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Plant-Based Snacks Market Growth Accelerates: From $34.6 Billion in 2023 to $80 Billion by 2033

06-28-2024 04:19 AM CET | Food & Beverage

Press release from: Fact.MR

Plant-Based Snacks Market Growth Accelerates: From $34.6

Plant-based snacks market are expected to have a value of US$ 34.6 billion in 2023 and US$ 80 billion by the end of 2033, growing at a compound annual growth rate (CAGR) of 8.7%.

Foods like fruits, vegetables, grains, and tubers are examples of plant-based snacks. The consumption of plant-based snacks is being driven by the growing popularity of convenience foods and the rise in the number of vegan consumers.

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Natural food products are experiencing high demand as consumers become more health-conscious, despite their higher cost and limited availability. Health-focused buyers often favor premium, sustainable, and healthy private-label products, creating lucrative opportunities for food and beverage companies within the plant-based snacks market.

The popularity of plant-based snacks, such as fruit and nut snacks, grain-based snacks, and others, has expanded their consumer base and driven sales growth. As per capita income rises, consumers gain increased purchasing power, leading them to opt for more premium products. They recognize the advantages of healthy, natural, or plant-based options and are willing to pay a premium for these superior choices.

Major Key Players in the Plant-Based Snacks Industry are:
• Unilever Group
• Nestle S.A.
• Green Park Snacks
• Quorn
• General Mills
• Maple Leaf Foods
• Conagra Brands Inc.
• Blue Diamonds Growers Inc.
• Eat Natural

Key Takeaways from Market Study:

• The global plant-based snacks market reached a valuation of US$ 34.6 billion in 2023.

• Demand for plant-based snacks is expected to grow at a CAGR of 8.7% from 2023 to 2033.

• The global market is projected to hit US$ 80 billion by the end of 2033.

• North America holds a 36% market share in 2023.

• Sales of plant-based snack bars are anticipated to grow rapidly, with a CAGR of 10.7% during the forecast period.

Competitive Landscape

A winning strategy to move ahead in the plant-based snacks market is to focus on innovation, offering a wide range of unique and flavorful products that appeal to health-conscious consumers who are looking for convenient and tasty snacking options. This can include investing in research and development to create new and exciting plant-based snack products that are both healthy and delicious.

By focusing on innovation, sustainability, and brand building, companies in the plant-based snacks market can develop a winning strategy that positions them for long-term success. Nestlé, Unilever Group, Soul Sprout, Oumph!, Quorn, and Green Park Snacks are among the top brands in the snacks industry.

Customers have widely consumed plant-based snack bars such as EPIC Provisions Rise & Grind morning-inspired bars, LARABAR Plant-based protein bars, and Nature Valley Wafer Bars introduced by General Mills in 2019.

At the Natural Products Expo West in the United States in 2019, Uptons Naturals introduced Bites made of wheat and protein. The vegan snacks are free of GMO soybean, trans fat, and cholesterol, and are a great source of protein and vitamin B12.

Market Competition

With the growing demand for plant-based snacks, manufacturers are prioritizing cost reduction and enhancing the availability of plant-based ingredients. Technological advancements and sustainable farming practices are helping to make these ingredients more affordable and accessible.

Producers are exploring innovative ingredients and unique flavor combinations to create snacks that are both indulgent and healthy. By leveraging the plant-based diet trend, they are positioning their products as healthier and more sustainable alternatives to traditional snacks.

For example, Mondelez International introduced the Fuse Fit snack bar to the Indian market in 2021.

Read More: https://www.factmr.com/report/plant-based-snacks-market

The growth of the plant-based snacks market is being driven by increasing awareness of environmental sustainability. Consumers are becoming more conscious of the environmental impact of their food choices, leading to a rising preference for sustainable options. Plant-based snacks are perceived as more environmentally friendly compared to traditional snacks that use animal-based ingredients.
Producing snacks from animal-based ingredients requires significant resources such as water and land, and contributes substantially to greenhouse gas emissions. Animal farming, in particular, releases large amounts of methane, a potent greenhouse gas that exacerbates climate change.

Consequently, the production of animal-based snacks is resource-intensive and environmentally harmful.
In contrast, plant-based snacks typically have a smaller environmental footprint, utilizing fewer resources and generating lower emissions. This sustainability aspect appeals to consumers who prioritize eco-friendly choices. As concerns about the environmental impacts of food production, including climate change and biodiversity loss, continue to grow, so does the demand for plant-based snacks.

Plant-based Snacks Industry Segmentation:

• By Type :
o Meat-alternative Snacks
o Grain-based Snacks
o Fruit & Nut Snacks
o Plant-based Snack Bars
o Others
• By Category :
o Conventional
o Organic
• By Source :
o Vegetables
o Fruits
o Cereals
o Tubers
o Others

The plant-based snacks market is poised for significant growth as environmental sustainability becomes a paramount concern for consumers. The reduced resource requirements and lower greenhouse gas emissions associated with plant-based snacks make them an attractive option for those seeking to minimize their environmental impact. As awareness of the ecological consequences of food production continues to rise, the demand for plant-based alternatives will likely increase. This shift not only supports environmental goals but also reflects a broader trend toward healthier, more sustainable eating habits. Consequently, the plant-based snacks market is set to expand, driven by conscious consumer choices and a collective effort to promote a more sustainable future.

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Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232
Email: sales@factmr.com

About Fact.MR
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client's satisfaction.

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