Rockville, April 26, 2023 (GLOBE NEWSWIRE) -- The recent research analysis by Fact.MR on the global market for plant-based snacks provides a thorough overview of the industry’s product, end-user, and region categories. It also offers comprehensive details on important players and the crucial tactics they are turning to for gaining an upper hand over their competitors.
Fact.MR – A Market Research and Competitive Intelligence Provider: As per Fact.MR, a provider of market research and competitive intelligence, the global plant-based snacks market size is expected to reach US$ 80 billion by 2033, expanding at a CAGR of 8.7% from 2023 to 2033.
Natural food products are in high demand because customers are becoming more health conscious despite their high cost and difficult availability. Since health-conscious consumers choose private-label products that are premium, sustainable, and healthful, several food and beverage companies have found lucrative opportunities in the market for plant-based snacks.
The availability of a wide range of plant-based snacks, including fruit and nut snacks, grain-based snacks, and others, has increased their appeal to a broader audience, resulting in increased sales. Rising per capita income indicates an increase in consumer purchasing power. Consumers are opting for more premium products because they recognize the benefits of healthy, natural, or plant-based products, and are willing to pay a higher price for them.
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Key Takeaways from Market Study
- The global plant-based snacks market amounted to US$ 34.6 billion in 2023.
- Demand for plant-based snacks is projected to increase at a CAGR of 8.7% during the forecast period (2023 to 2033).
- The global market is estimated to touch US$ 80 billion by the end of 2033.
- North America holds a market share of 36% in 2023.
- Sales of plant-based snack bars are projected to increase rapidly at a CAGR of 10.7% during the forecast period.
Competitive Landscape
A winning strategy to move ahead in the plant-based snacks market is to focus on innovation, offering a wide range of unique and flavorful products that appeal to health-conscious consumers who are looking for convenient and tasty snacking options. This can include investing in research and development to create new and exciting plant-based snack products that are both healthy and delicious.
By focusing on innovation, sustainability, and brand building, companies in the plant-based snacks market can develop a winning strategy that positions them for long-term success. Nestlé, Unilever Group, Soul Sprout, Oumph!, Quorn, and Green Park Snacks are among the top brands in the snacks industry.
- Customers have widely consumed plant-based snack bars such as EPIC Provisions Rise & Grind morning-inspired bars, LARABAR Plant-based protein bars, and Nature Valley Wafer Bars introduced by General Mills in 2019.
- At the Natural Products Expo West in the United States in 2019, Uptons Naturals introduced Jerk Bites made of wheat and protein. The vegan snacks are free of GMO soybean, trans fat, and cholesterol, and are a great source of protein and vitamin B12.
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Major Key Players in the Plant-Based Snacks Industry are:
- Unilever Group
- Nestle S.A.
- Green Park Snacks
- Quorn
- General Mills
- Maple Leaf Foods
- Conagra Brands Inc.
- Blue Diamonds Growers Inc.
- Eat Natural
Market Competition
As demand for plant-based snacks continues to grow, manufacturers are working to find ways to reduce costs and increase the availability of plant-based ingredients. Advances in technology and sustainable farming practices are also helping make plant-based ingredients more cost-effective and accessible.
Manufacturers are using innovative ingredients and flavor combinations to create snacks that are both indulgent and healthy. Some manufacturers are leveraging the trend toward plant-based diets to position their products as healthier and more sustainable alternatives to traditional snacks.
- For example, Mondelez International introduced the Fuse Fit snack bar to the Indian market in 2021.
Plant-based Snacks Industry Segmentation
- By Type :
- Meat-alternative Snacks
- Grain-based Snacks
- Fruit & Nut Snacks
- Plant-based Snack Bars
- Others
- By Category :
- Conventional
- Organic
- By Source :
- Vegetables
- Fruits
- Cereals
- Tubers
- Others
Regional Analysis Of Plant-based Snacks Market:
- APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; the Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, and Czech Republic)
- North America (USA, Canada, and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, United Arab Emirates, South Africa)
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Key Questions Covered in the Plant-based Snacks Market Report
- What is the projected value of the Plant-based Snacks factors Industry in 2023?
- At what rate will the global Plant-based Snacks factors market size grow until 2033?
- Which are the factors hampering the growth of Plant-based Snacks factors?
- Which region is expected to lead in the global Plant-based Snacks factors market By 2033?
- Which are the factors driving the Plant-based Snacks factors Industry during the forecast period?
- What is the expected market value of the Plant-based Snacks market during the forecast period?
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