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 become more popular recently for a number of reasons. Along with increased consumer awareness and exposure, obesity, cardiovascular disease, and other chronic diseases are on the rise. Because of advancements in technology and urbanisation, conscientious consumers are more aware than ever. They quickly become aware of the advantages of a plant-based diet, which increases the desire for plant-based snacks.
As more people adopt healthier and more environmentally friendly eating practises, the market for plant-based snacks is growing quickly. As individuals become more conscious of how typical snacking affects the environment, interest in plant-based alternatives has increased. These snacks suit the rising desire for guilt-free enjoyment with their wide range of flavours and health advantages.
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Healthy snacking has gained a lot of popularity. The market for snacks made from fruits, vegetables, seeds, or a combination of these is expanding nowadays. In the upcoming years, the tendency is probably going to accelerate.
The reason why consumers opt for plant-based products is the ongoing trend of consumers becoming health and wellness conscious.
However, a number of critical factors continue to influence client purchasing decisions, such as product pricing, convenience, and flavour. As a result, manufacturers must design techniques to encourage consumers to adopt healthy eating habits while maintaining convenience and taste.
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.
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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.
Explore More Valuable Insights
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.
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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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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