Rising concerns about health complications such as obesity, diabetes, and cardiovascular diseases have encouraged consumers to substitute fried snacks with healthier ones. As a subsequence, surging demand for plant-based snacks like cereal based snacks, fruit & nut snacks, and plant based snack bars is bringing impetus to the growth of the global plant-based snacks market, on account of their high nutritional value and contribution to the healthy eating habits. Increasing trends followed by the consumers to turn vegan, vegetarian, or flexitarian, especially in the developing and developed countries, entail better animal-based product alternatives.
Widespread assent of consumers for healthy snacks is inducing interest among the companies of the food and beverage industry towards plant-based snacks. The zeal to diversify the plant-based snacks offerings among the companies has resulted in intensified capitalization and acquisition of comparatively small companies, brands, and startups. Weighing the aforementioned robust growth drivers, a report published by Persistence Market Research (PMR) opines that the global plant-based snacks market is poised to witness lucrative growth by clocking a notable CAGR of 8.7% by the end of 2028.
Salted Plant-based Snacks Market to Procure the Largest Market Share As Compared to the Other Product-based Segments
Bifurcating the plant-based snacks market on the basis of the product type, plant-based salted snacks is projected to hold a considerable share of over 41% of the consolidated plant-based snacks market revenue in APEJ.
When consumers shift their diet to plant-based snack products, they find it difficult to stick to the diet, considering the lack of flavor in these natural products. Salted snacks enhance the taste of the products and increase their likeability for the consumers. As a result, there has been a substantial increase in the adoption of plant-based snacks that are salted in nature.
Proliferated Adoption of Vegan and Vegetarian Diet in the Developed Economies to Gain Impetus to the Growth of the Plant-based Snacks Market
The report comprises of an incisive view of the regional plant-based snacks market for North America, Japan, Western Europe, Latin America, Asia Pacific Excluding Japan, Eastern Europe, and the Middle East and Africa. Currently, the countries of North America contribute massively to the growing size of the plant-based snacks market, on account of the rapid adoption of the vegetarian and vegan diet. This has improved the per capita consumption of plant-based snacks in these regions. Consequently, the North American plant-based snacks market is projected to procure a healthy CAGR of over 7% and surpass a market value of over US$ 23,239 Mn through 2028.
Following North America, APEJ has been witnessing an impressive growth in the plant-based snacks market, owing to the consumers’ inclination towards health and wellness. Rise in their disposable income has underpinned the proliferated adoption of a healthy lifestyle by all means including diet with plant-based snacks, which has favored the growth of the plant-based snacks market in this region with an estimated CAGR of 9.7% by the end of 2028.
A Synopsis of Fierce Competition Prevailing in the Global Plant-based Snacks Market
The study offers a detailed analysis of the key players reinventing the contemporary landscape of the global plant-based snacks market. The key players of the plant-based snacks market analyzed in the report include General Mills Inc., The Unilever Group, Nestle, Primal Spirit Foods, Inc., Maple Leaf Foods Inc., Louisville Vegan Jerky Company, Blue Diamond Growers, Inc., Eat Natural, Green Park Snacks Ltd, Eat Real, Quorn, Oumph, Soul Sprout, Upton’s Naturals, Nutrifusion, Drink Eat Well, LLC, Go Raw®, Greenleaf Foods, SIREN SNACKS, and Zellee Organic, among others, are some of the forerunning players in the plant-based snacks market.
These key players are analyzed on the basis of their product portfolio, market segment based profitability, sales footprint, production footprint, channel footprint, and business strategies. These insights will help the suppliers, distributors, and manufacturers of the plant-based snacks market to devise intelligent strategies, in order to sustain their plant-based snacks business.
A new research report published by Persistence Market Research (PMR) lends an insight-rich look at the global plant-based snacks market for the period 2018 – 2028, wherein historical data for the period 2013 is incorporated in the market study. The plant-based snacks market is estimated in volume (MT) and value (US$ Mn). The primary aim of this extensive report is to provide an incisive view of the plant-based snacks market to the suppliers, manufacturers, and distributors.
Several authentic primary and secondary research methodologies have been incorporated to extract precise information on the plant-based snacks market. Numerous sources have been consulted while creating this report. Secondary sources comprise Hoovers, Factiva, annual reports and publications of the company.
The comprehensive study describes significant trends prevailing in the global plant-based snacks market, which influences the expansion of the plant-based snacks market. Numerous macroeconomics and microeconomic factors have been assessed to offer precise forecast on the plant-based snacks market. The market study includes an in-depth analysis of the crucial trends, restraints, opportunities, and demand drivers that impact the growth of the global plant-based snacks market.
The research report comprises of the total revenue of the plant-based snacks market and the fragments of the market contributing to the total share. A detailed analysis of the opportunities, scenario forecast, and value chain is included in the plant-based snacks market, in the bid to equip the clients with better insights.
The global plant-based snacks market is bifurcated on the basis of product type, nature, flavor, packaging, sales channel, and regions. Based on the product type, the plant-based snacks market can be segmented into fruit & nut, plant based snacks bars, plant-based salted snacks, cereal or grain based snacks, meat alternative snacks. Depending on nature, the plant-based snacks market can be fragmented into conventional and organic snacks.
On the basis of flavor, the plant-based snacks market can be divided into sweet flavors and savory flavor. The savory flavor is further classified into herb and spice flavors, vegetable flavors, cheese flavors, blended flavors, chilly or pepper flavors, and seafood or meat flavors, among others. On the contrary, the sweet flavors comprise chocolate flavors, tropical flavors, berry flavors, and citrus flavors, among others.
Depending on the packaging, the plant-based snacks market is classified into wrappers, tins, bags, and pouches. On the basis of the sales channel segmentation, the plant-based snacks market is segmented into hypermarkets or supermarkets, specialty stores, online retail, small groceries, convenience stores, and food service providers, among others. Depending on the region, the plant-based snacks market can be fragmented into North America, Asia Pacific Excluding Japan, Japan, the Middle East and Africa, Eastern Europe, and Latin America.
In order to analyze the market size of the plant-based in volumes, the per capita snacks consumed by the vegans, vegetarians, and the rest of the population is considered. A comprehensive research on the vegan and vegetarians is carried out and their eating habits are tracked to project the penetration of plant-based snacks in the global market.
Average-selling price of the plant-based snacks market is projected to estimate the size of the market in significant geographies. The average-selling price of each analyzed region is taken into consideration and converted into US$, in order to maintain the currency standard.
The significant players of the plant-based snacks market comprise General Mills Inc., The Unilever Group, Maple Leaf Foods Inc., Blue Diamond Grovers Inc., Primal Spirit Foods Inc., Nestle, Louisville Vegan Jerky Company, Eat Real, Eat Natural, Green Park Snacks Ltd, Soul Sprout, Quorn, Upton’s Naturals, Drink Eat Well, LLC, Nutrifusion, Go Raw®, Greenleaf Foods, SIREN SNACKS, and Zellee Organic, among others. The market has been analyzed depending on the segmentation of sales, channel, distribution, recent developments, and business strategies.