Global Plant Based Snacks Market – Industry Trends and Forecast to 2031

Plant Based Snacks Market Analysis and Size

The plant-based snacks market is experiencing significant growth, driven by several factors. The increasing consumer preference for healthier snack options is a major driver for the market. Plant-based snacks are perceived as being healthier than traditional snacks, as they are often lower in calories, fat, and cholesterol and higher in fiber and nutrients. This particularly appeals to consumers looking to improve their diet and overall health. Another factor contributing to market growth is the increasing recognition of the environmental consequences of animal agriculture. Plant-based snacks are considered more sustainable and eco-friendly compared to snacks derived from animal products, as they consume fewer resources during production and result in lower greenhouse gas emissions.

The global plant based snacks market size was valued at USD 46.93 billion in 2023 and is projected to reach USD 92.83 billion by 2031, with a CAGR of 8.9% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation       

Market Definition

Plant-based snacks are made primarily or entirely from plant-based ingredients, such as fruits, vegetables, nuts, seeds, whole grains, and legumes. These snacks do not contain any animal-derived ingredients. These snacks include a variety of products such as fruit and vegetable chips, nuts and seeds, granola bars, energy balls, hummus and veggie sticks, plant-based jerky, and many more. They are often perceived as healthier alternatives to traditional snacks, as they are typically lower in saturated fats and cholesterol and higher in fiber and nutrients.

Plant Based Snacks Market Dynamics

Drivers

• Increasing Health Consciousness

Plant-based snacks are perceived as healthier due to their natural ingredients, lower saturated fats, and higher fiber content. Consumers are increasingly prioritizing health and wellness, seeking snacks that satisfy their cravings and contribute positively to their overall well-being. This is influencing purchasing decisions, with more individuals opting for plant-based snacks as a nutritious and wholesome choice in their diet. Growing consumer health consciousness is a key driver propelling the demand for healthier snack alternatives.       

• Rise in Vegan and Vegetarian Population

With more people adopting these dietary lifestyles for health, ethical, or environmental reasons, the market for plant-based snacks is expanding. Vegan and vegetarian consumers seek snacks that align with their dietary preferences and ethical beliefs, creating a growing market segment for plant-based options. The changing consumer preferences are pushing manufacturers to innovate and create new plant-based snack options to meet the growing demand in this market segment. The rise in the vegan and vegetarian population significantly impacts the demand for plant-based snacks.

Opportunities

• Innovation in Product Development 

Manufacturers are continuously introducing new ingredients, flavors, and textures to cater to evolving consumer preferences and attract new customers. This innovation has led to a wider variety of plant-based snack options that not only taste great but also meet the dietary and lifestyle needs of consumers. innovation in product development can help manufacturers differentiate their brands and create a competitive advantage. As consumer demand for plant-based snacks continues to grow, there is ample opportunity for companies to develop innovative products that stand out in the market and present a significant market opportunity.    

• Environmental Sustainability

Consumers are increasingly choosing more sustainable food options to reduce their carbon footprint and minimize resource consumption. Plant-based snacks, which have a lower environmental impact than animal-based snacks, are gaining popularity among environmentally conscious consumers. This offers manufacturers a chance to market their plant-based snacks as eco-friendly choices, appealing to consumers who prioritize sustainability. The growing concern about the environmental impact of animal agriculture is creating a market opportunity for plant-based snacks.

Restraints/Challenges

• Price Sensitivity      

The higher cost of production for plant-based snacks is primarily due to several factors. Firstly, sourcing quality plant-based ingredients can be more expensive than sourcing animal-based ingredients, as producing plant-based ingredients often requires more resources, such as land, water, and labor. In addition, the manufacturing processes for plant-based snacks can be more complex and require specialized equipment, which can increase production costs. As a result of these factors, plant-based snacks are often priced at a premium compared to conventional snacks. This premium pricing can be a challenge in the market, particularly among price-sensitive consumers in lower-income segments.

