Market Overview
Plant-based Snacks Market Size was valued at USD 45.9 billion in 2022. The plant-based snacks market industry is projected to grow from USD 49.5 Billion in 2023 to USD 77.9 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.85% during the forecast period (2023 - 2030).
The Plant-Based Snacks Market research report provides a comprehensive analysis of the growing trend towards plant-based snacking, offering valuable insights into market dynamics, key players, and emerging opportunities. With consumers increasingly seeking healthier and sustainable snack options, this report delves into the market's current landscape, highlighting the surge in plant-based alternatives and their impact on the global snack industry. It is an indispensable resource for businesses aiming to capitalize on the booming demand for plant-based snacks and make informed strategic decisions in this rapidly evolving market.
Market Dynamics
Numerous factors influence global market demand. Veganism is growing in practically every country, which will drive market demand globally during the anticipated time. Additionally, growing awareness about health, wellness, and fitness is another factor contributing to the global market's increased demand throughout the study period. People prefer ready-to-eat meals as a result of changing lifestyles and urbanization; in other words, people are more receptive to convenience items, which drives global market demand. Global demand for plant-based snacks is increasing. Growing knowledge of the availability of meat substitutes with nearly identical nutritional benefits creates numerous growth prospects in the global industry. Raising awareness and conducting campaigns on behalf of various animal welfare and social welfare organizations led in an increase in the customer base for plant-based food goods. Globally growing vegan communities have a favorable effect on the expansion of plant-based snack foods.
While the global market for plant-based snacks is booming, several obstacles are impeding expansion. The high cost of making organic food items results in a higher price for completed goods, which acts as a restraint on market expansion around the globe during the review period, since it is not affordable to all.
Segmental Analysis
The global market for plant-based snacks has been segmented by product type, category, distribution channel, and region.
Globally, the market has been segmented into plant-based snack bars, fruit and nut snacks, cereal/grain-based snacks, and meat replacement snacks, among others.
The market has been segmented globally by category into organic and conventional.
The market has been segmented globally into non-store-based and store-based distribution channels.
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Regional Overview
The market for plant-based snacks has been segmented geographically into North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
The European area holds the highest market share in the global market due to the availability of established technologically advanced infrastructure that enables increased production of plant-based snacks and hence increases market demand in this region. Additionally, a sizable portion of the population is adopting veganism, which raises market demand.
North America holds the second-largest market share globally, owing to the presence of numerous important industry players who drive market demand in this region. In 2018, this area accounted for over 32.5 percent of the market. Another impact is the existence of countries such as the United States, Canada, and Mexico.
Asia-Pacific, being the fastest-growing region, holds the third-largest market share in the global market, owing to the region's growing vegetarian population, which boosts market demand. Additionally, growing awareness of health and fitness is a key driving market demand in this region.
Latin America and the Middle East and Africa have the smallest market shares due to their lack of infrastructure. Another issue limiting market expansion in these locations is a low per capita disposable income.
Competitive Dynamics
The most prominent major key players in the plant-based snacks market all across the globe are Zelle Organic (US), Siren Snacks Inc. (US), Green Park Snacks Ltd (UK), Eat Natural (UK), Primal Spirit Foods Inc. (US), Louisville Vegan Jerky Co. (US), Nestle S.A. (Switzerland), Conagra Brands, Inc. (US), General Mills Inc. (US), Unilever Group (UK), Outstanding Foods, Inc. (US), Vegan Rob’s (US), Amy’s Kitchen (US), and Blue Diamond Growers Inc. (US).
Key Players are:
Plant-based Snacks Market Players are Eat Natural (UK), Primal Spirit Foods Inc. (US), Louisville Vegan Jerky Co. (US), Nestle S.A. (Switzerland), Conagra Brands, Inc. (US), General Mills Inc. (US), Unilever Group (UK), and others
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