PUBLISHER: DataM Intelligence | PRODUCT CODE: 1319233
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1319233
The global plant-based snacks market reached US$ 22,476.1 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 47,830.4 million by 2030. The market is expected to exhibit a CAGR of 9.9% during the forecast period (2023-2030).
Snacks originated from plants have all the vitamins, proteins, fats, carbs, and minerals needed for good health, and are frequently richer in phytonutrients and fiber. To make sure they get all the nutrients they need, some vegans may need to add a supplement, preferably vitamin B12. Snacks produced entirely of plant-based ingredients minimize the usage of animal-based products.
Protein, vitamins, vital amino acids, and minerals found in plant-based snacks, which are responsible to reduce the risk of diabetes, heart disease, obesity, and other disorders of the cardiovascular system. These are the key factors that are responsible for the plant-based snacks market growth during the forecast period of 2023-2030.
According to the WHO, 650 million adults, 340 million adolescents and 39 million children worldwide are obese. By 2025, the WHO predicts that 167 million adults and children will lose some of their health due to being overweight or obese. These factors are making the consumers to choose healthy alternatives, which is estimated to propel the growth of plant-based snacks market.
These increasing health conditions increase demand for low-calorie food products to help consumers maintain a healthy diet. Most health-conscious consumers prefer plant-based snacks because they contain fewer calories than other snack products. These factors are driving the plant-based snacks market growth during the forecast years of 2023-2030.
The plant-based snacks market is steadily growing as customers shift increasingly towards veganism. This is due to consumers becoming more aware of sustainability, social effect, and health issues. Owing to concerns over both the health of individuals and the welfare of animals, there is a growing shift among consumers toward veganism.
Additionally, there is a rising demand for foods made from plants, including vegan cakes, muffins, buns, snack bars, cookies, and bread. Consequently, the market for plant-based snacks is expected to grow at a higher pace during the forecast period of 2023-2030.
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).
The global plant-based snacks market is segmented based on product type, source, distribution channel, and region.
The global plant-based snacks market has been segmented by source into vegetables, fruits, cereals, tubers, and others. The vegetables segment held the largest plant-based snacks market share of 38.7% in 2022 in the plant-based snacks market analysis report.
The growth is demonstrated by the products' simple availability, the cheaper cost compared to other sources, and the rising demand for soy-based snacks. Because of rising consumer acceptability as well as increasing soy protein being used in diverse plant-based products, there is an increased demand for vegetable sources. Growing consumer demand and a wide range of alternatives to animal-based proteins are both contributing to the segment's expansion.
The North America plant-based snacks market held the largest market share of about 37.4% in 2022 in the plant-based snacks market analysis. The North American plant-based snacks market will continue to grow in the next years owing to customers' growing concern about their health.
Major industry players in the U.S. obtain a significant share of the market. For instance, there is a large demand for plant-based food snacks among Millennials and Gen Z, who together make up 47% of the population and whose purchasing power will only increase in the future. The availability of plant-based snacks in distinct purchasing categories encourages consumer interest in them and promotes business expansion.
The major global players in the market include: Maple Leaf Foods, Quorn, Nestle S.A., Upton's Natural, Louisville Vegan Jerky Company, Zelle Organic, Green Park Brands, Eat Natural, Primal Spirit Foods, Inc., and Siren Snacks.
The Covid -19 pandemic had a favorable effect on the expansion of the market for plant-based snacks. Consumers' desire for plant-based snacks grew during the coronavirus because they are trying to eat healthier and because issues at some manufacturers have affected the availability of plant-based snacks. The largest manufacturer of packaged foods in the world is making significant investments in plant-based goods as it seeks to increase innovation and take on the competition from hip local food brands.
Following thousands of Covid cases, approximately 20 snack factories were shut down in the US. As COVID particularly affects those with pre-existing medical conditions, people also have a renewed interest in their own personal health and in losing weight. During the epidemic, some significant corporations saw an upsurge in sales. For instance, in the first half of 2022, sales of plant-based foods at Nestle increased by 40%.
Throughout the world, negative effects are anticipated, particularly in Eastern Europe, the European Union, Eastern & Central Asia, and the United States. This claim has significantly disrupted trade dynamics and had a negative impact on people's lives and means of subsistence. It is anticipated that the ongoing conflict and unpredictability in Eastern Europe will negatively affect Ukraine and have severe, long-lasting impacts on Russia.
Over the past two years, prices have increased significantly because of the high inflation rates in developed economies around the world. It is anticipated that the aggregate purchasing power will considerably affect developing economies and is thought to be non-beneficial in many ways, including lessened consumer consumption of plant-based snacks due to higher costs.
The global plant-based snacks market report would provide approximately 93 tables, 109 figures and 190 Pages.
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