The plant-based snacks market is predicted to be worth US$ 36,083 million in 2023, rising to US$ 76,186.6 million by 2033. Plant-based snack sales are predicted to grow at an 8.0% CAGR during the projection period.
Plant-based snacks have recently gained popularity for a number of reasons. Obesity, cardiovascular disease, and other chronic diseases are on the rise, thanks to increased consumer knowledge and exposure. As a result of technological and urbanisation improvements, consumers who are conscious of their behaviours are more informed than ever before. Their appetite for plant-based snacks grows as they learn about the advantages of a plant-based diet.
As more individuals adopt healthier and more ecologically conscious eating habits, the market for plant-based snacks is rapidly expanding. People are becoming more interested in plant-based alternatives as they become more aware of the environmental impact of typical snacking. These snacks satisfy the growing desire for fun without making you feel bad, thanks to their wide range of flavours and health benefits.
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Healthy snacking has grown in popularity. Snacks derived from fruits, vegetables, seeds, or a combination of these are becoming more popular. The trend is likely to get up speed in the coming years.
The reason why consumers opt for plant-based products is the ongoing trend of consumers becoming health and wellness conscious.
However, a number of important factors—including product affordability, convenience, and flavor—continue to have an impact on customers’ purchase choices. In order to persuade consumers to adopt healthy eating habits while keeping convenience and flavour, producers must develop strategies.
Because of consumers’ shifting eating patterns, the demand for plant-based snacks is anticipated to increase throughout the projected period. Therefore, market participants anticipate seeing more demand.
Key Takeaways from Market Study
- North America is expected to dominate the global market by accounting for the maximum market value share of about 37% by 2022 end
- By product type, meat alternatives are expected to account for the maximum market value share of the global market by 2022 end
- In case of flavor, savory plant-based snacks are expected to gain momentum and show an impressive growth over the forecast period (2022-2032)
- Presently North America plant-based snacks market dominates with an estimated value of above US$ 25 Billion by the end of year 2032.
- Indirect channel is expected to account for a higher market value share than direct channel by 2032 end
- Asia Pacific region is the leading market in terms of growth in sales of plant-based snacks these years resulting in an above average CAGR of 9.5% through the projected time period.
Competitive Landscape
Manufacturers are adopting various marketing strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration to identify the interest of potential buyers and create a larger customer base.
Some of the top companies operating in the global plant-based snacks market includes General Mills Inc., The Unilever Group, Nestle, Primal Spirit Foods, Inc., Maple Leaf Foods Inc., Louisville Vegan Jerky Company, Blue Diamond Growers, Inc., Eat Natural, Green Park Snacks Ltd, Eat Real, Quorn, Oumph, Soul Sprout, Upton’s Naturals, Nutrifusion, Drink Eat Well, LLC, Go Raw®, Greenleaf Foods, SIREN SNACKS, and Zellee Organic among others.
In order to stay relevant in the global plant-based snacks market and gain competitive edge, some of the leading players are focusing in product innovations. For instance, they are introducing novel flavours in both sweet and savoury categories to expand their consumer base.
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Future Market Insights, in its new report, offers an impartial analysis of the global plant-based snacks market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on plant-based snacks market by product type (meat alternative snack, cereal/grain based snack, plant-based salted snack, plant-based snack bar, fruit and nut snack, and others), packaging (pouches, wrappers, bags, and tins), flavor (savory and sweet), and distribution channel (direct and indirect) across seven (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa) major regions of the world.
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Global Plant-based Snacks Market by Category
By Product Type:
- Meat Alternative Snack
By Packaging:
- Pouches
- Wrappers
- Bags
- Tins
By Flavor:
- Savory
- Sweet
By Distribution Channel:
- Direct
- Indirect
- Hypermarkets/Supermarkets
- Convenience Store
- Specialty Stores
- Grocery Stores
- Independent Retailers
- Online Retailers
Frequently Asked Questions
- What is the market scenario of plant-based snacks?
- At what rate is the global plant-based snacks market expected to grow?
- What is the projected Value of Plant-based Snacks Market By 2032?
- Which Country is the largest Dominant Share Holder in the Plant-based Snacks Market?
- Which are the major countries driving demand for Plant-based Snacks?
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Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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