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.
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.
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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.
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
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