Global Plant Based Snacks Market, By Product Type (Meat Alternative Snacks, Grain-Based Snacks, Fruit and Nut Snacks, Plant-Based Snack Bars, Wafers, Others), Flavor (Savory, Sweet), Packaging type (Pouches, Wrappers, Bags, Tins, Others), Source (Vegetables, Fruits, Cereal, Tubers, Others), Category (Conventional, Organic), Distribution Channel (Convenience Stores, Mass Merchandisers Specialty Stores, Online Retails) – Industry Trends and Forecast to 2029
Market Analysis and Size
Plant based snacks contains those ingredients which are resulting of vegetables, fruits, plants including tubers, and cereals. The fiber fraction in plant-based snacks is generally made up of indigestible compounds, including resistant starch, pectin’s, cellulose, and hemicellulose. There are various types of plant-based snacks such as fruits and nuts, cereal-based snacks, snack bars, cookies, and others. A growing number of vegan consumers and rising consumer preference for convenience foods are the main factors cereal-based snacks that drive the market's growth. Increasing concerns about the fitness and availability of an extensive range of plant-based snack products is set to further boost the overall market developments of the Plant Based Snacks Market during the forecast period.
Data Bridge Market Research analyses that the plant based snacks market was valued at USD 40.96 billion in 2021 and is expected to reach USD 79.60 billion by 2029, registering a CAGR of 8.66 % during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.
Market Definition
Plant based snacks offer all the essential vitamins, protein, fats, carbohydrates and minerals for optimal health, and are often higher in phytonutrients and fiber. However, some vegans may need to add a supplement specifically vitamin B12 to ensure they receive all the nutrients required. Plant based snacks are completely made from plant-based ingredients and limit the use of animal based products. Plant based beverages consist protein, vitamins, essential amino acids, and minerals, which helps in minimizes the chances of obesity, diabetes, cardiovascular diseases, and heart attacks.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Meat Alternative Snacks, Grain-Based Snacks, Fruit and Nut Snacks, Plant-Based Snack Bars, Wafers, Others), Flavor (Savory, Sweet), Packaging type (Pouches, Wrappers, Bags, Tins, Others), Source (Vegetables, Fruits, Cereal, Tubers, Others), Category (Conventional, Organic), Distribution Channel (Convenience Stores, Mass Merchandisers Specialty Stores, Online Retails)
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Countries Covered
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Market Players Covered
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Maple Leaf Foods (Canada), Quorn (UK), Oumph (UK), Upton’s Natural (US), Hilary's - Drink Eat Well, LLC (US), ZELLE ORGANIC (US), Siren Snacks (US), Green Park Brands (UK), Eat Natural (UK), PRIMAL SPIRIT FOODS INC. (US), LOUISVILLE VEGAN JERKY COMPANY (US), Nestle S.A. (Switzerland), Conagra Brands, Inc. (US), General Mills Inc. (US), Unilever (UK), Outstanding Foods, Inc. (US), Vegan Rob’s (US), Amy’s Kitchen Inc,(US), Blue Diamond Growers (US), Eat Real (US), Nutrifusion L.L.C (US), Freeland Foods (US), Greenleaf Foods SPC (US)
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Market Opportunities
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Plant Based Snacks Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Increasing shift of the consumers towards the veganism
Growing shift of the consumers towards the veganism is rising the growth of the plant based snacks market. This is due to the growing awareness of the consumers regarding the social impact, health, and sustainability. There is a rising shift of the consumers towards the veganism due to the animal personal health and welfare. Also, there is a growing demand of the plant based foods such as cookies, bread, muffins, buns, snacks bar, vegan cake and others. Thus, rising the growth of the plant based snacks market during the forecast period.
- Increasing health consciousness among consumers
Increasing health consciousness among consumers is increasing the growth of the market. This is due to the nourishing aids of the plant based snacks that have stimulated the consumers to choose such products. It has several health benefits that includes reduced risk of several diseases and boost immune function. Plant based snacks are convenient to grab and provide minerals, vitamins, and energy. Rising number of working population has also led in the consumption of plant based snacks. This is expected to drive the growth of the plant based snacks market during the forecast period.
