New York, US, April 10, 2023 (GLOBE NEWSWIRE) -- Plant-Based Snacks Market overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Plant-Based Snacks Market Research Report Information By Product Type, By Category, By Distribution Channel, And By Region–Market Forecast Till 2030, 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).
Market Scope:
Due to the growing popularity of plant-based snack bars, fruit-and-nut snacks, and cereal snacks, plant-based snacks have a great deal of potential to expand in the coming years. The demand for plant-based snacks is increasing as customers' eating tastes shift toward wholesome and natural foods and components. High nutritional value ingredients including fiber, minerals, and protein, as well as other naturally occurring qualities, are enticing customers to buy the products.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | 2030: USD 77.9 Billion |
| CAGR | 7.85% CAGR (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Category, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Raising awareness about health, wellness, and fitness |
Competitive Dynamics:
The market for plant-based snacks will continue to rise as major industry players invest a lot of money in R&D to increase their product offerings. In addition, among other key industry developments, market participants are releasing new products, signing contracts, buying businesses, boosting investments, and collaborating with other organizations in an effort to broaden their reach. Competitors in the plant-based food industry need to provide products at competitive prices if they want to develop and prosper in a market that is expanding and becoming more competitive.
One of the primary business strategies utilized by manufacturers in the plant-based snack market to serve consumers and expand the market sector is local manufacturing to reduce operating costs. Some of the most important advantages for medicine recently have come from the plant-based food industry. Major players in the plant-based snack industry such as
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), among others
Market USP:
Market Drivers
The main reason why this business is growing is because more people are choosing to live healthier lifestyles. Veganism differs from vegetarianism. Vegetarians avoid eating fish, poultry, and other animal products. Vegans are more stringent varieties of vegetarians who also abstain from eating dairy, eggs, and any other foods derived from animals. The most stringent type of vegetarianism is regarded to be veganism. The Vegan Society now refers to veganism as a lifestyle that makes every effort to avoid harmed or exploited animals.
Being exploited for gain or any other purpose is mentioned. Hence, a vegan diet forgoes dairy, eggs, and other products made from animals. According to projections, the sector will expand dramatically as a result of the global trend toward veganism among sportsmen and celebrities. Several organizations asserted that there were more vegans than ever before. driving the market's CAGR.
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Market Limitations
Stringent restrictions and a lack of consumer knowledge of plant-based snacks are two issues that are expected to impede the market's expansion. Due to the high production rate of organic foods as well as the lack of preservatives and the short shelf life of plant-based products, the market will be hampered throughout the projected period and may face hurdles.
COVID-19 Analysis:
Globally, the COVID-19 epidemic has afflicted a large number of people. Everyone keeps a social distance out of fear for their immunity. The manufacture of various end-user companies was put on hold during the lockdown, which reduced demand for the plant-based snacking sector and, consequently, sales revenue. Profit margins decreased as a result of the severe impact on supply chain networks. Yet, with careful planning based on consumer demand, the market for plant-based snacks is projected to bounce back from this global pandemic in the upcoming years.
Market Segmentation:
Plant-based Snacks Product Type Insights
From 2022 to 2030, the market for plant-based snack bars, which held the largest market share in 2022, is expected to grow at a CAGR of 10.7%. This might be as a result of the plant-based snack bars' many health benefits. The market is growing as a result of growing consumer demand for cookies, meatless snacks, and snack bars made from plants. Demand for snacks made of cereal is increasing as vegan diets become more and more well-liked. Plant-based snack bars are expected to experience the highest CAGR between 2022 and 2030.
Plant-based Snacks Category Insights
The organic plant-based snack market is anticipated to expand significantly throughout the forecast period. Organic food consumption is increasing more than synthetic food consumption due to global trends in health and fitness. Without the use of conventional pesticides, fertilizers, genetically modified organisms (GMOs), sewage sludge, irradiation, artificial flavors, colors, or preservatives, organic fruit is grown and prepared.
Plant-based Snacks Distribution channel Insights
Almost 80% of the total revenue was generated through the store-based distribution channel segment in 2022, which dominated the market. The section of store-based distribution channels includes supermarkets, hypermarkets, specialty stores, and convenience stores. Due to a noticeable increase in the number of supermarkets and hypermarkets, the overall sales of vegan snacks have increased. Customers prefer to purchase their groceries from physical stores since they are more accessible and simpler to find.
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Regional Analysis:
Due to its established, technologically advanced infrastructure, which permits increasing production of plant-based snacks and subsequently feeds market demand in this region, the European region maintains the biggest market share in the industry. Also, a sizeable percentage of the population is becoming vegan, increasing market demand. Due to its established, technologically advanced infrastructure, which permits increasing production of plant-based snacks and subsequently feeds market demand in this region, the European region maintains the biggest market share in the industry. Also, a sizeable percentage of the population is becoming vegan, increasing market demand.
The second-largest market share belongs to the North American region, where there are many significant major players in the industry that support the local demand. In 2019, this region will hold a market share of roughly 32.5%. The presence of countries like the US, Canada, and Mexico provides another motivation. Also, the market for plant-based snacks in Germany had the biggest market share, while the market for such snacks in the UK had the quickest rate of expansion.
From 2022 to 2030, the plant-based snack market in Asia-Pacific is anticipated to experience the fastest CAGR growth. due to the increasing density of vegetarians in the area. The increased awareness of health and fitness is another factor boosting market demand in this sector. Also, the India plant-based snacks market had the highest rate of growth in the Asia-Pacific region, while China's plant-based snack industry had the largest market share.
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Plant-Based Food & Beverages Market Research Report Information By Product Type (Plant-Based Milk & Derivatives, Plant-Based Milk, Plant-Based Meat, Bakery & Confectionery, Sweet & Savory Snacks, Plant-Based Juices, RTD Tea & Coffee), By Source (Soy, Wheat, Pea, Coconut, Almond, Cashew), By Category (Conventional And Organic), By Distribution Channel (Store-Based And Non-Store-Based), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2030
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