Plant-based Snacks Market Forecasted to Achieve US$ 80 Billion by 2033, with 8.7% CAGR

May 23, 2024 - 15:58
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Plant-based Snacks Market Forecasted to Achieve US$ 80 Billion by 2033, with 8.7% CAGR

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 in high demand as customers become more health-conscious, despite their high cost and limited availability. Health-conscious consumers often prefer premium, sustainable, and healthy private-label products, presenting lucrative opportunities for food and beverage companies in the plant-based snacks market.

The appeal of plant-based snacks, such as fruit and nut snacks, grain-based snacks, and more, has broadened their audience and boosted sales. With rising per capita income, consumers have increased purchasing power, leading them to choose more premium products. They recognize the benefits of healthy, natural, or plant-based items and are willing to pay a higher price for these superior options.

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 Jerk 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 rising demand for plant-based snacks, manufacturers are focusing on cost reduction and increasing the availability of plant-based ingredients. Technological advancements and sustainable farming practices are contributing to making these ingredients more cost-effective and accessible.

Manufacturers are experimenting with innovative ingredients and flavor combinations to develop snacks that are both indulgent and healthy. By capitalizing on the plant-based diet trend, they position their products as healthier and more sustainable alternatives to traditional snacks.

For instance, Mondelez International launched the Fuse Fit snack bar in the Indian market in 2021.

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Growing awareness about environmental sustainability is fueling the expansion of the plant-based snacks market. As consumers become more mindful of the environmental impact of their food choices, they increasingly seek sustainable options. Compared to traditional snacks made with animal-based ingredients, plant-based snacks are perceived as more environmentally friendly.

Producing animal-based snacks demands substantial resources, including water and land, and significantly contributes to greenhouse gas emissions. Animal farming, in particular, releases large amounts of methane, a potent greenhouse gas that accelerates climate change. Consequently, the production of animal-based snacks is a resource-intensive and environmentally harmful process.

In contrast, plant-based snacks typically have a smaller environmental footprint, requiring fewer resources and generating lower emissions. This sustainability appeal attracts consumers who prioritize eco-friendly choices. As concerns about the effects of food production on climate change and biodiversity loss grow, so does the demand for plant-based snacks.

Plant-based Snacks Industry Segmentation

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