Plant Based Snacks Market
Plant-based Snacks Market Forecasts to 2030 - Global Analysis By Product Type (Grain-Based Snacks, Fruit and Nut Snacks, Meat Alternative Snacks, Plant-Based Snack Bars, Wafers and Other Product Types), Packaging type, Category, Flavor, Source, Distribution Channel, and By Geography
According to Stratistics MRC, the Global Plant-based Snacks Market is accounted for $50.4 billion in 2023 and is expected to reach $97.3 billion by 2030 growing at a CAGR of 9.9% during the forecast period. Plant-based snacks are snacks made entirely or primarily from ingredients derived from plants, such as fruits, vegetables, nuts, seeds, grains, and legumes. These snacks offer a healthier alternative to traditional snacks, as they are often lower in saturated fats, cholesterol, and calories while being rich in essential nutrients like fiber, vitamins, and minerals. Moreover, plant-based snacks cater to various dietary preferences, including vegan, vegetarian, and those looking to incorporate more whole, unprocessed foods into their diet for improved health and sustainability.
Market Dynamics:
Driver:
Increasing health consciousness
As consumers become more aware of the impact of their diet on their overall health and well-being, there is a growing demand for healthier snack options. Plant-based snacks align with this trend, as they are perceived as wholesome and nutritious alternatives to traditional snacks. Furthermore, consumers are actively seeking snacks that are lower in cholesterol and artificial additives while being rich in essential nutrients like fiber, vitamins, and minerals, thereby significantly driving this market size.
Restraint:
High cost
Plant-based snacks often command a premium price due to several factors, including the cost of sourcing organic or high-quality plant-based ingredients. This higher price point can deter price-sensitive consumers from opting for plant-based snacks, especially when more affordable conventional snack options are readily available. In addition, the higher price of plant-based snacks can pose challenges for manufacturers in terms of competitive pricing strategies and hinder market positioning.
Opportunity:
Innovation and product development
Manufacturers are continually exploring new ingredients, formulations, and processing techniques to create innovative plant-based snack options that appeal to evolving consumer preferences and dietary needs. Additionally, advancements in food processing technologies allow for the creation of plant-based snacks with desirable textures. Innovation extends to packaging and sustainability initiatives to reduce environmental impact, which are boosting this market growth.
Threat:
Risks associated with shelf life and packaging
Plant-based snacks, often made with minimal preservatives, may have shorter shelf lives compared to their processed counterparts. This limitation poses challenges for manufacturers in terms of ensuring product freshness and maintaining quality throughout the distribution chain. Moreover, inadequate packaging solutions can lead to product deterioration, resulting in decreased consumer satisfaction and increased food waste, which is hampering this market size.
Covid-19 Impact
The COVID-19 pandemic has had several negative impacts on the plant-based snacks market, disrupting supply chains, consumer behavior, and economic activity worldwide. The pandemic led to disruptions in production and distribution, causing delays in the availability of plant-based snack products and shortages in some regions. This disrupted supply chain resulted from factors such as factory closures, transportation restrictions, and labor shortages, which reduced the demand for on-the-go snack options, impacting the market.
The fruit and nut snacks segment is expected to be the largest during the forecast period
The fruit and nut snacks segment is estimated to hold the largest share due to a flourishing niche characterized by the convergence of health-conscious consumer preferences and the rising demand for convenient, on-the-go snacks. These snacks typically combine the natural goodness of fruits and nuts, offering a wholesome and nutritious alternative to traditional processed snacks. Moreover, the appeal of fruit and nut snacks extends beyond their nutritional profile, which is boosting this segment’s expansion.
The organic segment is expected to have the highest CAGR during the forecast period
The organic segment is anticipated to have highest CAGR during the forecast period due to its subset catering to consumers who prioritize both health and sustainability. These snacks are made from ingredients that are grown without synthetic pesticides or genetically modified organisms (GMOs). In addition, they provide consumers with assurance regarding the absence of harmful chemicals in their food, which is driving this segment’s growth.
Region with largest share:
Asia Pacific commanded the largest market share during the extrapolated period owing to the shift towards healthier lifestyles and dietary choices, fueled by rising awareness of health issues such as obesity and lifestyle diseases. This trend is prompting consumers to seek out snacks that are perceived as healthier alternatives to traditional options. Furthermore, government initiatives promoting healthy eating and sustainable agriculture are further bolstering the adoption of plant-based snacks in the region.
Region with highest CAGR:
Europe is expected to witness highest CAGR over the projection period, owing to a combination of evolving consumer preferences, regulatory initiatives, and growing awareness of health and sustainability issues. The European Union's stringent regulations and standards regarding food safety, labeling, and sustainability are fostering consumer confidence in these products. Moreover, increasing investments in research and development, as well as marketing initiatives promoting plant-based lifestyles, are further driving market expansion in this region.
Key players in the market
Some of the key players in the Plant-based Snacks Market include Quorn, Oumph, Hilary's - Drink Eat Well, LLC, Maple Leaf Foods, Green Park Brands, Siren Snacks, Nestle S.A., Eat Natural, General Mills Inc., Unilever, Outstanding Foods, Inc., Nutrifusion L.L.C and Greenleaf Foods SPC.
Key Developments:
In December 2023, Unilever announced it has signed an agreement to acquire the premium biotech haircare brand K18. This marks another step in the optimisation of Unilever’s portfolio towards higher growth areas.
In October 2023, Maple Leaf Foods Inc and the Maple Leaf Centre for Food Security is contributing $250,000 to the Healthy Students Brighter Ontario campaign to support the expansion of the Student Nutrition Program and the First Nations Student Nutrition Program in Ontario.
