The global plant-based snacks market was valued at US$ 34.69 Bn in 2019. Rising at an impressive CAGR of 8.7% between 2018 and 2028, the market is forecast to reach US$ 73.61 Bn by the end of 2028. As a result of steadily rising demand, the market is witnessing rising competition. To retain their existing market share and ascertain steady growth, leading manufacturers are likely to experiment with launching new flavours. Expansion of the food and beverages industry will tip scales in favour of the plant-based snacks market.
FREQUENTLY ASKED QUESTIONS ABOUT plant-based snacks market
What drives the plant-based snacks market?
The rising awareness about health and wellness is the key factor enabling growth in the plant-based snacks market. Changing consumer preference has stoked demand for healthier food, which in turn encourages growth in the market.
Which factors put plant-based snacks market at risk?
Some varieties of plant-based snacks include high amount of processing and added fats, particularly to replicate the flavour of fellow meat-based counterparts. This makes consumers question the health benefits of the products, which may hamper the market growth to an extent.
Which region will lead the global sales of plant-based snacks?
Regionally, North America currently holds the largest share in the global market. However, over the course of the forecast period, Asia Pacific is expected to emerge as the most lucrative market, exhibiting the highest rate of growth.
Which product-based segment offers most lucrative growth opportunities?
Meat-alternatives segment has emerged as the most lucrative product segment.
Which segment based on nature will record the highest growth?
The conventional segment in the plant-based snacks market currently holds the leading share. However, over the forecast period, organic segment is likely to register a higher rate of growth
Increasing Demand for Meat Alternatives Stokes Growth Opportunities
Globally the demand for meat alternatives is rising at a fast pace. Besides growing health concerns, the recent spread of various infectious diseases, linked to consumption of animal meat, has created an environment conducive to the expansion of meat alternatives businesses. Experts also attribute the ongoing vegan trend to the surging demand for meat alternatives among key products available in the plant-based snacks market. In addition to meat alternatives, plant-based snacks bars are likely to remain highly popular among health conscious population.
Increasing Food Consumption Creates Demand Globally
Despite stagnant economic growth, food consumption is rising at a steady pace. This identified as a chief driver of the plant-based snacks market. As per the United Nations, the global population reach 7.5 billion in April 2017. By the end of 2050, the number might touch 9.7 billion. In addition to the rising population, increasing spending power is creating demand for plant-based snacks. With studies forecasting a steady rise in demand for food, plant-based snacks manufacturers are likely to witness immense potential for growth. With snack consumption steadily rising in Europe and North America, the plant-based snacks market will pick pace in the coming years.
* This data is only a representation. Actual data may vary and will be available in report.
Rising Awareness Regarding Health and Wellness Triggers Consumer Interest for Plant-based Snacks
Incidence of obesity, cardiovascular ailments, and other chronic disorders is increasing and so has consumers’ exposure to information. Modernization and urbanization have rendered conscientious consumers more informed than ever before. They are prompt in realizing the benefits of plant-based diet, in turn fuelling the demand for plant-based snacks. Healthy snacking has become very popular. Today snacks with fruits, vegetables, seeds, or combination bases are enjoying a growing market. The trend is likely to pick pace in the coming years.
Plant-based salted snacks segment holds dominant share
Meat alternatives segment poised to surge at higher CAGR
Conventional segment holds the lion’s share
Organic segment forecast to rise at a higher CAGR
Savoury segment currently leads the market
Sweet segment will rise at an impressive CAGR
How Growth will Unfold
The demand for plant-based snacks, resulting from changing eat-habits of consumers, will continue rising through the forecast period. Market players are therefore expected to witness increasing demand. 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. As per FMI, both segments are likely to show neck-to-neck growth over the course of the forecast period.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Plant-based Snacks Market: Global Industry Analysis 2014 - 2018 and Opportunity Assessment 2019 - 2028
The report on the global plant-based snacks market is intended to offer global industry assessment for 2014-2018 and 2019-2028. In this study, Future Market Insights (FMI) identifies chief factors impacting the demand and supply of plant-based snacks. It includes a detailed review of growth drivers, challenges, opportunities, and prevailing trends in the market. It therefore presents crucial information intended to help readers get a comprehensive overview of the plant-based snacks market.
