Plant-Based Snacks Market Size, Share, Industry, Forecast and outlook (2024-2031)

Plant-Based Snacks Market Overview

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 2031. The market is expected to exhibit a CAGR of 9.9% during the forecast period (2024-2031). Fruits, vegetables, and whole grains are sources of vitamins, minerals, fiber, and antioxidants that are present in plant-based snacks.

Whole grains, legumes, plant-based proteins, nuts, seeds, plant-based oils, spices, and herbs are all components of plant-based snacks. The low protein level in plant-based snacks minimizes hunger and supports a variety of bodily processes, such as hormone synthesis and muscle growth.  

Plant-based snacks market growth is anticipated due to its advantages such as reduction of inflammation, enhancement of the immune system, boost nutrient absorption in the body, and enhancement of gut health. Fiber-rich plant-based snacks are beneficial for maintaining regular bowel movements since they lower cholesterol and stabilize blood sugar. The plant-based snacks market is expanding as a result of the rising demand for healthy foods among consumers.

Plant-Based Snacks Market Summary and Scope

Plant-Based Snacks Market Dynamics and Trends

Increase in trend of veganism among consumers is driving the plant-based snacks market growth.

The growing consumer awareness of the health advantages of veganism, the demand for plant-based snacks has increased across the world during the past several years. There is an increasing desire for vegetarian snacks that are low in processed saturated fats, high in fibre, vitamin C, and iron. Additionally, it is anticipated that the plant-based snacks market growth is estimated to expand as a result of manufacturers' nonstop efforts to produce a snack product with a longer shelf life, better texture and aroma.

The popularity of many plant-based snacks is increasing, which broadens and diversifies the plant-based snacks market opportunities. Over the plant-based snacks forecast years of 2023–2030, the exponential expansion of chilled plant-based snacks is likely to continue. It indicates a change in the plant-based industry's merchandising tactics as well as product innovation.

The health benefits associated with plant-based snacks is driving the market growth.

The plant-based snacks market is expanding as people are becoming more concerned about their health. This is because consumers are more likely to choose items made from plants because of their nutritional advantages. It provides a number of health advantages, including improved immune function and lowered risk of certain diseases. Snacks made of plants are easy to carry with you and are packed with nutrients including vitamins, minerals, and energy. 

Globally, more than 1 billion adults are obese in 2022, according to the WHO report. Additionally, plant-based snacks helps the consumers to regulate their body weight by providing low calories to their body, which is thought to be the main factor boosting the plant-based snacks market growth during the forecast years of 2023-2030.

Plant-Based Snacks Market Segmentation Analysis

The global plant-based snacks market is segmented based on product type, source, distribution channel, and region.

Rising demand for grain-based snacks is expected to drive the product type segment growth

The global plant-based snacks market has been segmented by product type into wafers, grain-based snacks, cookies, and others. The grain-based snacks segment held the largest plant-based snacks market share of about 49.7% in 2022 in the plant-based snacks market analysis report. Grains like brown rice, bulgur, quinoa, barley, muesli, and farro are found in grain-based snacks. 

Blueberry snack bars, nibbly fingers, power-ups apple cinnamon, original oat bars, and fiber crisp bread are some examples of grain-based snack foods. Snacks based on grains are abundant in vitamins, minerals, fiber, carbs, and protein. They support digestion, give the body energy for growth and development, and aid in keeping a healthy weight. The most nutritious snacks are made from whole grains because they retain the healthy components contained in the grain's outer layers. 

Plant-Based Snacks Market Geographical Share

The increasing demand for plant-based snacks in North America

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. Additionally, manufacturers in North America, from start-ups to top CPG firms to the largest meat-producing companies in the world, are exploring rapidly for the plant-based snacks market opportunities. 

In North America, distribution channels are rapidly growing. According to SPINS retail sales data, which was published on April 6, 2021, grocery sales of plant-based snacks that directly substitute animal products increased by 27% to $7 billion in 2020. By 2021, 79 million households in the US, or 62%, will be purchasing plant-based snacks. In the plant-based category, the proportion of repeat buyers increased from 78% in 2020 to 79% in 2021, which have proved the demand in the region. 

Plant-Based Snacks Companies and Competitive Landscape

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.

COVID-19 Impact on Plant-Based Snacks Market

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:

Covid-19 Impact:

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 Nestlé increased by 40%. 

Ukraine-Russia War Impact:

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.

Global Recession Impact:

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.

By Product Type

• Wafers
• Grain-Based Snacks
• Cookies
• Others 

By Source

• Vegetables
• Cereals
• Tubers
• Others

By Distribution Channel

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

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • The U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In September 2022, GOOD PLANeT Foods announced its launch of plant-based Snack Packs. Designed for ease when traveling, GOOD PLANeT Foods Snack Packs come in individual packaging.
• In January 2023, Human Nature Food, a company that operates in London, announced its renowned plant-based snacks in the UK through Degusta Box.   Hot Jalapeno & Lime Lentil Sticks and Sour Cream and Onion received Great Taste Awards from Human Nature. The judges praised these vegan snacks as "very appetizing, exciting and moreish and an innovative alternative to traditional crisps" and they were a significant hit.  
• In April 2022, New Babybel Plant-Based products from Bel Brands USA have been launched and are sold in stores all around the U.S. The cheese-like flavor and texture of the original Mini Babybel's mozzarella were imitated in developing the plant-based snack for flexitarians, consumers who avoid dairy, and cheese enthusiasts. To identify the plant-based version from the original, Babybel has changed the color of the wax coating on the packaging, which is now green.

Why Purchase the Report?

• To visualize the global plant-based snacks market segmentation based on product type, source, distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development. 
• Excel data sheet with numerous data points of plant-based snacks market-level with all segments.
• The PDF report consists of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The global plant-based snacks market report would provide approximately 93 tables, 109 figures and 190 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies

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Plant-Based Snacks Market is segmented By Product Type (Wafers, Grain-Based Snacks, Cookies, Others), By Source (Vegetables Fruits, Cereals, Tubers, Others) By Distribution Channel (Online Retails, Convenience Stores, Supermarkets/Hypermarkets, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030