Global Plant Based Snacks Market Report and Forecast 2024-2032

Global Plant Based Snacks Market Outlook

The global plant based snacks market witnessed a healthy growth in the historical period of 2018-2023. The market is expected to grow at a CAGR of 8.7% in the forecast period of 2024-2032 to reach a value of USD 94.03 billion by 2032.

Rising Adoption of Vegan and Vegetarian Diet is Aiding the Global Market for Plant Based Snacks

The market for plant based snacks is driven by the rising adoption of vegan and vegetarian diet in the developed economies. Economies of North America are significantly contributing to the expanding market size of plant-based snacks. This can be attributed to the rise in the adoption of a vegetarian and vegan diet. Following North America, the Asia Pacific region is demonstrating enormous growth in the plant based snacks industry, as the consumers are inclined towards purchasing products that are associated with health and wellness. Further, the market in the region is highly influenced by the rising disposable incomes, changing lifestyles, and rapid urbanisation, along with the growing awareness regarding the health benefits of consuming plant based snacks.

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Plant Based Snacks: Market Segmentation

Plant based snacks are those snacks that are almost purely derived from various plants and are healthy to munch on. They are produced, keeping in mind the health-conscious people as they usually have lower calories and are rich in nutrients.

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On the basis of nature, the market is divided into:

• Organic
• Conventional

Based on flavour, the industry can be segmented into:

• Savoury
• Sweet

On the basis of product type, the industry is categorised into:

• Meat Alternative Snacks
• Grain-Based Snacks
• Fruit and Nut Snacks
• Plant-Based Snack Bars
• Others

On the basis of packaging type, the industry is divided into:

• Pouches
• Wrappers
• Bags
• Tins
• Others

By distribution channel, the industry is segregated into:

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Concerns Associated with the Health Complications to Aid the Global Market Growth of Plant Based Snacks

The market for plant based snacks is driven by the rising concerns associated with the health complications such as diabetes, obesity, and cardiovascular diseases, which have contributed significantly to the shift from the fried snacks to the healthier snacks. Thereby increasing the market growth of plant based snacks. Further, the rising demand for plant based cereals such as fruit and nut snacks, cereal-based snacks, and plant based snack bars is providing impetus to the market growth as a result of its high nutritional value. The market is also expected to grow in the forecast period aided by the introduction of new products by the major players in the industry.

Key Industry Players in the Global Plant Based Snacks Market

The report gives a detailed analysis of the following key players in the global plant based snacks market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Maple Leaf Foods Inc.
• General Mills Inc.
• Unilever Plc
• Primal Spirit Foods, Inc.
• Wyandot, Inc.
• Brad's Plant Based, LLC
• SunOpta Grains and Foods, Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report