An Incisive, In-depth Analysis on the Plant Based Snacks Market
This study offers a comprehensive, 360 degree analysis on the Plant Based Snacks market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Plant Based Snacks market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Plant-based products are those products that are made entirely from plant-based ingredients, and limit or restrict any use of animal-based products. Plant-based products include plant-based snacks, which are further classified into meat alternative snacks, cereal-/grain-based snacks, plant-based salted snacks, plant-based snack bars, and fruit and nut snacks. The plant-based snacks market is expected to witness a growing CAGR of 8.7% by 2028. The demand for plant-based snacks is witnessing lucrative growth, owing to numerous factors. The increasing likability and snack consumption by consumers, along with the growing health and wellness consciousness among consumers are the primary drivers for the plant-based snacks market. Besides, increasing health issues and diseases like diabetes, obesity, and cardiovascular diseases have pushed consumers towards consuming healthier snack alternatives in the form of plant-based snacks. Plant-based products provide more nutritional value, and contribute to healthier eating habits. The plant-based snacks market is anticipated to witness an increasing demand, due to rising vegan/vegetarian/flexitarian eating trends in developed and developing economies, wherein, people avoid animal-based products and switch to better plant-based alternatives.
The growing acceptance of plant-based snacks among consumers is leading to the cumulative interest of big companies towards these products. Big food and snack companies are capitalizing and acquiring small plant-based snack brands, startups, and companies to increase their plant-based snack offerings. Companies are becoming well aware of changing consumer preferences, and hence, are trying to update their inventories with more and more plant-based products such as plant-based snacks.
Plant-based Snacks Market – Region-wise Overview
The global plant-based snacks market is expected to observe significant growth coming from developed economies. In terms of value, the plant-based snacks market in APEJ is expected to expand at a CAGR of 9.7% over the forecast period, to reach a market value of US$ 21,460.8 Mn by 2028. APEJ accounts for almost 26.6% of the total share of the global plant-based snacks market in terms of revenue, which is expected to increase significantly by 2028 end. Growing consumer per capita disposable income, and rising health and wellness consciousness are expected to boost the growth of the plant-based snacks market in APEJ.
Developed economies like North America and Western Europe are anticipated to account for a majority of the market share for plant-based snacks, due to the increasing vegan and vegetarian trend, and increasing per capita snack consumption by consumers in these regions. The North America plant-based snacks market is expected to expand at a CAGR of 7.8% over the forecast year, to reach market value of US$ 23,239.2 Mn by 2028. The Western Europe is anticipated to have 22.3% of market share of plant-based snacks by 2018.
Plant-based Snacks Market – Segment-wise Overview
By product type, the plant-based snacks market is expected to witness a major contribution from the plant-based salted snacks segment. In terms of value, the plant-based salted snacks segment for the Asia Pacific market holds the largest share, and accounts for over 41.2% of the total APEJ plant-based snacks market. Increasing consumer awareness about plant-based and natural products is the key driver for the growing market for plant-based snacks. Increasing per capita disposable income of consumers in Asia Pacific is leading to increasing snack consumption, which is boosting the plant-based snacks market.
Developed regions like North America and Europe are also expected to face rapidly growing demand for plant-based snacks, with the plant-based salted snacks, snack bars, and meat alternative snacks segments being the prominent shareholders. Consumer inclination towards plant-based snacks is rapidly growing in these developed regions, owing to increasing health awareness among consumers. Besides, these regions are witnessing a growing trend for vegan/vegetarian/flexitarian diets, which is further boosting the market for plant-based snacks. A large number of people are suffering from food-borne allergies and intolerances, due to which, they have adopted restrictive diets, and have started moving towards plant-based diets, including plant-based snacks. North America holds 34.5% market share in the plant-based snacks market, followed by APEJ and Western Europe.
Future Market Insights offers a 10-year forecast of the global plant-based snacks market between 2018 and 2028. In terms of value, the market is expected to register a CAGR of 8.7% during the forecast period. This study demonstrates the market dynamics and trends in the global plant-based snacks market that are expected to influence the current environment and future status of the plant-based snacks market over the forecast period.