- Increasing food consumption
Food consumption is expanding at a steady pace during stagnant economic growth. This identified as a primary driver of the plant based snacks market. Furthermore to the rising population, increasing spending power is creating demand for plant-based snacks.
Opportunities
- Increasing demand for the meat substitute
The increase in the demand for plant based snacks market in the global market due to increasing awareness about the availability of meat substitutes that contain approximately the same number of nutritional values which provides numerous growth opportunities for plant based snacks in the global market.
- Rising awareness towards veganism
Rising awareness and campaigns by several social welfare societies and animal welfare societies resulted in an augmented customer base for plant-based food items. Growing vegan populations all over the globe have positive impact on the growth of plant based snacks items.
Restraints/ Challenges
There are some factors that are set to hamper the growth of the plant based snacks market, such as lack of awareness regarding the plant based snacks and stringent regulations. High production rate to prepare organic foods is also the reason to hamper the growth of market and due to no usage of preservatives and have less expiry period of plant based products which will hinder the market and can create challenges for the market in the forecast period.
This plant based snacks market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the plant based snacks market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Plant Based Snacks Market
Large number of population has affected by pandemic of COVID-19 globally. Everyone is concerned about their immunity and maintains social distance. During the lockdown, several end-user businesses' manufacture was halted, limiting demand for the plant-based snacking industry and, as a result, sales revenue. The supply chain networks were also severely impacted, resulting in a decrease in profit margins. However, the plant-based snacks market is likely to recover from this global pandemic in the next years by carefully planning based on market demands.
Recent Development
- In January 2019, Atlantic Natural Foods Company in UK launched a plant-based snacks that included spicy pad thai and tikka masala to expand their spicy food category in the country.
Global Plant Based Snacks Market Scope
The plant based snacks market is segmented on the basis of product, flavor, packaging, source, category and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Meat Alternative Snacks
- Grain-Based Snacks
- Fruit and Nut Snacks
- Plant-Based Snack Bars
- Wafers
- Others
Flavor
- Savory
- Sweet
Packaging
- Pouches
- Wrappers
- Bags
- Tins
- Others
Source
- Vegetables
- Fruits
- Cereal
- Tubers
- Others
Category
- Conventional
- Organic
Distribution Channel
- Convenience Stores
- Mass Merchandisers Specialty Stores
- Online Retails
Plant Based Snacks Market Regional Analysis/Insights
The plant based snacks market is analysed and market size insights and trends are provided by country, product, flavor, packaging, source, category and distribution channel as referenced above.
The countries covered in the plant based snacks market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
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. This is due to the rising demand for plant based snacks in this region. The North America region dominates the plant based snacks market due to increasing government initiatives to enhance consumer knowledge towards new innovations in the field of plant based snacks in this region.
During the projected period, Asia-Pacific is expected to be the fastest developing region due to the rising awareness of the animal welfare, growing concerns pertaining to the animal based food products and ban on several animal based products is rising the growth of the market in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Plant Based Snacks Market Share Analysis
The plant based snacks market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to plant based snacks market.
Some of the major players operating in the plant based snacks market are:
- Maple Leaf Foods (Canada)
- Quorn (UK)
- Oumph (UK)
- Upton’s Natural (US)
- Hilary's - Drink Eat Well, LLC (US)
- ZELLE ORGANIC (US)
- Siren Snacks (US)
- Green Park Brands (UK)
- Eat Natural (UK)
- PRIMAL SPIRIT FOODS INC. (US)
- LOUISVILLE VEGAN JERKY COMPANY (US)
- Nestle S.A. (Switzerland)
- Conagra Brands, Inc. (US)
- General Mills Inc. (US)
- Unilever (UK)
- Outstanding Foods, Inc. (US)
- Vegan Rob’s (US)
- Amy’s Kitchen Inc.,(US)
- Blue Diamond Growers (US)
- Eat Real (US)
- Nutrifusion L.L.C (US)
- Freeland Foods (US)
- Greenleaf Foods SPC (US)
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