Plant-based Snacks Market Taxonomy
The report segments the global plant-based snacks market in detail to present an executive-level blueprint to the reader
- Meat Alternative Snacks
- Cereal/ Grain based Snacks
- Plant-based Salted Snacks
- Plant-based Snack Bars
- Fruit and Nut Snacks
- Food Service Provider
- Hypermarket/ Supermarkets
- Convenience Store
- Specialty Store
- Small Groceries
- Online Retail
- North America
- Latin America
- Western Europe
- Eastern Europe
The executive summary of the report covers country analysis, proprietary wheel of fortune, demand-side and supply-side trends, and opportunity assessment. Also, it offers recommendations to help companies establish a foothold in the global plant-based snacks market.
Readers can find a detailed segmentation of the overall plant-based snacks market share in this chapter. This section also highlights inclusions and exclusions to help readers understand the scope of the report.
Readers can find valuable information on the key segments within the market, besides relevant definitions in this chapter. Associated industry assessment is also carried out to study the plant-based snacks market trends, prevailing dynamics, trade analysis, and supply and value chain. Consumers’ perception about plant-based snacks is explained in consumer survey analysis and social media sentiment analysis included in this chapter.
This chapter studies the growth trajectory exhibited by the plant-based snacks market across various segments. It segments the market in terms of various criteria. For instance, in terms of source the market is categorized into meat alternative snacks, cereals/ grain based snacks, plant-based salted snacks, plant-based snack bars, fruit and nut snacks and others. On the basis of nature, the market is split between organic and conventional. In terms of format, the market is bifurcated into savoury and sweet. By packaging, it covers pouches, wrapper, bags, and tins. In terms of sales channel, the market can be segmented into food service provider, hypermarkets/ supermarkets, specialty stores, convenience stores, small groceries, and online retail. Regionally North America, Latin America, Western Europe, Eastern Europe, APEJ, MEA, and Japan constitute the key segments in the global plant-based snacks market.
This chapter includes a detailed analysis of the growth exhibited by the market in North America. It also offers country-wise assessment of the market that covers growth exhibited in the U.S. and Canada. Readers can also find information on prevalent trends and regulations in the North America market for plant-based snacks.
Readers can find detailed information on prevailing trends that are impacting the growth of the Latin America plant-based snacks market. Besides this, the chapter includes results of pricing analysis. It also examines the growth prospects of the plant-based snacks market in LATAM countries such as Brazil, Mexico, Argentina, and the Rest of Latin America.
The chapter discusses various factors driving the market across Germany, France, U.K., Spain, Italy, NORDIC, BENELUX, Rest of Western Europe.
The chapter discusses various factors driving the market across CIS, Rest of Eastern Europe.
This chapter includes a detailed analysis of the growth of the market in Asia Pacific, along with a country-wise assessment that covers China, India, Indonesia, Philippines, Australia & New Zealand, and the Rest of Asia Pacific. Readers can also find regional trends and regulations, affecting growth in countries across Asia Pacific.
This chapter offers insights into how the plant-based snacks market is expected to grow in Japan, along with different segments of the market during the forecast period of 2019-2028.
This chapter provides information about how the market is anticipated to grow in major countries in the MEA region such as GCC Countries, South Africa, Turkey, and the Rest of MEA, during the forecast period 2019 - 2028.
In this chapter, readers can find detailed tier analysis and information on concentration of key players in the plant-based snacks market along with their presence analysis by region and product portfolio. Readers can also find a comprehensive list of all leading stakeholders in the market, along with detailed information about each company, which includes the company overview, revenue shares, strategic overview, and recent company developments. Some of the leading companies operating in the market 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).
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the plant-based snacks market report.
This chapter is intended to help readers understand the research methodology followed to reach conclusions and derive important qualitative and quantitative information, about the plant-based snacks market.
How the research was conducted?
- C - Level Executives
- Marketing Directors
- Sales Heads
- Production Managers
- Distributors Heads
- Sales Executives
- Product Manufacturers
- Industry Experts
- End Users
- Current Market Dynamics and Challenges
- Market Characteristics
- Market Performance and Growth Quadrants
- Competition Structure and Market Structure
- Strategic Growth Initiatives
- Near-term and Long-term Market Growth Prospects
- Market Segment Splits and Authenticity
- Opinions on Market Projections and Validity Of Assumptions
- Industry Publications
- Industrial Week
- Industrial Product Review
- Industrial Magazine
- Industry Associations
- Dieticians Association
- Food and Agriculture Organization
- Company Press Releases
- Annual Reports and Investor Presentations
- Research Papers
- Government Websites and Publications
- Trade Websites
Primary Interview Splits