Plant-Based Snacks Market Outlook
Plant-Based Snacks Market is estimated to be valued at USD 72 Billion and register a growth rate of 7.85% during the forecast period 2027.
Market Dynamics
Numerous factors influence global market demand. Veganism is growing in practically every country, which will drive market demand globally during the anticipated time. Additionally, growing awareness about health, wellness, and fitness is another factor contributing to the global market's increased demand throughout the study period. People prefer ready-to-eat meals as a result of changing lifestyles and urbanization; in other words, people are more receptive to convenience items, which drives global market demand. Global demand for plant-based snacks is increasing. Growing knowledge of the availability of meat substitutes with nearly identical nutritional benefits creates numerous growth prospects in the global industry. Raising awareness and conducting campaigns on behalf of various animal welfare and social welfare organizations led in an increase in the customer base for plant-based food goods. Globally growing vegan communities have a favorable effect on the expansion of plant-based snack foods.
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While the global market for plant-based snacks is booming, several obstacles are impeding expansion. The high cost of making organic food items results in a higher price for completed goods, which acts as a restraint on market expansion around the globe during the review period, since it is not affordable to all.
Segmental Analysis
The global market for plant-based snacks has been segmented by product type, category, distribution channel, and region.
Globally, the market has been segmented into plant-based snack bars, fruit and nut snacks, cereal/grain-based snacks, and meat replacement snacks, among others.
The market has been segmented globally by category into organic and conventional.
The market has been segmented globally into non-store-based and store-based distribution channels.
Regional Overview
The market for plant-based snacks market has been segmented geographically into North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
The European area holds the highest market share in the global market due to the availability of established technologically advanced infrastructure that enables increased production of plant-based snacks and hence increases market demand in this region. Additionally, a sizable portion of the population is adopting veganism, which raises market demand.
North America holds the second-largest market share globally, owing to the presence of numerous important industry players who drive market demand in this region. In 2018, this area accounted for over 32.5 percent of the market. Another impact is the existence of countries such as the United States, Canada, and Mexico.
Asia-Pacific, being the fastest-growing region, holds the third-largest market share in the global market, owing to the region's growing vegetarian population, which boosts market demand. Additionally, growing awareness of health and fitness is a key driving market demand in this region.
Latin America and the Middle East and Africa have the smallest market shares due to their lack of infrastructure. Another issue limiting market expansion in these locations is a low per capita disposable income.
Competitive Dynamics
The most prominent major key players in the plant-based snacks market all across the globe are Zelle Organic (US), Siren Snacks Inc. (US), Green Park Snacks Ltd (UK), Eat Natural (UK), Primal Spirit Foods Inc. (US), Louisville Vegan Jerky Co. (US), Nestle S.A. (Switzerland), Conagra Brands, Inc. (US), General Mills Inc. (US), Unilever Group (UK), Outstanding Foods, Inc. (US), Vegan Rob’s (US), Amy’s Kitchen (US), and Blue Diamond Growers Inc. (US).
