17-May-2023 | Zion Market Research
The global plant-based snacks industry size was nearly $15.6 Billion in 2022 and is anticipated to surge to approximately $19.6 Billion by 2030 along with recording the highest growth rate of nearly 7.8% from 2023 to 2030.
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.
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.
Nevertheless, 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. However, growing preference for meat substitutes and escalating consciousness about advantages derived through vegan food consumption will open new growth avenues for the global industry.
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.
Furthermore, 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.
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
Key players in the global plant-based snacks market include:
By Distribution Channel
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