Global Plant-Based Snacks Market Is Anticipated to Surge Approximately $19.6 Billion By 2030
Industry Perspective:
The global plant-based snacks market size was evaluated at $15.6 Billion in 2022 and is slated to hit $19.6 Billion by the end of 2030 with a CAGR of nearly 7.8% between 2023 and 2030.
The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketspace. The plant-based snacks industry report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, PESTEL analysis, SWOT analysis, Porter’s five force analysis, and value chain analysis. Additionally, the plant-based snacks market report explores the investor and stakeholder space to help companies make data-driven decisions.
Plant-Based Snacks Market: Overview
Plant-based snacks have huge demand in the food & beverage sector. Moreover, the escalating consumption of cereal snacks, nut-based snacks, plant-based snack bars, and fruits has proliferated the popularity of plant-based snacks in recent years. With growing consumer inclination towards healthy & natural diet, the market for plant-based snacks is anticipated to gain traction in the years ahead. In addition to this, plant-based snacks possess high nutritive value as it comprises minerals, proteins, and fibers. Reportedly, the altering end-user preference and changing consumption patterns have encouraged the producers in capitalizing on new plant-based snacks with loaded nutrition.
Key Insights
- As per the analysis shared by our research analyst, the global plant-based snacks market is projected to expand annually at the annual growth rate of around 7.8% over the forecast timespan (2023-2030)
- In terms of revenue, the global plant-based snacks market size was evaluated at nearly $15.6 billion in 2022 and is expected to reach $19.6 billion by 2030.
- The global plant-based snacks market is anticipated to record massive growth over the forecast period owing to escalating demand for packaged diets among the urban population along with the rise in intake of plant-based food.
- Based on nature, the organic segment is predicted to contribute a majorly towards the market growth over the forecast timeline.
- In terms of type, the snack bars segment is projected to account for a major share of the global market in 2023-2030.
- On the basis of distribution channel, the convenience stores segment is projected to account for a major share of the global market in 2023-2030.
- Region-wise, the Asia-Pacific plant-based snacks market is projected to register the highest CAGR during the assessment period.
Plant-Based Snacks Market: Growth Factors
Humungous demand for vegan diet to bolster the expansion of the global market in 2023-2030
Escalating demand for packaged diets among the urban population along with the rise in intake of plant-based food will steer the growth of the plant-based snacks market across the globe. Growing preference for vegan foods in European countries and North American countries will proliferate the size of the growth of the global market. In addition to this, plant-based snacks offer various benefits to the customers in the form of a sugar-free diet, high proteins, and low oil & fat contents. Rise in the diabetic population in the countries such as the U.S., India, and China has led to huge demand for sugar-free snacks, thereby steering the global market trends.
Furthermore, surging health concerns owing to complications such as heart disorders and obesity will embellish the scope of growth of the global plant-based snacks market. Growing demand for healthy snacks will steer the expansion of the market across the globe. Large-scale need to intaking food with low fats to reduce cholesterol in the blood will spearhead the global market surge.
Plant-Based Snacks Market: Hindrances
Increase in the costs of ingredients used in manufacture of products can put brakes on the global industry elevation
Rise in raw material costs used for manufacturing plant-based snacks and massive supply chain processes can result in a decline in the growth of the global plant-based snacks industry in the upcoming years.
Plant-Based Snacks Market: Opportunities
Growing consumption of meat substitutes is likely to open new vistas of growth for the global market
Increasing demand for meat alternatives and growing awareness about benefits accrued due to the intake of a vegan diet will open new growth opportunities for the global plant-based snacks market. Surge in the demand for vegan diets in the emerging economies of Latin America and Asia will enlarge the scope of the market across the globe.
Plant-Based Snacks Market: Challenges
Changes in government regulations pertaining to import & export duties on products can challenge the growth of the global industry
Changing government policies pertaining to levying of import duties as well as export duties to be levied on the import & export of plant-based snacks products can result in a rise in product costs. This can prove to be a major challenge in the growth of the global plant-based snacks industry. Unfavorable government guidelines pertaining to product sales & use of ingredients in the manufacture of plant-based snacks can prove to be the highest challenge in the growth of the global industry.