Report Description for the Plant-based Snacks Market
This Future Market Insights report examines the global plant-based snacks market for the period 2018–2028. It provides historical data of 2013, along with estimated data for 2018, and forecast data up to 2028 in terms of value (US$ Mn) and volume (MT). The primary objective of the report is to offer insights into the developments in the market that are significantly influencing the demand for plant-based snacks. The market for plant-based snacks is anticipated to witness growing demand, due to growing consumer awareness and preference for natural and plant-based products. A few other drivers for the plant-based snacks market includes consumers’ likability towards snack food, rising trend for vegan/vegetarian diets, growing concerns regarding animal welfare, and rising pervasiveness of restricted diets due to issues like food-borne allergies and lactose intolerance.
The plant-based snacks market is segmented as follows:
Product type for plant-based snacks
Nature plant-based snacks
Flavour plant-based snacks
Packaging plant-based snacks
Sales channel plant-based snacks
This report covers the global plant-based snacks market performance in terms of value and volume contribution. The report for plant-based snacks also includes FMI’s analysis of key drivers, trends, and restraints in each of the seven regions/countries that are currently influencing the plant-based snacks market. Furthermore, the report gives a complete region/country-wise analysis of 2018 & 2028 estimates of the total revenue and consumption of plant-based snacks. Opportunity analysis, value chain analysis, and scenario forecast of every region/country has been included in this plant-based snacks report, to better equip clients with crystal-clear decision-making insights.
Based on product type segmentation, the plant-based snacks market is classified into meat alternative snacks, cereal-/grain-based snacks, plant-based salted snacks, plant-based snack bars, fruit and nut snacks, and others.
Based on nature segmentation, the market for plant-based snacks is divided into organic and conventional snacks.
Based on flavour segmentation, the market for plant-based snacks is segmented into savoury flavours and sweet flavours. The savoury flavours segment is further divided into vegetable flavours, herb & spice flavours, chilly/pepper flavours, seafood/meat flavours, cheese flavours, and blended flavours. On the other hand, sweet flavour include citrus flavours, tropical flavours, berry flavours, chocolate flavours, and others.
Based on packaging segmentation, the plant-based snacks market is categorized into pouches, tins, wrappers, and bags.
Based on sales channel segmentation, the market for plant-based snacks is divided into food service providers, hypermarkets/supermarkets, convenience stores, specialty stores, small groceries, and online retail.
Based on regional segmentation for the plant-based snacks market, North America, Western Europe, and Asia Pacific are estimated to dominate the global plant-based snacks market, which are projected to register the highest CAGRs in terms of value and volume among other regions in the global plant-based snacks market during the forecast period, which is expected to increase potentially by 2028 end.
For analyzing market size for plant-based snacks in terms of volume, per capita consumption of snacks by vegans, vegetarians, and the rest of the population is considered. A detailed study of the vegan/vegetarian population is taken into consideration, and their eating trends are monitored. The global snacks market is tracked to estimate market penetration of the product. The weighted average selling price for plant-based snacks was considered to estimate the market size of plant-based snacks in major consuming countries. These prices were captured in their respective countries, and then converted into USD to offer forecasts in one consistent currency standard.
A number of primary and secondary sources were consulted during the course of the study for plant-based market. Secondary sources include Factiva, and Hoovers, and company annual reports and publications. The report provides the detailed competitive and company profiles of key participants operating in the global market.
Some of the key market players covered in the plant-based snacks market report are General Mills Inc, Maple Leaf Foods Inc., The Unilever Group (Growing Roots), Blue Diamond Growers, Inc., Nestlé, Primal Spirit Foods, Inc.,Louisville Vegan Jerky Company, Eat Natural, Eat Real, Green Park Snacks Ltd (Hippeas), Quorn, Soul Sprout, Oumph, Upton's Naturals, and Drink Eat Well, LLC (Hilary's). Plant-based snack manufacturers are looking towards improving their collection and sourcing processes. This is further supported by agreements with local participants producing plant-based snacks across different regions. Also, companies are focused on proliferating product portfolios in accordance with the customers of varied applications. Nowadays, consumers are becoming increasingly inclined towards products that impart looks along with better taste and nutrition content. Thus, in order to drive the attention of consumers towards plant-based snacks, manufacturers are increasingly developing blended solutions, which offer both, nutritional content and better taste.
Plant-based Snacks Market Reports - Table of Contents
21. Research Methodology