Plant-based Snacks Market Forecasts to 2030 - Global Analysis By Product Type, Packaging type, Category, Flavor, Source, Distribution Channel, and By Geography

According to Stratistics MRC, the Global Plant-based Snacks Market is accounted for $50.4 billion in 2023 and is expected to reach $97.3 billion by 2030 growing at a CAGR of 9.9% during the forecast period. Plant-based snacks are snacks made entirely or primarily from ingredients derived from plants, such as fruits, vegetables, nuts, seeds, grains, and legumes. These snacks offer a healthier alternative to traditional snacks, as they are often lower in saturated fats, cholesterol, and calories while being rich in essential nutrients like fiber, vitamins, and minerals. Moreover, plant-based snacks cater to various dietary preferences, including vegan, vegetarian, and those looking to incorporate more whole, unprocessed foods into their diet for improved health and sustainability.

Market Dynamics:

Driver:

Increasing health consciousness

As consumers become more aware of the impact of their diet on their overall health and well-being, there is a growing demand for healthier snack options. Plant-based snacks align with this trend, as they are perceived as wholesome and nutritious alternatives to traditional snacks. Furthermore, consumers are actively seeking snacks that are lower in cholesterol and artificial additives while being rich in essential nutrients like fiber, vitamins, and minerals, thereby significantly driving this market size.

Restraint:

High cost

Plant-based snacks often command a premium price due to several factors, including the cost of sourcing organic or high-quality plant-based ingredients. This higher price point can deter price-sensitive consumers from opting for plant-based snacks, especially when more affordable conventional snack options are readily available. In addition, the higher price of plant-based snacks can pose challenges for manufacturers in terms of competitive pricing strategies and hinder market positioning.

Opportunity:

Innovation and product development

Manufacturers are continually exploring new ingredients, formulations, and processing techniques to create innovative plant-based snack options that appeal to evolving consumer preferences and dietary needs. Additionally, advancements in food processing technologies allow for the creation of plant-based snacks with desirable textures. Innovation extends to packaging and sustainability initiatives to reduce environmental impact, which are boosting this market growth.

Threat:

Risks associated with shelf life and packaging

Plant-based snacks, often made with minimal preservatives, may have shorter shelf lives compared to their processed counterparts. This limitation poses challenges for manufacturers in terms of ensuring product freshness and maintaining quality throughout the distribution chain. Moreover, inadequate packaging solutions can lead to product deterioration, resulting in decreased consumer satisfaction and increased food waste, which is hampering this market size.

Covid-19 Impact

The COVID-19 pandemic has had several negative impacts on the plant-based snacks market, disrupting supply chains, consumer behavior, and economic activity worldwide. The pandemic led to disruptions in production and distribution, causing delays in the availability of plant-based snack products and shortages in some regions. This disrupted supply chain resulted from factors such as factory closures, transportation restrictions, and labor shortages, which reduced the demand for on-the-go snack options, impacting the market.

The fruit and nut snacks segment is expected to be the largest during the forecast period

The fruit and nut snacks segment is estimated to hold the largest share due to a flourishing niche characterized by the convergence of health-conscious consumer preferences and the rising demand for convenient, on-the-go snacks. These snacks typically combine the natural goodness of fruits and nuts, offering a wholesome and nutritious alternative to traditional processed snacks. Moreover, the appeal of fruit and nut snacks extends beyond their nutritional profile, which is boosting this segment's expansion.

The organic segment is expected to have the highest CAGR during the forecast period

The organic segment is anticipated to have highest CAGR during the forecast period due to its subset catering to consumers who prioritize both health and sustainability. These snacks are made from ingredients that are grown without synthetic pesticides or genetically modified organisms (GMOs). In addition, they provide consumers with assurance regarding the absence of harmful chemicals in their food, which is driving this segment's growth.

Region with largest share:

Asia Pacific commanded the largest market share during the extrapolated period owing to the shift towards healthier lifestyles and dietary choices, fueled by rising awareness of health issues such as obesity and lifestyle diseases. This trend is prompting consumers to seek out snacks that are perceived as healthier alternatives to traditional options. Furthermore, government initiatives promoting healthy eating and sustainable agriculture are further bolstering the adoption of plant-based snacks in the region.

Region with highest CAGR:

Europe is expected to witness highest CAGR over the projection period, owing to a combination of evolving consumer preferences, regulatory initiatives, and growing awareness of health and sustainability issues. The European Union's stringent regulations and standards regarding food safety, labeling, and sustainability are fostering consumer confidence in these products. Moreover, increasing investments in research and development, as well as marketing initiatives promoting plant-based lifestyles, are further driving market expansion in this region.

Key players in the market

Some of the key players in the Plant-based Snacks Market include Quorn, Oumph, Hilary's - Drink Eat Well, LLC, Maple Leaf Foods, Green Park Brands, Siren Snacks, Nestle S.A., Eat Natural, General Mills Inc., Unilever, Outstanding Foods, Inc., Nutrifusion L.L.C and Greenleaf Foods SPC.

Key Developments:

In December 2023, Unilever announced it has signed an agreement to acquire the premium biotech haircare brand K18. This marks another step in the optimisation of Unilever's portfolio towards higher growth areas.

In October 2023, Maple Leaf Foods Inc and the Maple Leaf Centre for Food Security is contributing $250,000 to the Healthy Students Brighter Ontario campaign to support the expansion of the Student Nutrition Program and the First Nations Student Nutrition Program in Ontario.

In September 2023, Nestle has announced an agreement with Advent International to acquire a majority stake in Grupo CRM, a premium chocolate player in Brazil.

Product Types Covered:

• Grain-Based Snacks
• Fruit and Nut Snacks
• Meat Alternative Snacks
• Plant-Based Snack Bars
• Wafers
• Other Product Types

Packaging types Covered:

• Bags
• Pouches
• Tins
• Wrappers
• Other Packaging Types

Category Covered:

• Organic
• Conventional

Flavors Covered:

• Sweet
• Savory
• Other Flavors

Sources Covered:

• Tubers
• Vegetables
• Cereal
• Fruits
• Other Sources

Distribution Channels Covered:

• Mass Merchandisers Specialty Stores
• Convenience Stores
• Online Retails
• Other Distribution Channels

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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