Market Highlights
The global plant-based snacks market is projected to register a significant growth rate of 8.02% from 2019 to 2024 to reach a market value of USD 34,276.8 Million by the end of 2024. Increasing consumer preference for convenience foods is projected to drive market growth. This can be attributed to the easy available and high nutritional value of such products. The demand for convenience foods such as snacks has been increasing at a high pace over the last decade. Snacks manufacturers are introducing new products which include plant-based snacks and plant-based meals. The rising prevalence of illnesses such as diabetes, obesity, and cardiovascular diseases are driving the demand for healthy vegan and vegetarian snacks which, in turn, is propelling the growth of the global plant-based snacks market.
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The global plant-based snacks market has been segmented on the basis of product type, category, distribution channel, and region
Based on product type, the global plant-based snacks market has been divided into meat alternative snacks, cereal/grain-based snacks, fruit and nut snacks, plant-based snack bars, and others. The meat alternative snacks segment is estimated to account for the majority market share in 2019 and is maintain its dominance during the forecast period. The consumption of healthy snacks has increased and the increasing consumer preference toward meat alternative products due to their high nutrient content are the major factors for the growth of the segment.
The global market for plant-based snacks has been classified, on the basis of category, as conventional and organic. The conventional segment is expected to be larger and projected to register a moderate growth rate during the forecast period. The growth of the conventional segment can be attributed to economical pricing of these plant-based snacks. However, the organic segment is projected to exhibit the higher growth rate during the review period. Increasing consumer awareness regarding the adverse effects of synthetic food ingredients is anticipated to drive the growth of the organic segment.
Based on distribution channel, the global plant-based snacks market has been segmented into store-based and non-store-based. The store-based segment has been further divided into supermarkets and hypermarkets, convenience stores, and others. The store-based distribution channel segment is estimated to hold the larger market share in 2019 and is projected to register a moderate growth rate during the forecast period. However, the non-store-based segment is projected to exhibit the higher growth rate. Key manufacturers are launching new products, which can easily be made available to consumers in different regions through e-commerce channels. The mode also helps vendors create brand awareness.
Key Developments
April 2019: Eat Natural introduced a new plant-based snack bar in the UK market. The product is gluten-free and contains a blend of nuts, fruits, and grains.
March 2019: Oat Millionaire Bars launched several plant-based snacks. The products are available in different flavors including hazelnut caramel, banoffee caramel, salted caramel, and chocolate orange.
March 2018: Unilever Limited launched the Cocoa Chipotle, Pineapple Coconut Rum, Maple Bourbon, and Coconut Curry plant-based organic snack foods.
Key Players
Some of the key players in the global plant-based snacks market are Blue Diamond Growers Inc. (US), Louisville Vegan Jerky Company (US), Conagra Brands, Inc. (US), Outstanding Foods, Inc. (US), Vegan Rob's (US), Amy's Kitchen (US), Unilever Group (UK), General Mills Inc. (US), Nestle S.A. (Switzerland), Louisville Vegan Jerky Co. (US), Primal Spirit Foods, Inc. (US), Eat Natural (UK), Green Park Snacks Ltd (UK), Siren Snacks Inc. (US), and Zellee Organic (US).
Regional Analysis
The global plant-based snacks market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
Europe accounted for the majority market share in 2018 and it is estimated to maintain its dominance during the forecast period of 2019 to 2024. Product launches are a major trend gaining traction in the European plant-based snacks market. Key manufacturers emphasize the launch of products to remain competitive in the regional market. The North American plant-based snacks market is also estimated to account for a significant market share in 2019 and is projected to register a significant growth rate during the forecast period. The growing vegan population in the US is expected to drive the growth of the plant-based snacks market during the forecast period.
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