In September 2023, Nestlé has announced an agreement with Advent International to acquire a majority stake in Grupo CRM, a premium chocolate player in Brazil.
Product Types Covered:
• Grain-Based Snacks
• Fruit and Nut Snacks
• Meat Alternative Snacks
• Plant-Based Snack Bars
• Wafers
• Other Product Types
Packaging types Covered:
• Bags
• Pouches
• Tins
• Wrappers
• Other Packaging Types
Category Covered:
• Organic
• Conventional
Flavors Covered:
• Sweet
• Savory
• Other Flavors
Sources Covered:
• Tubers
• Vegetables
• Cereal
• Fruits
• Other Sources
Distribution Channels Covered:
• Mass Merchandisers Specialty Stores
• Convenience Stores
• Online Retails
• Other Distribution Channels
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Plant-based Snacks Market, By Product Type
5.1 Introduction
5.2 Grain-Based Snacks
5.3 Fruit and Nut Snacks
5.4 Meat Alternative Snacks
5.5 Plant-Based Snack Bars
5.6 Wafers
5.7 Other Product Types
6 Global Plant-based Snacks Market, By Packaging type
6.1 Introduction
6.2 Bags
6.3 Pouches
6.4 Tins
6.5 Wrappers
6.6 Other Packaging Types
7 Global Plant-based Snacks Market, By Category
7.1 Introduction
7.2 Organic
7.3 Conventional
8 Global Plant-based Snacks Market, By Flavor
8.1 Introduction
8.2 Sweet
8.3 Savory
8.4 Other Flavors
9 Global Plant-based Snacks Market, By Source
9.1 Introduction
9.2 Tubers
9.3 Vegetables
9.4 Cereal
9.5 Fruits
9.6 Other Sources
10 Global Plant-based Snacks Market, By Distribution Channel
10.1 Introduction
10.2 Mass Merchandisers Specialty Stores
10.3 Convenience Stores
10.4 Online Retails
10.5 Other Distribution Channels
11 Global Plant-based Snacks Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Quorn
13.2 Oumph
13.3 Hilary's - Drink Eat Well, LLC
13.4 Maple Leaf Foods
13.5 Green Park Brands
13.6 Siren Snacks
13.7 Nestle S.A.
13.8 Eat Natural
13.9 General Mills Inc.
13.10 Unilever
13.11 Outstanding Foods, Inc.
13.12 Nutrifusion L.L.C
13.13 Greenleaf Foods SPC
List of Tables
1 Global Plant-based Snacks Market Outlook, By Region (2021-2030) ($MN)
2 Global Plant-based Snacks Market Outlook, By Product Type (2021-2030) ($MN)
3 Global Plant-based Snacks Market Outlook, By Grain-Based Snacks (2021-2030) ($MN)
4 Global Plant-based Snacks Market Outlook, By Fruit and Nut Snacks (2021-2030) ($MN)
5 Global Plant-based Snacks Market Outlook, By Meat Alternative Snacks (2021-2030) ($MN)
6 Global Plant-based Snacks Market Outlook, By Plant-Based Snack Bars (2021-2030) ($MN)
7 Global Plant-based Snacks Market Outlook, By Wafers (2021-2030) ($MN)
8 Global Plant-based Snacks Market Outlook, By Other Product Types (2021-2030) ($MN)
9 Global Plant-based Snacks Market Outlook, By Packaging type (2021-2030) ($MN)
10 Global Plant-based Snacks Market Outlook, By Bags (2021-2030) ($MN)
11 Global Plant-based Snacks Market Outlook, By Pouches (2021-2030) ($MN)
12 Global Plant-based Snacks Market Outlook, By Tins (2021-2030) ($MN)
13 Global Plant-based Snacks Market Outlook, By Wrappers (2021-2030) ($MN)
14 Global Plant-based Snacks Market Outlook, By Other Packaging Types (2021-2030) ($MN)
15 Global Plant-based Snacks Market Outlook, By Category (2021-2030) ($MN)
16 Global Plant-based Snacks Market Outlook, By Organic (2021-2030) ($MN)
17 Global Plant-based Snacks Market Outlook, By Conventional (2021-2030) ($MN)
18 Global Plant-based Snacks Market Outlook, By Flavor (2021-2030) ($MN)
19 Global Plant-based Snacks Market Outlook, By Sweet (2021-2030) ($MN)
20 Global Plant-based Snacks Market Outlook, By Savory (2021-2030) ($MN)
21 Global Plant-based Snacks Market Outlook, By Other Flavors (2021-2030) ($MN)
22 Global Plant-based Snacks Market Outlook, By Source (2021-2030) ($MN)
23 Global Plant-based Snacks Market Outlook, By Tubers (2021-2030) ($MN)
24 Global Plant-based Snacks Market Outlook, By Vegetables (2021-2030) ($MN)
25 Global Plant-based Snacks Market Outlook, By Cereal (2021-2030) ($MN)
26 Global Plant-based Snacks Market Outlook, By Fruits (2021-2030) ($MN)
27 Global Plant-based Snacks Market Outlook, By Other Sources (2021-2030) ($MN)
28 Global Plant-based Snacks Market Outlook, By Distribution Channel (2021-2030) ($MN)
29 Global Plant-based Snacks Market Outlook, By Mass Merchandisers Specialty Stores (2021-2030) ($MN)
30 Global Plant-based Snacks Market Outlook, By Convenience Stores (2021-2030) ($MN)
31 Global Plant-based Snacks Market Outlook, By Online Retails (2021-2030) ($MN)
32 Global Plant-based Snacks Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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