Plant based Snacks Market Assessment, Size, Value, Share, Growth, Trends, Competition, Production Capacity, Industry Analysis, Market Intelligence, Consumer Surveys, Actionable Insights Report; By Product Type, By Packaging, By Distribution Channel, By Region and By Country; Outlook and Forecast, 2024 – 2032

Report Summary

The Global Plant based Snacks Market size in terms of revenue was valued at USD 34.8 billion in 2023 and is projected to surpass USD 70 billion by the end of 2032. The Plant based snacks industry is forecasted to grow at a CAGR of 7.2% between 2024 and 2032.

Plant based Snacks Market: Overview

Plant based snacks are made from plant-derived ingredients. These include products made from fresh or dried vegetables and fruits such as celery, carrots, or dehydrated chips. These are rich in fiber, minerals, and vitamins, thereby offering good nutrition and satisfying human hunger. These Plant based snacks also referred as vegan snacks, are sustainable, healthier, and cruelty-free as compared to traditional snack products. These snacks are well formulated with protein-rich ingredients to offer high protein intake in vegan diets. These include protein balls, protein bars, tofu, roasted chickpeas, and many others.

Plant based Snacks Market: Key Insights

• As per the market assessment, the global plant based snacks market size is estimated to grow annually at a CAGR of around 7.2% over the forecast period (2024-2032).
• In terms of revenue, the global Plant based snacks market size was valued at around USD 34.8 billion in 2023 and is projected to reach USD 70 billion by 2032.
• Rising demand for plant based diets is driving the growth of the global Plant based snacks market. As awareness of health and environmental benefits grows, more consumers are incorporating Plant based snacks into their diets.
• Based on the distribution channel, the indirect segment is growing at a high rate and is projected to dominate the global market.
• Based on the packaging, the bags segment is projected to swipe the largest market share.
• Based on product, the savory segment is expected to dominate the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.
• Recent consumer surveys indicated a high level of awareness among grocery shoppers regarding product certifications. More than 95% are familiar with various certifications, and 80% consider these certifications important. Furthermore, 75% of consumers express a higher level of trust in products that feature certified seals compared to those that do not.

Plant based Snacks Market: Growth Drivers

Rising demand for Plant based diets is the growth of the global market

Food consumption is rising at a higher rate despite the economic status of any country. This factor will be the primary driver for the growth of the global Plant based snacks market in the coming years. However, the constantly growing population all across the globe is creating demand for healthier options like Plant based snacks. Additionally, the increasing spending capacity of people is further demanding premium and healthy products, which further fuels the demand for Plant based snacks. People nowadays are willing to spend an extra penny for tasty, high-quality, and convenient Plant based snacks, which is another reason expected to positively impact the industry. End users like hotels, supermarkets, and restaurants are also monetizing the opportunity by coming up with quick and healthy Plant based snack options in their menus. Therefore, all these factors are expected to accentuate the growth of the industry in the coming years. For instance, Novolutions came up with Just Dig In in May 2022 to capture consumer’s attention to its brand. The company was previously known for Hippie, a unique handcrafted mocktail brand.

Plant based Snacks Market: Restraints

Price sensitivity is likely to hinder the growth of the global market

Plant based snacks are priced a little higher than traditional snacks, which are expected to slow down the growth of the Plant based snacks industry. Sourcing high-quality natural ingredients is quite expensive and labor-intensive, which deters price-sensitive consumers. A large chunk of consumers from medium- and low-income countries prefer affordability over sustainability and health. Therefore, all these factors are likely to negatively impact the growth trajectory of the industry in the coming years.

Plant based Snacks Market: Opportunities

Product innovation is likely to foster growth opportunities in the global market

The growing flexitarian and vegan population all across the globe is driving manufacturers to come up with increasing product innovations. The rising awareness among people regarding the health benefits of Plant based products over animal-derived ones is also encouraging manufacturers to launch new products in the market. There is a significant increase in demand for natural and clean-label food. Also, the fast-expanding distribution network is another major factor expected to positively impact the growth trajectory of the global Plant based snacks market. For instance, Magnum introduced a new vegan ice cream in January 2022. The product came in a mini-sized multi-pack ice cream with two flavors, namely, vegan almond and vegan classic. The company has received an award for exceptional quality and taste.

Plant based Snacks Market: Challenges

Competition from conventional snacks is a big challenge in the global market

Apart from the price factor, people prefer conventional snacks because of their taste and texture. Conventional snacks are still a choice for a huge number of people, and this is expected to be a big challenge in the Plant based snacks industry. However, Plant based snacks are penetrating the market rapidly with unique value propositions. However, the cultural and culinary preferences are likely to slow down the growth of the industry in the coming years.

Plant based Snacks Market: Segmentation

The global Plant based snacks market can be segmented into distribution channel, packaging, product type, and region.

