The new report by Expert Market Research titled, ‘Global Plant Based Snacks Market Size, Share, Price, Trends, Growth, Report and Forecast 2020-2025’, gives an in-depth analysis of the global plant based snacks market, assessing the market based on its segments like nature, flavour, product type, packaging type, distribution channel, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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Note 1: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.
The key highlights of the report include:
Market Overview (2015-2025)
• Forecast CAGR (2020-2025): 8.7%
• Forecast Market Size (2025): USD 57 billion
The growing popularity of vegan diet in developed regions, such as North America and Europe, due to animal rights activists, is expected to continue to drive the demand for plant based snacks in these regions. The developing countries in the Asia Pacific are also seeing a rise in the consumption of plant based snacks due to the rising health consciousness and increasing inclination towards low-calorie, vitamin-rich foods.
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The market for these snacks is also heavily dependent on the growing awareness regarding the health benefits of plant based products and vegetarian diets. This is expected to spread rapidly during the forecast period.
Industry Definition and Major Segments
Plant based snacks are wholly derived from plant products and are considered a healthy and animal-friendly alternative to regular snacks. They are considered low-calorie foods and are often marketed based on nutrient content. They are typically adopted by those following vegan or vegetarian diets for health, moral, religious, or other reasons.
By nature, the market is bifurcated into:
On the basis of flavour, the industry is divided into:
Based on product type, the industry is divided into:
• Meat Alternative Snacks
• Grain-Based Snacks
• Fruit and Nut Snacks
• Plant-Based Snack Bars
By packaging type, the industry is categorised into:
By distribution channel, the industry is divided into:
• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
The major regions of the industry are:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
The market is seeing an increase in demand due to the rising concerns regarding various lifestyle related diseases, such as diabetes and obesity-linked cardiovascular diseases. Such customers are turning to plant based snacks as a healthier alternative due to its low-fat properties. In developed regions, the consumption of plant based snacks is heavily dependent on disposable incomes and the economic condition due to its status as a luxury good, being more expensive than regular snacks.
Key Market Players
The major players in the market are Maple Leaf Foods Inc. (TSE: MFI), General Mills Inc. (NYSE: GIS), Unilever Plc, Primal Spirit Foods, Inc., Wyandot, Inc., Brad’s Plant Based, LLC, and SunOpta Grains and Foods, Inc. (NASDAQ: STKL), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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