Plant-Based Snacks Market
Plant-based Snacks Market Reached USD 23321 million in 2019 and is anticipated to Grow at a CAGR of 8.5% during the forecast period.
The factors driving the growth of Plant-Based Snacks Market includes rise in the vegan population around the world, growing demand for meat alternative products and increase in the number of chronic diseases such as diabetes, obesity, and cardiovascular ailments. According to the report published by The Vegan Society, the vegan population in the United Kingdom has drastically risen from 276,000 in 2016, which represented 0.46% of the total population to 600,000 in 2019, trend of veganism is expected to boost the Plant-Based Snacks Market size in the approaching years. Moreover, rising consciousness amongst consumers about adopting healthy lifestyles and increase in the launches of innovative products, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, easy availability of plant-based products at the online platforms, rising concerns about animal cruelty, rapid urbanization, growing population growth rates and improvements in the living standards, are further contributing towards the market growth.
Request For a FREE Sample Report on Plant-Based Snacks Market
However, the growth of Plant-Based Snacks Market is hindered due to high processing cost of vegan snack products.
Based on Distribution Channel, the supermarkets/hypermarkets segment is predicted to capture the largest market share during the forecast period
The supermarket and hypermarket stores offer wide variety of grocery products and provides huge discounts to their regular customers, are some of the important factors responsible for the segment’s growth.
Based on Nature, the Organic segment is estimated to hold the highest market share over the forecast period
The organic plant-based protein products are good source of vitamins and minerals and provides natural taste, are the features propelling the segment’s growth.
Based on Region, the North American region is anticipated to dominate the market during the forecast period
Growing consumers inclination towards adopting healthy diet, easy availability of plant-based products at the e-commerce platforms, rising population growth rates and high per capital incomes, are some of the factors augmenting the segment’s growth.
Key Development
- In 2019, General Mills introduced Nature Valley Wafer Bars, LARABAR plant-based Protein bars, and EPIC Provisions Rise & Grind morning-inspired bars.
- In 2019, Uptons Naturals introduced wheat and protein-based Jerky Bites at Natural Products Expo West, United States. The vegan snacks are great source of protein and vitamin B-12 and are free from GMO's, soy, trans fat, and cholesterol.
- In 2017, Hippeas partnered with CAVU Venture Partners to raise USD 10 Million for expanding their business in the plant-based snacks business.
Market Segmentation
Segmentation by Product Type
- Meat Alternative Snacks
- Cereal/Grain based Snacks
- Plant-based Salted Snack
- Plant-based Snack Bars
- Fruit and Nut Snacks
- Others
Segmentation by Nature
Segmentation by Flavour
- Savoury
- Vegetable Flavour
- Herb & Spice Flavour
- Chilly/Pepper Flavour
- Seafood/Meat Flavour
- Cheese Flavour
- Blended Flavor
- Sweet
- Citrus Flavour
- Tropical Flavour
- Berries Flavour
- Chocolate Flavour
- Others
Segmentation by Packaging
- Pouches
- Wrappers
- Bags
- Tins
Segmentation by Distribution Channel
- Hypermarkets/Supermarkets
- Convenience Store
- Specialty Stores
- Online Retail
- Others
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe - +353 1 442 8820; US - +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com