Global Plant Based Snacks Market - 2022-2029

Market Overview

Plant-Based Snacks Market is predicted to reach a high CAGR of 8.7% during the forecast period (2022-2029).

Plant-based snacks are a combination of vegetables, fruits, whole grains, legumes, plant-based proteins, nuts, seeds, plant-based oils, spices and herbs. Plant-based snacks have low protein content that helps to keep away from hunger and supports many body functions, including muscle growth and hormone synthesis. Plant-based snacks contain vitamins, minerals, fiber, and antioxidants in fruits, vegetables, and whole grains. Plant-based snacks help improve the gut health, improve absorption of the nutrients from the food that supports the immune system and reduce inflammation. The fiber in plant-based snacks helps reduce cholesterol and stabilize blood sugar, which is great for good bowel management. They have lower cholesterol and saturated fats and are higher in dietary fiber. Plant-based snacks market is increasing due to the high consumer demand for healthy foods.

Market Dynamics:

Increasing health consciousness among consumers drives the market growth

The increasing health consciousness among consumers drives the plant-based snacks market growth. Plant-based snacks are a rich source of vitamins, minerals, fiber, and antioxidants in fruits, vegetables, and whole grains. They help to improve heart health. They lower cholesterol and saturated body fats and are higher in dietary fiber. Plant-based snacks are higher in antioxidants that help to reduce chronic inflammatory diseases like diabetes. Eating less animal fat and more vegetable fruits and dietary fiber keeps calories and fat consumption down and promotes better digestion and metabolism of the body. Plant-based snacks are available in different types that help to increase consumer demand for plant-based snacks. The rising number of working people is looking for better health options that help to increase the growth of the plant-based snacks market.

Moreover, the increasing trend of veganism helps to increase the plant-based snacks market growth. It is due to the growing awareness of the consumers regarding the social impact, health, and sustainability. There is a rising shift of the consumers toward veganism due to animal personal health and welfare. Also, there is a growing demand for plant-based foods such as cookies, bread, muffins, buns, snacks bar, vegan cake and others. Thus, the growth of the plant-based snacks market will rise during the forecast period.

Market Segmentation:

Grain based snacks segment accounted for the highest share in global plant-based snacks market

In 2021, Grain-based snacks had the highest revenue share of over XX percent. Grain-based snacks contain grains like Brown rice, Quinoa, Bulgur, Barley, Oatmeal and Farro. Some grain-based snack products are Blueberry Snack bars, nibbly fingers, power-ups apple cinnamon, original oat bars and fiber crisp bread. Grain-based food sources are rich in carbohydrates, protein, fibre, vitamins and minerals. They provide energy for body growth and development, support digestion and help maintain a healthy weight. Wholegrain snacks are the best because the beneficial nutrients found in the grain's outer layers are retained. Refined or white grains have their outer layer removed during processing, so they are missing some key nutrients that whole grains provide.

Among the distribution channels, convenience stores are anticipated to be the leading channel and the majority responsible for sales growth of plant-based snacks. Huge customer dependency on convenience stores for purchasing grocery products is expected to contribute significantly to the growth of plant-based snacks.

Geographical Penetration:

North America is the dominating region during the forecast period

In 2021, North America had the highest revenue share of almost XX percent. North American manufacturers ranging from startups to leading CPG companies to the world's largest meat companies are innovating rapidly in the plant-based snacks market. Distribution channels are expanding rapidly in North America. SPINS retail sales data released on April 6, 2021, shows that grocery sales of plant-based foods that directly replace animal products have grown 27 percent in 2020 to $7 billion. 62% or 79 million U.S. households are now buying plant-based products in 2021. the percentage of consumers purchasing multiple times within the plant-based category grew from 78% in 2020 to 79% in 2021. Major market key players in the U.S. acquire a high market share. For instance, Millennials and Gen Z, which together comprise 47% of the population and will continue to grow in their spending power, demonstrate a high demand for plant-based food snacks. Plant-based snacks are available across 30 categories in grocery stores which helps to attract consumers to plant-based snacks and drives the market growth. Canada shows an increasing demand for plant-based snacks in the forecast period.

Competitive Landscape:

There are several established participants in the industry and local manufacturers; hence, the market is fragmentedSome major market players are Maple Leaf Foods, Quorn, Nestle S.A., Upton's Natural, Louisville Vegan Jerky Company, Zelle Organic and Siren Snacks, among others. Some major companies expand their plant-based snacks business due to the increasing consumer demand. For instance, in October 2018, Greenleaf Foods launched a new company to lead a plant-based food brand. Greenleaf operated as a wholly owned independent subsidiary of maple leaf foods focusing on social purpose and the progress of the plant-based food sector as a key pillar to its business model. Some of the major key players launched new products to expand their portfolios. For instance, in June 2020, Maple Leaf launched fusion protein products. Maple Leaf 50/50 is an innovative range of products from Maple Leaf Foods. Maple Leaf 50/50 fusion protein products are made with 50-per-cent premium meat and 50-per-cent plant-based and natural ingredients to deliver the taste, satisfaction, and sensory experience of traditional meat products. In December 2021, Quorn Launched New Products for Veganuary, Including Mini Fillets & Wings. The new products are Southern Fried Wings, Garlic and Herb Bites, Creamy Korma Bites, Jerk Mini Fillets, and Sweet Chilli Mini Fillets. In May 2022, Novolutions launched a new plant-based food brand Just Dig In. This brand offers a variety of plant-based meat snacks. Also, in January 2019, Nestle launched an incredible plant-based burger. It is produced from soy and wheat protein and released under Nestle's Garden Gourmet label.

COVID-19 Impact:

Positive impact on the global plant-based snacks market

The Covid -19 pandemic had a positive impact on the growth of the plant-based snacks market. Demand for plant-based snacks increased during coronavirus as consumers try to eat more healthily, and problems at some factories have hit meat supplies. The world's biggest company packaged food company is investing heavily in plant-based products as it looks to step up innovation and meet the challenge of trendy local food brands. Around 20 meat factories were closed in the US after thousands of Covid cases. People also have renewed interest in personal health and losing weight as COVID particularly affects those with pre-existing health conditions. Sales of some major companies increased during the pandemic. For instance, Nestle's plant-based food sales jumped 40% in the first half of 2020. The online retail sector also helps to grow the sales of the plant-based snacks market.

The global plant-based snacks market report would provide an access to approximately 77 market data tables, 79 figures and 170 pages