Plant-Based Snacks Market: Segmentation
The global plant-based snacks market is sectored into nature, type, source, distribution channel, and region.
Based on the nature, the global plant-based snacks market is divided into organic & conventional segments. In addition to this, the organic segment, which contributed for more than two-thirds of the global market share in 2022, is slated to retain its segment domination even during 2023-2030. The segmental expansion in the next eight years can be attributed to the growing trend of consuming organic foods owing to its beneficial effects on human health along with its high nutritive contents.
Based on the type, the global plant-based snacks industry is divided into wafers, cookies, and snack bars segments. The snack bars segment, which dominated the type segment in 2022, is set to account for a major market share over the forecast timeline. The growth of the segment in the coming years can be due to the humungous demand for snack bars among the youth and millennial population as well as the rise in demand for convenience food due to the surge in the working women population in the emerging economies.
On the basis of distribution channel, the plant-based snacks market across the globe is bifurcated into online retail stores, mass merchandisers, specialty stores, and convenience stores. The convenience stores segment, which accounted for nearly 50% of the global market earnings in 2022, is predicted to establish a leading position in the global market in the coming years. The segmental surge over the next eight years can be subject to the easy availability of plant-based snacks in convenience stores along with huge shelf space occupied by these food products on the shelves of convenience stores with the aim of the food producers to promote them.
In terms of source, the global plant-based snacks industry is segmented into vegetables, cereals, tubers, legumes, and fruits.
Recent Breakthroughs
- In the first half of 2019, Atlantic Natural Foods, LLC introduced a new kind of plant-based snacks in the UK. The newly introduced product includes Tikka Masala Snack and Spicy Pad Thai for expanding their spiced food portfolio in the U.S.
- In the second quarter of 2018, the Unilever Group introduced plant-based snack products including corn seed cluster, coconut seed cluster, and cocoa chipotle. The move is likely to contribute massively towards the expansion of its plant-based snacks product line.
Plant-Based Snacks Market: Report Scope
| Report Attributes | Report Details |
|---|---|
| Report Name | Plant-Based Snacks Market Research Report |
| Market Size in 2022 | USD 15.6 Billion |
| Market Forecast in 2030 | USD 19.6 Billion |
| Growth Rate | CAGR of 7.8% |
| Number of Pages | 235 |
| Key Companies Covered | Unilever Group, Green Park Snacks, Nestle S.A., General Mills, Quorn, Conagra Brands Inc., Maple Leaf Foods, and Blue Diamonds Growers Inc. |
| Segments Covered | By Nature, By Type, By Source, By Distribution Channel, and By Region |
| Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 - 2030 |
| Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Plant-Based Snacks Market: Regional Insights
North American Plant-Based Snacks market to record noteworthy growth over 2023-2030
North America, which accounted for a major revenue share of the global plant-based snacks market in 2022, is anticipated to lead the regional market growth over the forecast timespan. The regional market surge over 2023-2030 can be due to a rise in the vegan population in the countries such as Canada and the U.S. The presence of key food producers in North American countries will catapult the regional market expansion.
On the other hand, the plant-based snacks industry in the Asia-Pacific region is predicted to record the fastest CAGR of 9.1% in the forthcoming years. The regional market expansion over the forecast timeline can be due to the massive demand for convenience diets from the working population in the countries such as India, Japan, China, Singapore, Taiwan, and Malaysia.
Plant-Based Snacks Market: Competitive Space
The global plant-based snacks market profiles key players such as:
- Unilever Group
- Green Park Snacks
- Nestle S.A.
- General Mills
- Quorn
- Conagra Brands Inc.
- Maple Leaf Foods
- Blue Diamonds Growers Inc.
The global plant-based snacks market is segmented as follows:
By Nature
- Organic
- Conventional
By Type
- Wafers
- Cookies
- Snack Bars
By Source
- Vegetables
- Cereals
- Legumes
- Fruits
- Tubers
By Distribution Channel
- Mass Merchandisers
- Specialty Stores
- Online Retail Stores
- Convenience Stores
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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