Plant-based Snacks Market Size was valued at USD 45.9 billion in 2022. The plant-based snacks market industry is projected to grow from USD 49.5 Billion in 2023 to USD 77.9 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.85% during the forecast period (2023 - 2030). Increasing consumer preference for convenience foods and increased health awareness are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
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 plant-based snacks market segmentation, based on Product type, includes. Meat alternative snacks, cereal/grain-based snacks, fruit & nut snacks, plant-based snack bars. The market for plant-based snacks bars, which had the greatest market share in 2022, is anticipated to expand at a CAGR of 10.7% from 2022 to 2030. This can be due to the numerous health advantages of the plant-based snack bars. The segment is expanding due to rising consumer demand for plant-based snack bars, meat substitute snacks, and cookies. Due to the growing popularity of vegan diets, there is also a rise in demand for cereal-based snacks. For the years 2022–2030, plant-based snack bars are anticipated to see the highest CAGR.
The plant-based snacks market segmentation, based on Category, includes Conventional and organic. Over the forecast period, the organic plant-based snacks segment is expected to grow significantly. Rising health and fitness trends around the world are driving an increase in the consumption of organic food over synthetic food. Organic produce is grown and processed without the use of traditional pesticides, fertilisers, genetically modified organisms (GMOs), sewage sludge, irradiation, artificial flavours, colours, or preservatives. It promotes the health of ecosystems and the environment. While conventional produce is grown using a variety of chemicals to manage fertility, pests, and diseases, organic produce is grown without the use of any chemicals. An increase in consumer demand for organic produce as a result of the availability of more nutrients than conventional produce is likely to drive market demand for organic plant-based snacks.
Figure 1: Â Plant-based Snacks Market, by Category, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The plant-based snacks market data is further divided into store-based and non-stored-based segments based on distribution channels. In 2022, the store-based distribution channel segment dominated the market and was responsible for the largest portion of the total revenue, or around 80%. Convenience stores, specialty stores, hypermarkets, and supermarkets are included in the store-based distribution channel segment. The overall sales of vegan snacks have surged as a result of a notable growth in the number of supermarkets and hypermarkets. Consumers prefer to buy groceries from brick-and-mortar stores because they are more readily available and easy to obtain.
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: Â PLANT-BASED SNACKS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR 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.
Plant-based Snacks Industry Developments
November 2022: Louisville Vegan Jerky Co. (US) is investing heavily in research and development to gain a competitive advantage. This will aid the company's sales revenue growth.
In January 2022, Atlantic Natural Foods Company in the United Kingdom launched a plant-based snack line that included spicy pad thai and tikka masala to expand their spicy food category in the country.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 45.9 billion |
| Market Size 2023 | USD 49.5 billion |
| Market Size 2030 | USD 77.9 billion |
| Compound Annual Growth Rate (CAGR) | 7.85% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Category, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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), |
| Key Market Opportunities | ·        Growing vegan populations |
| Key Market Dynamics | ·        Raising awareness about health, wellness, and fitness |
Plant Based Snacks Market Highlights:
Frequently Asked Questions (FAQ) :
The plant-based snacks market size was valued at USD 45.9 Billion in 2022.
The market is projected to grow at a CAGR of 7.85% during the forecast period, 2022-2030.
Europe had the largest share in the market.
The key players in the market 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).
The plant-based snacks bars category dominated the market in 2022.
The Organic had the largest share in the market.
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
