The global plant-based snacks market size stood at US$ 34.69 Bn in 2019. Rising at a CAGR of 8.7%, the market is forecast to reach US$ 73.61 Bn by the end of 2028, finds Future Market Insights in a report, titled “Plant-based Snacks Market: Global Industry Analysis 2014 – 2018 and Opportunity Assessment 2019 – 2028.”
The report discovers hidden opportunities in the market to empower companies irrespective of their sizes. It compiles in-depth information on prevailing trends and regulatory policies that are likely to affect the market dynamics. It also contains detailed information about competitive trends sweeping the market. The report covers a detailed market analysis intended to help market players determine their corporate strategies with precision and accuracy.
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.
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Some of the key takeaways from the report are:
- Rising awareness about health and wellness creates incredible growth opportunities
- North America forecast to hold dominance over the forecast period, but Asia Pacific excluding Japan is projected to show more impressive growth.
- Besides health consciousness among consumers, availability of plant-based snacks in diverse flavours will aid the expansion of the overall market.
- On the flip side, high price of plant-based products may pose threat to the market.
- Never mind this, the rising demand for meat-substitutes will stoke growth opportunities for the market in the coming years.
Excessive Snacking Resulting from Increasingly Hectic Lifestyle Fuels Demand
Fast-paced lifestyle of consumers across the globe leaves little scope for traditional three course meal with families. This is attributable to increasing industrialization and rapid urbanization. Frequent-snacking has struck consumers hard. It is no surprise that a majority of them involuntarily turn to round-the-clock snacking to gratify hunger. This did provide an opportunity for manufacturers to rejoice but did not carry good news for consumers. Their snacking habit, in addition to unhealthy lifestyle, amplified the prevalence of various chronic ailments such as cardiovascular disorders and diabetes. While it is difficult to tone down fast-pace life, consumers nowadays have become more conscious about their health and wellness. Therefore, the demand for plant-based snacks is evidently high. In general, there is willingness among consumers to spend on snacks that are nutritious and contain natural ingredients.
Increasing Food Safety Concerns Tips Scale in Favour of Healthier Plant-based Snacks
Most dairy-based products use antibiotics and hormones. Rising concerns pertaining to the safety of dairy-based products are causing consumers favour safer alternatives such as plant-based products. An increasing number of consumers are avoiding dairy-based products and switching to plant-based alternative, including snacks.
Consumers are Swayed Away by Reports of Animal Cruelty and News about Maltreatment in Food Industry
Consumers around the world have become more sympathetic and sensitive towards animals. The conditions in which they are raised and harvested are not necessarily compassionate. Increasing focus on animal welfare is one of the primary factors swaying customers away from animal-based products to plant-based alternative. For instance, cows often undergo genetic manipulations and are administered with bovine growth hormones so that they produce a certain volume of milk every year. News about atrocities on animals is spreading like wildfire. As a result an increasing number of consumers globally are opting for plant-based snacks instead of dairy products.
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Who is Winning?
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 experimenting with flavours, ingredients, and various combinations to gain traction. Some of the larger companies are acquiring smaller companies with promising outlook to expand their footprint and product portfolio.
Some of the leading companies operating in the plant-based snacks 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).
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
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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
Download complimentary copy of Future Market Insights White Paper in collaboration with PBFIA, on the Plant Based Market that throws light on potential opportunities and investments made in the Global plant based market
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