Market Overview

The plant-based snacks market is likely to demonstrate notable revenue growth. The quickly rising demand for plant-based snacks by vegetarians as well as non-vegetarians would drive market growth. According to Market Research Future (MRFR), the global plant-based snacks market is poised to escalate from USD 45.9 BN in 2022 to USD 77.9 BN by 2030, growing at a 7.85% CAGR during the assessment period (2023-2030).

Two key motivators are the growing popularity of healthy snack options and growing knowledge of the advantages of plant-based snacks. Eating more whole foods free of animal products or plant-based snacks promotes flexibility, reduces the risk of heart disease, and prevents weight gain. These advantages and the rising concerns about sustainability and health support the size of the market for plant-based snacks.

Also, the rising popularity of plant-based snacks is the primary driving force behind the market's growth. Rising preference for plant-based snacks among health-conscious people increases market demand and sales. The growing vegan and vegetarian food trend has created new opportunities for industry players. Moreover, the rising consumer demand for convenience foods fosters the plant-based snacks market growth. 

Furthermore, the increasing focus of companies on R&D is estimated to impact the plant-based snacks market growth, bringing about new products and improvements in the existing product line. The high demand encourages manufacturers to develop various plant-based snacking items that can attract consumers' attention. They also run product promotion campaigns that play a vital role in increasing the plant-based snacks market sales. 

Plant-based Snacks Market – Segments

The market report is segmented into product types, categories, distribution channels, and regions. The product type segment is sub-segmented into fruit & nut snacks, plant-based snack bars, cereal/grain-based snacks, meat alternative snacks, and others. The category segment is sub-segmented into conventional, organic, and others. The distribution channel segment is sub-segmented into store-based and non-store-based. By region, the plant-based snacks market is divided into North America, Europe, Asia-Pacific, and the rest of the world. 

Plant-based Snacks Market - Regional Analysis

Europe dominates the global plant-based snacks market, with its established, technologically advanced food production infrastructure, enabling increased manufacturing of plant-based snacks. Besides, the increasing demand and consumption of plant-based snacks create significant opportunities. Also, the growing trend of veganism and preference for vegan foods create significant plant-based snack market demand. 

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Plant-based Snacks Market - Competitive Landscape

The Plant-based snacks market includes tier-1 and tier-2 players, focusing on promoting their R&D efforts. These market participants embrace strategic growth activities like product introduction, joint ventures, and partnerships. They collaborate with celebrities to improve their market position and expand their consumer bases.

Major Players

Leading plant-based snacks market players include Siren Snacks Inc. (US), Zelle Organic (US), Green Park Snacks Ltd (UK), Primal Spirit Foods Inc. (US), Eat Natural (UK), Louisville Vegan Jerky Co. (US), Conagra Brands, Inc. (US), Nestle S.A. (Switzerland), General Mills Inc. (US), and Unilever Group (UK), among others. 

Industry/ Innovation/ Related News

Sept. 28, 2023 – ZenB, a leading plant-based food company, announced its expansion into snacking category with its latest product innovation, ZenB Cracker Crisps. The brand has expanded its whole food offerings into the snack category in response to consumer needs. These new cracker crisps are baked and made with plant-based ingredients, including olive oil & seasonings and the yellow pea base. These baked crackers are flaky & airy and gluten & grain-free snacks.  

Regional Analysis 

The plant-based snacks market shows significant regional variation. North America and Europe have seen strong growth, driven by consumer demand for healthier and sustainable snacks. Asia-Pacific is also witnessing increased adoption due to changing dietary preferences. South America and Africa exhibit potential for growth, although at a somewhat slower pace, as plant-based trends continue to gain popularity worldwide.

Drivers

The plant-based snacks market is driven by increasing consumer demand for healthier, sustainable food options. Factors like rising health awareness, concerns about environmental impact, dietary restrictions, and innovative product offerings are fueling the growth of this market. Additionally, a shift towards vegan and vegetarian diets is boosting the demand for plant-based snacks.

Opportunities 

The plant-based snacks market presents significant opportunities driven by increasing consumer demand for healthier and sustainable food options. With a focus on natural ingredients, sustainability, and health benefits, this market is poised for growth. Innovations in flavor, texture, and convenience can further expand its appeal to a broader consumer base.

Restraints and Challenges 

The plant-based snacks market faces challenges related to taste and texture as consumers often compare them to traditional snacks. Additionally, production costs, limited shelf life, and the availability of diverse ingredients can hinder market growth. Regulatory hurdles and competition with established brands are further restraints in this competitive market.

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Market Segmentation

The plant-based snacks market can be segmented based on various factors including product type (e.g., veggie chips, nut-based snacks, fruit snacks), distribution channel (e.g., supermarkets, online retailers), and region (e.g., North America, Europe, Asia-Pacific). These segments help analyze consumer preferences and regional variations in the growing market for plant-based snacks.

COVID-19 Analysis 

The Covid-19 epidemic in 2020 increased demand for contact-free biometric services at airports because they provide identity and verification without any physical touch. Contactless biometric services provide quick and accurate identification while limiting exposure. Additionally, the pandemic has compelled airport management to implement contactless thermal checking biometric equipment to monitor passenger admission by measuring body temperature. Throughout the projected period, it is anticipated that the contactless airport biometric services industry will continue to rise. Airports all around the world are quickly implementing contactless biometric services including face recognition, voice recognition, & 3D advanced fingerprint recognition.

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