On the basis of distribution channel, the market can be segmented into direct and indirect. The indirect segment can further be bifurcated into independent retailers, grocery stores, specialty stores, convenience stores, supermarkets, online retailers, and others. The indirect segment accounts for the largest share of the Plant based snacks industry. The indirect segment comprises different retail channels that cater to specific purposes and cater to different consumer preferences and needs. The indirect distribution channel offers a well-curated selection of products like plant snacks. Also, the indirect distribution channels provide a personalized shopping experience, which facilitates the emphasis on locally sourced artisanal products. Moreover, people are in the habit of visiting supermarkets or grocery stores for their day-to-day shopping, which is further expected to propel the growth of the segment. Specialty stores focus on specific markets like organic markets, vegan markets, and many others, which is an excellent way to showcase products like Plant based snacks.

On the basis of packaging, the market can be segmented into tins, bags, wrappers, pouches, and others. The bags segment is likely to dominate the global Plant based snacks market during the anticipated period. Bags offer convenience to customers, and therefore, they are in high demand. Bags help people in transportation, storage, and portion control. Also, bags help people with proper space for branding and other product information. Manufacturers can experiment with eye-catching designs on bags to attract people to the stores. Nowadays, bags come in different materials and formats, thereby helping manufacturers to align with sustainability goals. Manufacturers are nowadays using biodegradable or compostable materials to cater to the rising demand from consumers for eco-friendly packaging options. Also, it is easy to innovate with designs and materials of bags, thereby coming up with attractive features like easy tear openings, resealable closures, and some other barrier properties to keep the product content fresh for a longer time. Additionally, bags are versatile in nature and can accommodate different kinds of products with diverse shapes and sizes. It can pack a wide array of products ranging from crunchy snacks to soft snacks. This flexibility further widens the scope of the market segment. As consumers become increasingly conscious of their food choices, the significance of labels and certifications on Plant based products is rising. Clear labeling enables shoppers to identify sustainable options, fostering confidence in their purchasing decisions. The demand for transparency is crucial for building trust and loyalty in the Plant based industry.

On the basis of product type, the market can be segmented into confectionery, savory, bakery, nuts & seeds, and others. Savory is the fastest-growing segment in the Plant based snacks industry. Savory snacks offer sweetness and indulgence, thereby attracting people to offer desert-like experiences. Savory snacks include a wide range of options like pretzels, popcorn, crackers, chips, and other savory bars. These items have a salty or savory flavor, thereby satisfying people in the time in between the meals. The Plant based snacks include a variety of flavors, including crackers, chippy chips, and other popular choices, thereby helping vegetarians to get their protein along with satisfying their hunger in between meals. Savory snacks are the perfect on-the-go option because they come in convenient formats like single-server portions or resealables.

Plant based Snacks Market: Report Scope & Snapshot

Plant based Snacks Market: Regional Analysis

North America to dominate the global market

North America accounts for a large share of the global Plant based snacks market during the forecast period. The rising environmental concerns and health issues are some of the major factors contributing to the growth of the regional market. Plant based diets are expanding at a steady pace in the region, which is paving the way for the growth of the regional market. Consumers in the region are including Plant based snacks in their diet because they are healthy snack options and offer numerous nutritional benefits. The regional market is highly characterized by product innovation. Companies are coming up with a wide range of innovative snacks like bar, turkey, and crackers made from nuts, seeds, fruits, and vegetables. Additionally, the media landscape across the retail channels in the region is further expected to widen the scope of the market by expanding Plant based offerings in their stores and expanding Plant based offerings in their stores.

Asia Pacific is another major region that is expected to witness a high growth rate in the coming years. Various factors like rising health consciousness, increasing adoption of Plant based diets, and animal welfare concerns are driving the growth of the regional market. Additionally, the growing trend of veganism in the region influenced by Western culture is further expected to increase the demand for convenient and nutritious snack options. Manufacturers are experimenting with local cuisines and globally inspired options to swipe a larger market area. Different retail channels in the market, like hypermarkets, supermarkets, and convenience stores, are further boosting the popularity of Plant based snacks. The region has a higher demand for Plant based snacks due to the presence of a large vegan cultural factor that is also likely to shape the growth trajectory of the regional market positively in the coming years. For instance, Unilever group came up with Plant based snacks like corn seeds and coconut in June 2022 at Expo West. The company is the largest share soap manufacturer in the world.

Plant based Snacks Market: Competitive Analysis

The key players in the global Plant based snacks market include Blue Diamond Growers, Conagra Brands, Drink Eat Well (Hilary's), Eat Natural, Eat Real, General Mills, Green Park Snacks, Kellogg, Louisville Vegan Jerky, Maple Leaf Foods, Nestle, Oumph, Outstanding Foods, Primal Spirit Foods, Quorn, Siren Snacks, Soul Sprout, Unilever Group, Upton’s Natural, Vegan Rob’s, Zelle Organic, and others.