Plant-Based Snacks Market Research Report: Information by Product Type (Meat Alternative Snacks, Cereal/Grain-Based Snacks, Fruit & Nut Snacks, Plant-Based Snack Bars and others), Category (Conventional and Organic), Distribution Channel (Store-Based {Supermarkets and Hypermarkets, Convenience Stores and others} and Non-Store-Based) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027

Plant-Based Snacks Market Overview

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.

The food items that do not contain any animal-based ingredients during their production process are called plant-based products. These food items are entirely organic. Earlier these were available in only specific retail stores or selected outlets, but with the increasing industrialization and urbanization, now these food items are easily available at retail stores which helps in increasing the sales level in almost all the regions. With the convenience of buying, it has increased its customer base to a great level.

Covid 19 Analysis of Plant-Based Snacks Market

The global pandemic of COVID 19 has affected a large chunk of the population. Many people have lost their subsistence because of this global pandemic. Everyone is worried about their immunity and follows social distancing. During the lockdown situation, manufacturing activities of various end-user industries were halted which resulted in a demand shrink for the plant-based snacks market which further leads to decreased sales revenue. The supply chain networks were also affected severely which led to a decline in profit margin.

However, the plant-based snacks market is expected to recover from this global pandemic by the end of the third quarter of the coming year by properly strategizing according to the needs of the market.

Market Dynamics

Drivers

Numerous factors drive the market demand in the global market. The vegan population is increasing in almost every nation which drives the market demand all across the globe during the forecasted period. Moreover, increasing awareness regarding health, wellness and fitness is another factor that contributes to increased market demand in the global market during the review period. With the changing lifestyle and urbanization, people prefer ready-to-eat food that is people are more inclined towards convenience goods which drives the market demand all across the globe.

Opportunities

The rise in the demand for plant-based snacks market in the global market. Increasing awareness regarding the availability of meat substitutes that contain approximately the same number of nutritional values provides various growth opportunities in the global market. Increasing awareness and campaigns by various animal welfare societies and social welfare societies resulted in an increased customer base for plant-based food items. Increasing vegan populations all across the globe have positive impact on the growth of plant-based snacks items.

Restraints

Though the plant-based snacks market is increasing tremendously in the global market, some factors restrict the market growth. The high cost involved in manufacturing organic food items results in a higher price of finished goods which acts as a restraining factor as it is not afforded by all and hence hinders the market growth all across the globe during the review period. Moreover, these plant-based snacks food items have less shelf life as no preservatives are used while manufacturing them which also hinders the market growth as they cannot be stored for a longer period. Also, these food items cannot be used during traveling.

Value Chain Analysis

The plant-based snacks market is growing at an incredible rate globally due to various benefits associated with it. It reduces inflammation and carbon footprint. It improves gut health and lowers the risk of diabetes, cancer, or any other heart disease. It also helps in lowering the bad cholesterol level of the body.

Market Segmentation

The plant-based snacks market has been divided into the global market based on the product type, category, distribution channels, and regions.

Based on the Product Type

The market has been divided all across the globe based on the product type into plant-based snack bars, fruit and nut snacks, cereal/grain-based snacks, meat alternative snacks, and many others.

Based on the Category

The market has been divided all across the globe based on the category into an organic category and conventional category.

Based on the Distribution Channels

The market has been divided all across the globe based on the distribution channels into non-store-based distribution channels and store-based distribution channels. The store-based distribution channels are further sub-divided into convenience stores, specialty stores, hypermarkets, supermarkets, various others.

Based on the Region

The market has been divided in the global market based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.

Regional Analysis

The plant-based snacks market has been divided all across the globe based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. The largest market share in the global market is held by the European region owing to the presence of well-established technologically advanced infrastructure which allows more production of plant-based snacks and hence drives the market demand in this region. Moreover, a major chunk of the population is adopting veganism which also increases the market demand.

The second-largest market share all across the globe is held by the North American region owing to the presence of various major market key players that drives the market demand in this region. In 2018, this region holds approximately 32.5% market share. The presence of countries like the US, Canada, and Mexico is another driving factor.

Being the fastest-growing region, the third-largest market share in the global market is held by the Asia-Pacific region owing to the increasing concentration of vegetarian population that drives the market demand to this region. Moreover, increasing awareness regarding health and fitness is another factor that drives the market demand in this region.

The Latin American region and the Middle East and African region hold the least market share due to the presence of low infrastructure in both these regions. Low per capita disposable income is another contributing factor that restricts the market growth in these regions.

Competitive Landscape

The most prominent major key players in the plant-based snacks market all across the globe are mentioned below:

• 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)


• Blue Diamond Growers Inc. (US)

These major key players use various strategies to sustain their market position in the plant-based snacks market in the global market by going for mergers, and acquisitions, by collaborating, setting up a joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a new production process, and many others to expand their customer base in the untapped market of the plant-based snacks all across the globe.

Recent Developments

• Louisville Vegan Jerky Co. (US) is spending a huge sum of money on research and development to get an upper edge over its competitors. This will help the company in increasing its sales revenue.


• All the major market key players are highly investing in mergers and acquisitions, joint ventures, and new products.


• The largest market share in the global market is held by the European region owing to the presence of well-established technologically advanced infrastructure which allows more production of plant-based snacks and hence drives the market demand in this region.


• Being the fastest-growing region, the third-largest market share in the global market is held by the Asia-Pacific region owing to the increasing concentration of vegetarian population that drives the market demand to this region.

Report Overview

This plant-based snacks market research report consists of the following elements mentioned below:

• Market Overview


• COVID 19 Analysis


• Market Dynamics


• Value Chain Analysis


• Market Segmentation


• Regional Analysis


• Competitive Landscape


• Recent Developments

This market research report contains factors that drive the growth of the plant-based snacks market in the global market along with the factors that restrict its growth in the global market. The opportunities available for growth in the plant-based snacks market during the forecasted period are mentioned. The impact of COVID 19 on the plant-based snacks market all across the globe is mentioned. The future growth rate in the plant-based snacks market during the forecasted period is estimated and mentioned.

Intended Audience

Traders, exporters, and importers, retailers and wholesalers, food and beverage industry, meat substitute manufacturers, savory snacks manufacturers, snacks manufacturers, plant-based snacks manufacturers, and many others.

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