• Limited Shelf Life and Storage Requirements

Unlike conventional snacks, plant-based options often have a shorter shelf life, requiring careful inventory management to prevent spoilage and minimize waste. This can influence the availability of products and their placement on retail shelves. In addition, the specific storage requirements of plant-based snacks, such as temperature control or avoidance of exposure to light and moisture, further complicate logistics and storage considerations for retailers. These requirements may require separate storage areas or specialized equipment creating challenges related to shelf life and storage requirements, hindering the market growth.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In July 2022, Tata Consumer Goods introduced its brand of plant-based meats. Tata Consumer Products (TCPL), a USD 9 billion company and a major player in India's FMCG sector has started selling its new 'TATA Simply Better' range of plant-based meats nationwide. These products are available through their online store on Amazon Prime and Flipkart. This launch of plant-based meats by a company dedicated to providing better nutrition to consumers marks a significant milestone in India's smart protein journey
• In May 2022, Novolutions, a food tech startup renowned for its high-quality handcrafted mocktail brand 'Hippie,' redirected its attention to plant-based protein by introducing its latest brand 'Just Dig In!' This new brand presents a variety of plant-based meat snacks, including products like the plant-based Chicken Oriental Meatballs, Chicken Seekh Kebabs, Chicken Spicy Fingers, and Chicken Chili Cheese Nuggets
• In January 2022, Magnum launched its award-winning vegan ice cream stick bars in a mini-sized multi-pack featuring two popular vegan flavors: Magnum Vegan Classic and Magnum Vegan Almond. These flavors received the PETA Vegan Food Award for their exceptional quality and taste. The new format provides consumers with the same indulgence and pleasure of a vegan Magnum in a convenient mini pack

Plant Based Snacks Market Scope

The market is segmented on the basis of product type, flavor, packaging type, source, category, and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Meat Alternative Snacks
• Grain-Based Snacks
• Fruit and Nut Snacks
• Plant-Based Snack Bars
• Wafers
• Others

Flavor

• Savoury
• Sweet

Packaging Type

• Pouches
• Wrappers
• Bags
• Tins
• Others

Source

• Vegetables
• Fruits
• Cereal
• Tubers
• Others

Category

• Conventional
• Organic

 Distribution Channel

• Convenience Stores
• Mass Merchandisers Specialty Stores
• Online Retails

Plant Based Snacks Market Regional Analysis/Insights

The market is analyzed and market size insights and trends are provided by country, product type, flavor, packaging type, source, category, and distribution channel as referenced above.

The countries covered in the market are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.

North America is expected to dominate the market due to increasing demand for plant-based snacks. Moreover, North America's prominence in the market is bolstered by government initiatives to enhance consumer awareness and foster innovation in plant-based snack products.    

Asia-Pacific is expected to be the fastest growing region in the market due to increasing awareness of animal welfare, rising concerns regarding animal-based food products, and implementing bans on various animal-based products, all of which contribute to the market's expansion in this region.

The country section of the report also provides individual market-impacting factors and changes in market regulation that affect the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, Porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of regional brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Plant Based Snacks Market Share Analysis

The market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in R&D, new market initiatives, regional presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus on the market.

Some of the major market players operating in the plant based snacks market are:

• Maple Leaf Foods (Canada)
• Quorn (U.K.)
• Oumph (U.K.)
• Upton’s Natural (U.S.)
• Hilary's - Drink Eat Well, LLC (U.S.)
• ZELLE ORGANIC (U.S.)
• Siren Snacks (U.S.)
• Green Park Brands (U.K.)
• Eat Natural (U.K.)
• PRIMAL SPIRIT FOODS INC. (U.S.)
• LOUISVILLE VEGAN JERKY COMPANY (U.S.)
• Nestle S.A. (Switzerland)
• Conagra Brands, Inc. (U.S.)
• General Mills Inc. (U.S.)
• Unilever (U.K.)
• Outstanding Foods, Inc. (U.S.)
• Vegan Rob’s (U.S.)
• Amy’s Kitchen Inc., (U.S.)
• Blue Diamond Growers (U.S.)
• Eat Real (U.S.)
• Nutrifusion L.L.C (U.S.)
• Freeland Foods (U.S.)
• Greenleaf Foods SPC (U.S.)

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