The plant-based snacks market size is projected to be valued at USD 36,083 million in 2023 and is expected to rise to USD 76,186.6 million by 2033. The sales of plant-based snacks are expected to record a CAGR of 8.0% during the forecast period.
Food consumption is rising at a steady pace, despite stagnant economic growth. This has been identified as a chief driver of the plant-based snacks market. In addition to the rising population, increasing spending capacity is creating a huge demand for all types of plant-based snacks.
An increase in demand for high-quality, tasty, and convenient plant-based snacks was noted in the recent past. A similar trend is expected to occur in the upcoming five years. Thus, end-use industries of plant-based snacks such as quick service restaurants, hotels, supermarkets, food industries, and food service providers have become a constant source of revenue generation for plant-based snacks manufacturers.
| Attributes | Details |
|---|---|
| Plant-based Snacks Market Estimated Size (2023) | USD 36,083 million |
| Plant-based Snacks Market CAGR (2023 to 2033) | 8.0% |
| Plant-based Snacks Market Forecasted Size (2033) | USD 76,186.6 million |
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Future Market Insights projects the plant-based snacks market to remain steady, exhibiting growth at 8.0% CAGR between 2023 and 2033 in comparison to the CAGR of 3.1% posted from 2018 to 2022.
Plant-based snack manufacturers are likely to witness immense potential for growth, with studies forecasting a steady rise in demand for food. Moreover, with snack consumption steadily rising in Europe and North America, the plant-based snacks market might pick pace in the coming years.
Rising per-capita income reflects the increased spending capacity of the consumers. Further, consumers have been showing increased consumption of premium products and are well aware of the benefits offered by healthy and natural or plant-based products and choose to consume the same despite high prices.
Natural products are highly demanded due to increasing health consciousness among consumers despite high prices and lack of easy availability. Moreover, health-conscious consumers opt for private-label goods which are high quality, healthy, and sustainable. This has rendered the plant-based snacks market a vital option for many foods & beverages businesses.
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The rising inflation in most countries, particularly for agricultural or plant-based products, is expected to downplay the sales despite the immense and growing plant-based snacks market opportunities. Also, the growing trend of non-veg food among millennials around the world can be a restraining factor for the overall global plant-based snacks market
Meat alternative snacks cater to the growing demand for plant-based protein options and provide a healthy and sustainable alternative to traditional meat-based snacks. Made from plant-based proteins such as soy, pea, and mushrooms, meat alternative snacks offer a range of delicious options that mimic the taste and texture of meat. They appeal to consumers following vegetarian, vegan, or plant-based diets, as well as those looking to reduce their meat consumption for health, ethical, or environmental reasons.
The market continues to expand to meet the diverse needs and preferences of health-conscious and environmentally-conscious consumers, with an increasing variety of meat-alternative snacks available, including jerky, protein bars, and veggie-based chips,
Indirect is a heavy sales channel than the direct channel in the plant-based snacks market, contributing more than 50% of the overall sales of plant-based snacks achieved in the previous consecutive years. Also, with the expansion of markets for snacks and breakfast products, the indirect sales channel is gaining traction and is expected to continue exhibiting high growth through the forecast period.
Savory plant-based snacks include items such as vegetable chips, roasted chickpeas, popcorn, and savory protein bars. They provide a delicious alternative to traditional savory snacks made from animal products, such as chips and cheese-based snacks. Further, the demand for savory plant-based snacks has increased as many consumers adopt plant-based diets or seek healthy and sustainable snacking options.
Manufacturers and suppliers are introducing innovative and flavorful plant-based alternatives to meet the growing demand for savory snacks in the market. Moreover, the diverse range of savory plant-based snacks available reflects the market's ability to cater to different taste preferences and dietary needs, further driving the overall growth of the plant-based snacks market.
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Nations in North America currently make significant contributions to the market for plant-based snacks, due to the quick uptake of the vegetarian and vegan diet. As a result, these areas now consume plant-based snacks per person, which has supported the market players to proliferate their business. Hence, the demand for plant-based snacks is likely to witness drastic growth from the forecast period 2023 to 2033.
The United States is expected to account for 28.0% of the total revenue value share of North America’s plant-based snacks market in 2022. In developed countries like the United States and Canada, consumers prefer low-fat foods to maintain a balanced diet. Further, Plant-based snacks contain low levels of fat and offer numerous health benefits.
As per the plant-based snacks market analysis report, the Asia Pacific region is a significantly growing market and is expected to follow a high CAGR of 9.5% through the forecasted ten years.
Asia Pacific has been seeing significant growth in the plant-based snacks market after North America’s market due to the consumers' preference for health and well-being. Additionally, the proliferation of adopting a healthy lifestyle through all means, which might include a diet with plant-based snacks, has been supported by the rise in spending power. Also, countries in Asia have emerged as leading markets for plant-based snacks and exhibit high potential to expand further in the coming years.
South Asia is predicted to show a considerable growth rate over the assessment period. Also, changing the lifestyle of the consumers is to propel the demand for vibrant snacks with added flavor and taste. This, in turn, is expected to fuel the growth of the plant-based snacks market. According to these developments, India and China are expected to develop at a rate of 6.1% and 7.1% respectively in Asia Pacific’s plant-based snacks market.
Plant-based snack manufacturers are focusing on introducing and innovating a wide variety of products to increase their consumer base and gain a competitive advantage.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 8.0% from 2023 to 2033 |
| Base Year of Estimation | 2023 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and Volume in Units and F-CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis |
| Key Segments Covered | By Product Type, By Packaging, By Flavor, By Distribution Channel, By Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; The Middle East & Africa; Oceania |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, Italy, France, The United Kingdom, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | Nestle S.A.; General Mills; Kellogg Co.; Blue Diamond Growers; The Unilever Group; Green Park Snacks Ltd.; Maple Leaf Foods Inc.; Primal Spirit Foods Inc.; Louisville Vegan Jerky Company; Eat Natural; Eat Real; Quorn; Soul Sprout; Oumph; Upton’s Natural; Drink Eat Well, LLC (Hilary's); Others |
| Customization & Pricing | Available upon Request |
The market is valued at USD 36.0 billion in 2023.
Nestle S.A., General Mills, and Kellogg Co. are key market players.
The market will reach USD 76.1 billion by 2033.
Increasing popularity of online sales channels will drive the market prospects.
From 2018 to 2022, the market registered a CAGR of 3.1%.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Meat Alternative Snack 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Packaging 6.1. Pouches 6.2. Wrappers 6.3. Bags 6.4. Tins 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Flavor 7.1. Savory 7.2. Sweet 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 8.1. Direct 8.2. Indirect 8.2.1. Hypermarkets/Supermarkets 8.2.2. Convenience Store 8.2.3. Specialty Stores 8.2.4. Grocery Stores 8.2.5. Independent Retailers 8.2.6. Online Retailers 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Nestle S.A. 19.2. General Mills 19.3. Kellogg Co. 19.4. Blue Diamond Growers 19.5. The Unilever Group 19.6. Green Park Snacks Ltd. 19.7. Maple Leaf Foods Inc. 19.8. Primal Spirit Foods Inc. 19.9. Louisville Vegan Jerky Company 19.10. Eat Natural 19.11. Eat Real 19.12. Quorn 19.13. Soul Sprout 19.14. Oumph 19.15. Upton’s Natural 19.16. Drink Eat Well, LLC (Hilary's) 19.17. Go Raw® 19.18. Greenleaf Foods 19.19. SIREN SNACKS 19.20. Zellee Organic 20. Assumptions & Acronyms Used 21. Research Methodology
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Plant-based Snacks Market
