are a natural and healthier alternative to their animal-based counterparts, and thus, appeal to a large consumer base. Manufacturers of plant-based snacks are offering new and pioneering ingredients and flavors to attract consumers. Besides, they are seeing profit-making prospects in the plant-based snacks market, and thus, are expanding and acquiring small plant-based snack companies and brands, and are updating their inventories with more plant-based snacks in the ever-growing market.