Plant-based Snacks Market Size, Share & Industry Analysis, By Nature (Organic, Conventional), By Type (Wafers, Snack Bar, Cookies), By Source (Vegetable, Fruit, Cereal, Tubers, Legumes), By Distribution Channel (Mass Merchandisers, Convenience Stores, Online Retails, Specialty Stores)and Regional Forecast, 2024-2032

Plant-based snacks is a novel product and have a huge potential to grow in the upcoming years, owing to surging demand for cereal snacks, fruit and nut-based snacks, and plant-based snack bars. The consumers are shifting their eating preferences towards healthy and natural foods and ingredients, which is propelling the demand for plant-based snacks in the market. The offerings of high nutritional value, such as fiber, minerals, & protein, and other natural properties are encouraging consumers to purchase the products.

Plant-based snacks is a novel product and have a huge potential to grow in the upcoming years, owing to its promising and natural features and various health benefits offered by the product. On the other hand, sustainability is another significant factor that is making plant-based snacks more popular in the food and beverage sector. The  

The changing consumer preferences and eating patterns are encouraging the manufacturers to capitalize on new and innovative plant-based snacks with loaded nutrition. The manufacturers are focussing on intensified capitalization and acquisitions of small companies, start-ups, and brands to create stronghold in the market.

Key Market Driver -

Key Market Driver – Growing Trend of Vegan Diet and Increasing Diabetic Population in both Developed and Developing Countries

Key Market Restraint -

Key Market Restraint – Sub-optimal Retail Penetration and Low Consumer Awareness

The increased demand for packaged snack foods among the urbanized consumers and increasing demand for plant-based snacks are expected to create huge sales value in its global market. are encouraging manufacturers to produce and avail diverse plant-based snacks food in the market.  

The rising vegan population has led to an increase in the consumption of vegan diet. The number of vegan consumers is rising across the world, which is influencing the demand for plant-based snacks globally. The manufacturers are performing to avail various plant-based snacks to fulfill the demand from vegan consumers, such as meat snack alternatives, processed snack foods, and others that are made-up of plant-based products.

The plant-based snacks are associated with several properties, such as devoid of sugar, fat, and oil content. The increasing diabetic population in various countries, such as India, China, and U.S. are consuming sugar-free plant-based snacks across the world, which is expected to fuel the growth of the plant-based snacks in the upcoming years.

The popularity of plant-based snacks is witnessed to be limited to urbanized and developed regions. The consumers in many countries, such as India, Indonesia, China, and others are price-conscious, and they prefer the alternative snacks according to their affordability only. As a result, retailers do not prefer to buy plant-based snacks in bulk, which is expected to hinder the overall growth of its market across the globe.

Key Players Covered:

Some of the key companies that are present in the global plant-based snacks market include Wyandot, Inc., Vezlay Foods Pvt. Ltd., The Hain Celestial Group, Inc., Moon Juice, Inka Crops,  Dang Foods Company, and Sejoyia.

The rising wellness and health trend have led to an increase in the consumption of organic food products across the globe, which has made an organic segment to dominate the market over the synthetic nature of snacks. The organic plant-based products are gaining popularity among the consumers, owing to its associated superior health benefits over synthetic, such as the source of protein, vitamin along with natural taste.

Among the distribution channel, mass merchandisers, such as supermarkets/hypermarkets are anticipated to be the leading channels and majorly responsible for the sales growth of plant-based snacks. Huge consumer dependency on supermarkets/hypermarkets for the purchase of grocery products is expected to contribute significantly to the growth of plant-based snacks. Convenience stores are also expected to register significant growth in the forthcoming years due to their immense popularity, especially across Asian countries.

Regional Analysis:

North America is expected to be the leading region in the global plant-based snacks market during the forecast period 2019-26, owing to the rising vegan population in American countries. The other population is influenced positively by the rising fitness and wellness trend in the country, which has increased the consumption of plant-based snacks among the consumers.

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The global plant-based snacks manufacturers are utilizing the opportunity for increased demand by producing new and evolving plant-based snacks in the countries, which is a further assurance of promising growth of plant-based snacks market in the region

Segmentation

Key Industry Developments

• In January 2019, Atlantic Natural Foods, LLC has launched new innovative plant-based snacks in U.K. The newly launched product include Spicy Pad Thai and Tikka Masala Snack to expand their spiced food category in the country.


• In June 2018, The Unilever Group has launched plant-based snack brand such as, coconut and corn seed cluster, and corn cocoa chipotle at expo west to help scale the effort nationwide.