Plant-based Snacks Market Valued at US$ 76,186.6 Million by 2033, Exhibiting a Steady Growth Rate of 8.0%

The plant-based snacks market is predicted to be worth US$ 36,083 million in 2023, rising to US$ 76,186.6 million by 2033. Plant-based snack sales are predicted to grow at an 8.0% CAGR during the projection period.

Plant-based snacks are becoming more and more well-liked lately for a variety of reasons. Along with increased consumer awareness and exposure, obesity, cardiovascular disease, and other chronic diseases are on the rise. Technology advancements and urbanisation have raised consumer awareness to a new level. The benefits of eating exclusively plants are quickly understood, which increases the demand for plant-based snacks.

As people transition to healthier and more environmentally friendly eating patterns, the market for plant-based snacks is expanding rapidly. Plant-based alternatives have become more well-liked as people become more aware of how traditional snacks affect the environment. These snacks meet the growing need for enjoyment that is guilt-free by providing a wide variety of flavours and health advantages.

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Healthy snacking has gained a lot of popularity. The market for snacks made from fruits, vegetables, seeds, or a combination of these is expanding nowadays. In the upcoming years, the tendency is probably going to accelerate.

The reason why consumers opt for plant-based products is the ongoing trend of consumers becoming health and wellness conscious.

However, there are still a number of important elements influencing customer purchasing decisions, including product cost, convenience, and flavour. Therefore, producers must devise strategies to encourage consumers to adopt healthy eating habits without sacrificing convenience or taste.

Because of consumers' shifting eating patterns, the demand for plant-based snacks is anticipated to increase throughout the projected period. Therefore, market participants anticipate seeing more demand.

Key Takeaways from Market Study

North America is expected to dominate the global market by accounting for the maximum market value share of about 37% by 2022 end
By product type, meat alternatives are expected to account for the maximum market value share of the global market by 2022 end
In case of flavor, savory plant-based snacks are expected to gain momentum and show an impressive growth over the forecast period (2022-2032)
Presently North America plant-based snacks market dominates with an estimated value of above US$ 25 Billion by the end of year 2032.
Indirect channel is expected to account for a higher market value share than direct channel by 2032 end
Asia Pacific region is the leading market in terms of growth in sales of plant-based snacks these years resulting in an above average CAGR of 9.5% through the projected time period.

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Competitive Landscape

Manufacturers are adopting various marketing strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration to identify the interest of potential buyers and create a larger customer base.

Some of the top companies operating in the global plant-based snacks market includes General Mills Inc., The Unilever Group, Nestle, Primal Spirit Foods, Inc., Maple Leaf Foods Inc., Louisville Vegan Jerky Company, Blue Diamond Growers, Inc., Eat Natural, Green Park Snacks Ltd, Eat Real, Quorn, Oumph, Soul Sprout, Upton's Naturals, Nutrifusion, Drink Eat Well, LLC, Go Raw®, Greenleaf Foods, SIREN SNACKS, and Zellee Organic among others.

In order to stay relevant in the global plant-based snacks market and gain competitive edge, some of the leading players are focusing in product innovations. For instance, they are introducing novel flavours in both sweet and savoury categories to expand their consumer base.

Explore More Valuable Insights

Future Market Insights, in its new report, offers an impartial analysis of the global plant-based snacks market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.

The study offers compelling insights based on plant-based snacks market by product type (meat alternative snack, cereal/grain based snack, plant-based salted snack, plant-based snack bar, fruit and nut snack, and others), packaging (pouches, wrappers, bags, and tins), flavor (savory and sweet), and distribution channel (direct and indirect) across seven (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa) major regions of the world.

-Global Plant-based Snacks Market by Category

-By Product Type:
Meat Alternative Snack

-By Packaging:
Pouches
Wrappers
Bags
Tins

-By Flavor:
Savory
Sweet

-By Distribution Channel:
Direct
Indirect
Hypermarkets/Supermarkets
Convenience Store
Specialty Stores
Grocery Stores
Independent Retailers
Online Retailers

-Frequently Asked Questions
What is the market scenario of plant-based snacks?
At what rate is the global plant-based snacks market expected to grow?
What is the projected Value of Plant-based Snacks Market By 2032?
Which Country is the largest Dominant Share Holder in the Plant-based Snacks Market?
Which are the major countries driving demand for Plant-based Snacks?

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This release was published on openPR.