The Plant Based Snacks Market size is forecast to reach $59.4 billion by 2026, growing at a CAGR of 9.4% during the forecast period 2021-2026. Plant based snacks consists of ingredients that are derived from plants including tubers, vegetables, fruits, and cereals. The fiber fraction in plant based snacks is mainly made up of indigestible compounds that includes pectins, cellulose, resistant starch, and hemicellulose. There are different types of plant based snacks such as cereal based snacks, fruits nut snacks, snack bars, and cookies among others. An increasing number of vegan consumers and increasing consumer preference for convenience foods are the major factors driving the growth of the market. Increasing concerns regarding the fitness, and availability of wide range of the plant based snacks products is set to further enhance the overall market developments of the Plant Based Snacks Market for the period 2021-2026.
Report Coverage
The report: “Plant Based Snacks Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Plant Based Snacks Market.
By Product Type: Meat Alternative Snacks, Grain Based Snacks, Fruit Nuts Snacks, Plant Based Snacks Bars, Cereal Based Snacks, Cookies, and Others
By Source: Vegetable, Fruits, Cereal, Tubers, and Others
By Category: Conventional, and Organic
By Distribution Channel: Convenience Stores, Specialty Stores, and Online Stores
By Geography: North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, and Rest of South America), and Rest of the World (Middle East, and Africa)
Key Takeaways
- North America dominated the Plant Based Snacks Market in 2020 owing to the increasing awareness about health and increasing shift towards the natural food substitutes. The Plant Based Snacks Market scope for different regions will be provided in the final report.
- Increasing usage of nutritional supplements and increasing consumer inclination towards healthy diets are likely to aid the market growth of the Plant Based Snacks Market report.
- Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Plant Based Snacks Market report.
- Lack of awareness regarding the plant based snacks and stringent regulations is poised to create the hurdles for the Plant Based Snacks Market.
Plant Based Snacks Market Drivers
Increasing Shift of the Consumers towards the Veganism
Increasing shift of the consumers towards the veganism is increasing the growth of the Plant Based Snacks Market. This is owing to the increasing awareness of the consumers regarding the health, social impact, and sustainability. There is an increasing shift of the consumers towards the veganism owing to the animal welfare, and personal health. Also, there is an increasing demand of the plant based foods such as muffins, buns, snacks bar, cookies, bread, and vegan cake among others. Thus, increasing the growth of the Plant Based Snacks Market during the forecast period 2021-2026.Increasing Health Consciousness Among Consumers
Increasing health consciousness among consumers is increasing the growth of the market. This is owing to the nutritional benefits of the plant based snacks that have encouraged the consumers to opt such products. It has various health benefits that includes immune function, and reduced risk of several diseases. Plant based snacks are convenient to grab on – the - go, are nutrient dense that provides vitamins, minerals, and energy. Increasing number of working population has also led in the consumption of plant based snacks. Thus, increasing the growth of the Plant Based Snacks Market during the forecast period 2021-2026.Plant Based Snacks Market Challenges
Lack of Awareness Regarding the Plant Based Snacks and Stringent Regulations
Some of the factors that are set to impede the growth of the Plant Based Snacks Market are lack of awareness regarding the plant based snacks and stringent regulations. High production cost to prepare organic food and no usage of preservatives in the food is also set to hinder the growth of the market.Plant Based Snacks Market Landscape
Product launches, mergers and acquisitions, joint ventures, and RD activities are key strategies adopted by players in the Plant Based Snacks Market. In 2020, the Plant Based Snacks Market share is consolidated by the top ten players present in the market. The Plant Based Snacks Market, top 10 companies are General Mills, Maple Leaf Foods, The Unilever Group, Nestle, Quorn, Soul Sprout, Oumph, Green Park Snacks, and Eat Natural among others.
