Plant-based Snacks Market Analysis will generate new growth opportunities by 2028
Market Overview
Plant-Based Snacks Market is estimated to be valued at USD
72 Billion and register a growth rate of 7.85% during the forecast period 2027.
Market Dynamics
Numerous factors influence global market demand. Veganism is
growing in practically every country, which will drive market demand globally
during the anticipated time. Additionally, growing awareness about health,
wellness, and fitness is another factor contributing to the global market's
increased demand throughout the study period. People prefer ready-to-eat meals
as a result of changing lifestyles and urbanization; in other words, people are
more receptive to convenience items, which drives global market demand. Global
demand for plant-based snacks is increasing. Growing knowledge of the
availability of meat substitutes with nearly identical nutritional benefits
creates numerous growth prospects in the global industry. Raising awareness and
conducting campaigns on behalf of various animal welfare and social welfare
organizations led in an increase in the customer base for plant-based food
goods. Globally growing vegan communities have a favorable effect on the
expansion of plant-based snack foods.
While the global market for plant-based snacks is booming,
several obstacles are impeding expansion. The high cost of making organic food
items results in a higher price for completed goods, which acts as a restraint
on market expansion around the globe during the review period, since it is not
affordable to all.
Segmental Analysis
The global market for Plant-based
Snacks Market Analysis has been segmented by product type, category,
distribution channel, and region.
Globally, the market has been segmented into plant-based
snack bars, fruit and nut snacks, cereal/grain-based snacks, and meat
replacement snacks, among others.
The market has been segmented globally by category into
organic and conventional.
The market has been segmented globally into non-store-based
and store-based distribution channels.
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Regional Overview
The market for plant-based snacks has been segmented
geographically into North America, Asia-Pacific, Europe, Latin America, and the
Middle East and Africa.
The European area holds the highest market share in the global
market due to the availability of established technologically advanced
infrastructure that enables increased production of plant-based snacks and
hence increases market demand in this region. Additionally, a sizable portion
of the population is adopting veganism, which raises market demand.
North America holds the second-largest market share
globally, owing to the presence of numerous important industry players who
drive market demand in this region. In 2018, this area accounted for over 32.5
percent of the market. Another impact is the existence of countries such as the
United States, Canada, and Mexico.
Asia-Pacific, being the fastest-growing region, holds the
third-largest market share in the global market, owing to the region's growing
vegetarian population, which boosts market demand. Additionally, growing
awareness of health and fitness is a key driving market demand in this region.
Latin America and the Middle East and Africa have the
smallest market shares due to their lack of infrastructure. Another issue
limiting market expansion in these locations is a low per capita disposable
income.
Competitive Dynamics
The most prominent major key players in the organic
snacks companies market all across the globe are Zelle Organic (US), Siren
Snacks Inc. (US), Green Park Snacks Ltd (UK), Eat Natural (UK), Primal Spirit
Foods Inc. (US), Louisville Vegan Jerky Co. (US), Nestle S.A. (Switzerland),
Conagra Brands, Inc. (US), General Mills Inc. (US), Unilever Group (UK),
Outstanding Foods, Inc. (US), Vegan Rob’s (US), Amy’s Kitchen (US), and Blue Diamond
Growers Inc. (US).
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Researchers are Studying Covid19 and its Impact on Various Industry Verticals
and wherever required we will be considering Covid19 Footprints for Better
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