Plant-based snacks have versatile applications, offering health-conscious consumers flavorful alternatives. They encompass a wide range of products, including chips, bars, and jerky, catering to various taste preferences. Features of plant based snacks include being free from animal-derived ingredients, lower in saturated fats, and often rich in vitamins and minerals. Plant-based snacks serve as convenient on-the-go options for those seeking ethical, health-focused, and environmentally-friendly choices. Their popularity has surged as they contribute to balanced diets while aligning with sustainability and wellness goals.
According to Data Bridge Market Research, the Global Plant Based Snacks Market accounted for USD 40.96 billion in 2021 and is expected to reach USD 79.60 billion by 2029. The market is expected to grow with a CAGR of 8.66% in the forecast period of 2022 to 2029.
“Rising consumer shift towards veganism boosts the market’s growth”
The growth of the plant-based snacks market is propelled by the rising consumer shift towards veganism. As more consumers opt for plant-based diets due to health and ethical considerations, the demand for vegan snacks has surged. Plant-based snacks offer a guilt-free and sustainable alternative to traditional snacks, catering to the preferences of health-conscious and environmentally aware consumers. This trend aligns with the changing dietary patterns and values of consumers, driving market expansion and innovation in the snack industry.
What restraints the growth of the global plant based snacks market?
“Taste and texture challenges restraints the market’s growth”
Developing plant-based snacks that successfully mimic the familiar taste and texture of conventional snacks poses a significant challenge. Consumers are often hesitant to transition to plant-based options due to doubts stemming from previous experiences with alternatives that fell short of replicating the satisfying sensory aspects they associate with traditional snacks. This skepticism regarding the ability of plant-based snacks to deliver the same gustatory and textural experience can hinder the adoption of these alternatives in the market.
Segmentation: Global Plant Based Snacks Market
The global plant based snacks market is segmented on the basis of product, flavor, packaging, source, category, and distribution channel.
- On the basis of product, the plant based snacks market is segmented into meat alternative snacks, grain-based snacks, fruit and nut snacks, plant-based snack bars, wafers, and others.
- On the basis of flavour, the plant based snacks market is segmented into savory, sweet.
- On the basis of packaging type, the plant based snacks market is segmented into pouches, wrappers, bags, tins, and others.
- On the basis of source, the plant based snacks market is segmented into vegetables, fruits, cereal, tubers, and others.
- On the basis of category, the plant based snacks market is segmented into conventional, organic.
- On the basis of distribution channel, the plant based snacks market is segmented into convenience stores, mass merchandisers specialty stores, and online retails.
Regional Insights: North America dominates the Global Plant Based Snacks Market
North America dominates the plant based snacks market in terms of market share and revenue and will continue to flourish its dominance during the forecast period of 2022 to 2029 due to increasing regional demand for plant-based snacks. The North American market holds a dominant position, driven by growing government efforts to raise consumer awareness about novel developments in the plant-based snack sector.
Asia-Pacific is expected to be the fastest developing region due to heightened awareness of animal welfare and escalating concerns about animal-based food products. Bans on various animal-based items further stimulate this growth. These factors collectively drive the demand for plant-based alternatives, shaping a market that caters to ethical and environmental considerations.
Recent Development
- In January 2019, In the U.K., Atlantic Natural Foods Company introduced a range of plant-based snacks, featuring spicy pad Thai and tikka masala options. This move aims to broaden their spicy food offerings within the country and cater to the growing demand for plant-based snack choices.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-plant-based-snacks-market
The Prominent Key Players Operating in the Global Plant Based Snacks Market Include:
- Maple Leaf Foods (Canada)
- Quorn (U.K.)
- Oumph (U.K.)
- Upton’s Natural (U.S.)
- Hilary's - Drink Eat Well, LLC (U.S.)
- ZELLE ORGANIC (U.S.)
- Siren Snacks (U.S.)
- Green Park Brands (U.K.)
- Eat Natural (U.K.)
- PRIMAL SPIRIT FOODS INC. (U.S.)
- LOUISVILLE VEGAN JERKY COMPANY (U.S.)
- Nestle S.A. (Switzerland)
- Conagra Brands, Inc. (U.S.)
- General Mills Inc. (U.S.)
- Unilever (U.K.)
- Outstanding Foods, Inc. (U.S.)
- Vegan Rob’s (U.S.)
- Amy’s Kitchen Inc., (U.S.)
- Blue Diamond Growers (U.S.)
- Eat Real (U.S.)
- Nutrifusion L.L.C (U.S.)
- Freeland Foods (U.S.)
- Greenleaf Foods SPC (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global plant based snacks market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Plant Based Snacks Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Europevs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
