Plant Based Snacks Market

Rising movement towards a healthy lifestyle is the major factor driving this market’s growth

This industry is expanding mostly as a result of people's increased preference for healthier lifestyles. A vegan is not the same as a vegetarian. Fish, poultry, and other animal items are not eaten by vegetarians. Vegans are stricter forms of vegetarians who also forgo dairy, eggs, and any other foods containing animal products. Veganism is considered to be the strictest form of vegetarianism. Veganism is now referred to by The Vegan Society as a way of life that makes every attempt to avoid harming or exploiting animals. Being taken advantage of for profit or for any other motive is included.

As a result, a vegan diet abstains from consuming dairy, eggs, and other items derived from animals. Projections indicate that the industry will grow significantly as a result of the growing veganism trend among athletes and celebrities throughout the world. Many groups claimed that there were more vegans in the world than ever before. Thus, driving market CAGR.

For instance, according to a survey conducted by the Vegan Society and Vegan Living magazine, the number of vegans in the United Kingdom has climbed by over 360%. There are currently roughly 850,000 vegans in Canada, up 250% from the previous year. Thus, it led to expansion of the plant-based snacks market revenue.

The Global Plant-based Snacks Market Industry is experiencing a notable surge in demand driven by increasing health consciousness among consumers. As individuals become more aware of the health implications associated with traditional snack options, they are gravitating towards plant-based alternatives that are perceived as healthier. This shift is reflected in the projected market value of 49.5 USD Billion in 2024, indicating a robust consumer preference for nutritious snacks. Moreover, the trend towards healthier eating habits is likely to continue, potentially propelling the market further as consumers seek snacks that align with their wellness goals.

The Global Plant-based Snacks Market Industry is characterized by a remarkable diversity in flavor profiles and innovative product offerings. Manufacturers are increasingly experimenting with unique ingredients and flavors to cater to a wide range of consumer tastes. This innovation is crucial in attracting consumers who may be skeptical about plant-based options. The introduction of snacks that combine traditional flavors with plant-based ingredients is likely to enhance market appeal. As a result, the industry is expected to witness a compound annual growth rate of 6.38% from 2025 to 2035, reflecting the potential for growth driven by product diversification.

The Global Plant-based Snacks Market Industry is benefiting from increased availability and accessibility of plant-based products. Retailers are expanding their offerings to include a wider range of plant-based snacks, making them more accessible to consumers. This trend is supported by the growing number of specialty stores and online platforms dedicated to health-conscious products. As consumers encounter more plant-based options in various retail environments, the likelihood of trial and adoption increases. This enhanced accessibility is expected to play a pivotal role in driving market growth, contributing to the anticipated market value of 49.5 USD Billion in 2024.

Sustainability concerns are significantly influencing the Global Plant-based Snacks Market Industry. As consumers become more environmentally conscious, they are increasingly opting for snacks that have a lower ecological footprint. Plant-based snacks typically require fewer resources for production compared to their animal-based counterparts, making them a more sustainable choice. This growing awareness is likely to contribute to the market's expansion, with projections indicating a market value of 97.7 USD Billion by 2035. The emphasis on sustainability is not only reshaping consumer preferences but also prompting manufacturers to innovate and develop eco-friendly packaging solutions.

The Global Plant-based Snacks Market Industry is influenced by changing demographics and evolving consumer preferences. Younger generations, particularly millennials and Gen Z, are more inclined towards plant-based diets, driven by ethical considerations and health benefits. This demographic shift is prompting manufacturers to tailor their products to meet the preferences of these consumers. As a result, the market is likely to experience significant growth, with projections indicating a market value of 97.7 USD Billion by 2035. The alignment of product offerings with the values of younger consumers is crucial for capturing market share in this dynamic landscape.

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The European area holds the highest market share in the market as a result of its established, technologically advanced infrastructure, which enables increased manufacturing of plant-based snacks and subsequently fuels market demand in this region. Also, a sizable portion of the populace is turning vegan, which raises market demand.

The European area holds the highest market share in the market as a result of its established, technologically advanced infrastructure, which enables increased manufacturing of plant-based snacks and subsequently fuels market demand in this region. Also, a sizable portion of the populace is turning vegan, which raises market demand.

Further, the major countries studied in the market report are The U.S., Canada, German, France, The UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2:  PLANT-BASED SNACKS MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

The North American region holds the second-largest market share due to the existence of numerous important industry key players that fuel market demand in this area. This region's market share in 2019 is about 32.5%. Another impetus comes from the presence of nations like the US, Canada, and Mexico. Further, the Germany plant-based snacks market held the largest market share, and the UK plant-based snacks market was the fastest growing market in the European region.

The Asia-Pacific Plant-based Snacks Market is expected to grow at the fastest CAGR from 2022 to 2030. As a result of the region's rising vegetarian population density. A further element driving market demand in this area is the rise in awareness of health and fitness. Moreover, China plant-based snacks market held the largest market share, and the India plant-based snacks market was the fastest growing market in the Asia-Pacific region.

Leading industry players are investing a lot of money in R&D to expand their product offerings, which will spur further growth in the market for plant-based snacks. In addition, market participants are launching new products, entering into contracts, acquiring companies, increasing investments, and working with other organisations, among other significant market developments, in an effort to expand their footprint. In order to grow and thrive in a market that is becoming more competitive and growing, competitors in the plant-based food business must offer products that are affordable.

Manufacturing locally to cut operational costs is one of the main business tactics used by producers in the plant-based snack market to benefit customers and grow the market sector. Some of the most important advantages for medicine recently have come from the plant-based food industry. Major players in the plant-based snack industry such as 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), and others are working to increase market demand by funding R&D initiatives.

The defunct food manufacturing business La Loma Foods, formerly known as Loma Linda Food Company and Loma Linda Foods, and with goods currently branded under the names Loma Linda and Loma, produced vegetarian and vegan cuisine. The Atlantic Natural Foods Company of Nashville, North Carolina currently sells products under this active brand name under the vegetarian and vegan categories. The Seventh-day Adventist Church owned Loma Linda Foods from its inception in 1905 when it was known as The Sanitarium Food Company. In January 2022 Atlantic Natural Foods, LLC launched new innovative plant-based snacks in the United Kingdom.

Spicy Pad Thai and Tikka Masala Snack are two new products that have been introduced to help the company expand its spiced food category in the country.

Unilever plc is a British-Dutch multinational consumer goods corporation headquartered in London, England. Unilever's products include food, condiments, bottled water, baby food, soft drinks, ice cream, instant coffee, cleaning agents, energy drinks, toothpaste, pet food, pharmaceutical and consumer healthcare products, tea, breakfast cereals, beauty products, and personal care. Unilever is the world's largest soap producer, with products sold in over 190 countries. In June 2022, to help scale the effort nationwide, The Unilever Group launched plant-based snack brands such as coconut and corn seed cluster and corn cocoa chipotle at expo west.