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 Meat-based product alternatives snacks.
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.
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- Blue Diamond Growers, Inc.
- Primal Spirit Foods, Inc.
- Louisville Vegan Jerky Company
- Eat Natural
- Eat Real
- Green Park Snacks Ltd (Hippeas)
- Soul Sprout
- Upton's Naturals
- Drink Eat Well, LLC (Hilary's)
- Go Raw®
- Greenleaf Foods
- SIREN SNACKS
- Zellee Organic
- The Unilever Group (Growing Roots)
- Maple Leaf Foods Inc.
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.
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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.
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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.
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Plant-based Snacks Market – Segmentation