The plant-based snacks market size is projected to be valued at USD 36,083 million in 2023 and is expected to rise to USD 76,186.6 million by 2033. The sales of plant-based snacks are expected to record a CAGR of 8.0% during the forecast period.
The plant-based snacks market has experienced remarkable growth in recent years as consumers worldwide increasingly seek healthy and sustainable food choices. Moreover, plant-based snacks provide numerous benefits. They are often rich in vitamins, minerals, fiber, and antioxidants, offering essential nutrients for a well-rounded diet.
Plant-based snacks are typically lower in saturated fats and cholesterol compared to snacks made from animal products, making them a healthy option for individuals looking to reduce their intake of animal-based foods.
The market for plant-based snacks has witnessed substantial growth, driven by changing consumer preferences, increased awareness of health and sustainability, and the expanding variety of plant-based snack options available. Furthermore, plant-based snacks come in various forms, including chips, bars, cookies, jerky, and fruit snacks, catering to a wide range of tastes and preferences.
One of the key drivers of the plant-based snacks market is the growing consumer demand for sustainable and environment-friendly food choices. Also, plant-based snacks contribute to reducing the carbon footprint and conserving resources, as plant-based farming generally requires less water and produces fewer greenhouse gas emissions compared to animal-based agriculture.
Many plant-based snacks offer alternatives to common allergens like dairy, eggs, and gluten, providing options for individuals with dietary restrictions to enjoy tasty and satisfying snacks.
Meat alternative snacks hold a notable share of 21% in the plant-based snacks market, offering a healthy and sustainable option for consumers.
Key Takeaways:
- Indirect sales channels contribute more than 50% of overall sales, showing significant traction in the market.
- Savory flavors dominate the segment with a 45% value share, providing tasty alternatives to traditional savory snacks.
- In North America, the market is expected to capture a notable CAGR of over 7%, driven by the adoption of vegetarian and vegan diets. The United States is anticipated to account for 28% of the revenue in North America’s market.
- In the Asia Pacific region, India and China are expected to dominate the plant-based snacks market, with a high CAGR of 6.1% and 7.1%, respectively. The rise in consumer spending power and the preference for healthy lifestyles contribute to the growth of the market in this region. South Asia is predicted to show significant growth, driven by changing consumer lifestyles and demand for vibrant and flavorful snacks.
Competitive Landscape
Manufacturers of plant-based snacks are working on introducing and creating a wide range of goods to expand their consumer base and achieve a competitive edge.
- Atlantic Natural Foods, LLC debuted new unique plant-based snacks in the United Kingdom in January 2019. Spicy Pad Thai and Tikka Masala Snack are two new products that have been introduced to help the company develop its spicy food segment in the nation.
- The Unilever Group unveiled plant-based snack brands such as coconut and corn seed cluster and corn cocoa chipotle at expo west in June 2018 to assist grow the project nationally.
Key Segments Covered in the Plant-based Snacks Market Report
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
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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