NEW YORK, United States, May 22, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Plant-Based Snacks Market By Nature (Organic And Conventional), By Type (Wafers, Cookies, And Snack Bars), By Source (Vegetables, Cereals, Legumes, Fruits, And Tubers), By Distribution Channel (Mass Merchandisers, Specialty Stores, Online Retail Stores, And Convenience Stores), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Plant-Based Snacks Market size & share in terms of revenue was valued at USD 15.6 billion in 2022 and it is expected to surpass around USD 19.6 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 7.8% during the forecast period 2023 to 2030.”
What is Plant-Based Snacks? How big is the Plant-Based Snacks Industry?
Report Overview:
Plant-based snacks have humungous demand across the food & beverage sector. Moreover, the large-scale intake of cereal snacks, nut-based snacks, plant-based snack bars, and fruits has prompted the demand for plant-based snacks in the upcoming years.
With growing customer preference towards healthy & natural diets, the market for plant-based snacks is predicted to gain traction in the years ahead. In addition to this, plant-based snacks have high nutritional content as it includes ingredients such as proteins, minerals, and fibers.
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- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
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Global Plant-Based Snacks Market:
Growth Factors
- Huge demand for packaged food among the urban population coupled with a surge in the consumption of plant-based diets is likely to augment the growth of the plant-based snacks market globally.
- In addition to this, growing health complications arising due to cardiac disorders and obesity have expanded the scope of demand for plant-based snacks across the globe.
- Apart from this, plant-based snacks provide a slew of benefits to consumers in the form of a sugar-free diet, large-scale proteins, and low oil & fat contents.
- Surge in the diabetic populace in the countries such as the U.S., India, and China has translated into escalating demand for sugar-free snacks, thereby characterizing the expansion of the global market.
Restraints
- A surge in prices of raw components used in the manufacture of plant-based snacks and disruption in supply chain activities can decimate the growth of the global plant-based snacks industry in the forecasting timeframe.
Opportunities
- Growing preference for meat substitutes and escalating consciousness about advantages derived through vegan food consumption will open new growth avenues for the global industry.
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Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 15.6 Billion |
| Projected Market Size in 2030 | USD 19.6 Billion |
| CAGR Growth Rate | 7.8% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | Unilever Group, Green Park Snacks, Nestle S.A., General Mills, Quorn, Conagra Brands Inc., Maple Leaf Foods, and Blue Diamonds Growers Inc. |
| Key Segment | By Nature, By Type, By Source, By Distribution Channel, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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Plant-Based Snacks Market: Segmentation Analysis
The global plant-based snacks market is divided into nature, type, source, distribution channel, and region.
The nature segment of the plant-based snacks market is sub-segmented into organic & conventional segments. In addition to this, the organic segment, which accounted for over 66% of the global market earnings in 2022, is anticipated to retain its market domination even in the next eight years. The segmental growth in the ensuing years can be credited to escalating intake of organic foods due to their beneficial effects on human health along with their high nutritional contents.
Based on the distribution channel, the plant-based snacks industry across the globe is sectored into online retail stores, mass merchandisers, specialty stores, and convenience stores. The convenience stores segment, which accounted for nearly half of the global market revenue in 2022, is anticipated to retain its numero uno position in the global market in the upcoming years. The segmental expansion in the next eight years can be owing to the plenty of products dispatched in convenience stores due to growing product demand. Rise in shopping activities witnessed at convenience stores will prompt the demand for products in convenience stores.
On the basis of type, the global plant-based snacks market is divided into wafers, cookies, and snack bars segments. The snack bars segment, which led the type segment in 2022, is set to contribute a major market share over the forecast timespan. The growth of the segment in the ensuing years can be subject to lucrative demand for snack bars among the young, old, and millennial population as well as a rise in demand for convenience food among the working population in the developing countries.
In terms of source, the global plant-based snacks industry is segmented into vegetables, cereals, tubers, legumes, and fruits.
The global Plant-Based Snacks market is segmented as follows:
By Nature
- Organic
- Conventional
By Type
- Wafers
- Cookies
- Snack Bars
By Source
- Vegetables
- Cereals
- Legumes
- Fruits
- Tubers
By Distribution Channel
- Mass Merchandisers
- Specialty Stores
- Online Retail Stores
- Convenience Stores
Browse the full “Plant-Based Snacks Market By Nature (Organic and Conventional), By Type (Wafers, Cookies, and Snack Bars), By Source (Vegetables, Cereals, Legumes, Fruits, and Tubers), By Distribution Channel (Mass Merchandisers, Specialty Stores, Online Retail Stores, and Convenience Stores), and By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030.” Report at https://www.zionmarketresearch.com/report/plant-based-snacks-market
Competitive Landscape
Some of the main competitors dominating the global Plant-Based Snacks market include -
- Unilever Group
- Green Park Snacks
- Nestle S.A.
- General Mills
- Quorn
- Conagra Brands Inc.
- Maple Leaf Foods
- Blue Diamonds Growers Inc.
Key Insights from Primary Research:
- According to the analysis shared by our research analyst, the Plant-Based Snacks market is likely to expand at a CAGR of around 7.8% during the forecast period (2023-2030).
- In terms of revenue, the Plant-Based Snacks market size was valued at around US$ 15.6 billion in 2022 and is projected to reach US$ 19.6 billion by 2030.
- The global plant-based snacks market is anticipated to record massive growth over the forecast period owing to escalating demand for packaged diets among the urban population along with the rise in intake of plant-based food.
- Based on nature, the organic segment is predicted to contribute a majorly towards the market growth over the forecast timeline.
- In terms of type, the snack bars segment is projected to account for a major share of the global market in 2023-2030.
- On the basis of distribution channel, the convenience stores segment is projected to account for a major share of the global market in 2023-2030.
- Region-wise, the Asia-Pacific plant-based snacks market is projected to register the highest CAGR during the assessment period.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Plant-Based Snacks industry?
- What are the main driving factors propelling the Plant-Based Snacks Market forward?
- What are the leading companies in the Plant-Based Snacks Industry?
- What segments does the Plant-Based Snacks Market cover?
- How can I receive a free copy of the Plant-Based Snacks Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Nature, By Type, By Source, By Distribution Channel, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
North America, which contributed for a major revenue share of the global plant-based snacks market in 2022, is expected to dominate the market growth in North America in the years ahead. The growth of the market in North America in the next eight years can be due to an increase in the vegan population in the countries such as Canada and the U.S. The presence of key food manufacturers in North American countries will propagate regional market growth.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Recent Developments
- In the second quarter of 2019, Atlantic Natural Foods, LLC, introduced a new kind of plant-based snack in the UK. The newly launched product includes Tikka Masala Snack and Spicy Pad Thai for expanding their spiced food portfolio in the UK. The move will boost the portfolio of plant-based snacks in the UK.
- In the first half of 2018, the Unilever Group introduced plant-based snack products including corn seed cluster, coconut seed cluster, and cocoa chipotle. The initiative is likely to contribute lucratively towards the growth of its plant-based snacks product portfolio.
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