Plant-based Snack Market
Plant-based Snack Market Study by Meat-alternative Snacks, Fruit & Nut Snacks, Grain-based Snacks, and Plant-based Snack Bars Sourced from Vegetables, Cereals, Fruits, and Tubers from 2024 to 2034
Analysis of Plant-based Snack Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Plant-based Snack Market Outlook (2024 to 2034)
The global plant-based snack market is projected to reach a size of US$ 16.02 billion in 2024, as revealed in an updated research report by Fact.MR. During the assessment period from 2024 to 2034, worldwide revenue from plant-based snacks is forecasted to increase at 8.7% CAGR and reach US$ 36.91 billion by the end of 2034.
Growing demand for convenient, tasty, and high-quality plant-based snacks is being seen across the world. Several end-use sectors such as hotels, food service providers, food industries, supermarkets, and quick service restaurants are contributing to market growth by ensuring the availability of this convenience food to the larger consumer base.
Increasing consumption of premium products along with a rising population of health-conscious people is driving up demand for natural and healthy products despite their high prices. Increased focus on healthier lifestyles is leading to the higher consumption of products with natural ingredients. The expanding veganism trend is also resulting in higher adoption of plant-based diets. Projections indicate a noteworthy increase in the veganism trend among celebrities and athletes around the world, more than ever before.
Plant-based probiotics are consumed as healthy food options with beneficial bacteria for the human body. However, comparatively high prices of plant-based snacks are leading to their limited accessibility to consumers with fewer income streams.
- Worldwide demand for plant-based snacks in wrappers is projected to increase at a CAGR of 8.5% and reach a market value of US$ 15.87 billion by 2034-end.
- East Asia is evaluated to account for 23.1% of the global plant-based snack market share by the end of 2034.
- Sales of plant-based snacks in South Korea are approximated to rise at a CAGR of 9.5% through 2034.
- The market in Canada is forecasted to expand at 9.2% CAGR from 2024 to 2034.
| Report Attribute | Detail |
|---|---|
| Plant-based Snack Market Size (2024E) | US$ 16.02 Billion |
| Forecasted Market Value (2034F) | US$ 36.91 Billion |
| Global Market Growth Rate (2024 to 2034) | 8.7% CAGR |
| Market Share of Plant-based Savory Snacks (2034F) | 53.2% |
| Japan Market Growth Rate (2024 to 2034) | 9.2% CAGR |
| North America Market Share (2034F) | 24.3% |
| Key Companies Profiled | Unilever Group; Nestle S.A.; Green Park Snacks; Quorn; General Mills; Maple Leaf Foods; Conagra Brands Inc.; Blue Diamonds Growers Inc.; Eat Natural; The Very Good Butchers; Yues Veggie Cuisine; Lightlife; Sweet Earth Foods; Atlantic Natural Foods; Field Roast; Quorn. |
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How is the Market for Plant-based Snacks Evolving Globally?
“Increasing Consumption of Vegan Food Products”
With a growing population of health-conscious people, increased demand for dairy alternatives is being witnessed. There are certain differences between vegetarianism and veganism. Vegetarians generally abstain from consuming seafood, poultry, and other products from animals. However, vegans also skip dairy, eggs, and any animal-derived food options in addition to the abovementioned eatables. Furthermore, veganism is generally considered the most stringent vegetarianism form.
According to the Vegan Society, veganism is supporting cruelty-free products. Further, there is increased demand for plant-based products owing to the rising trend of veganism and vegetarianism among athletes and celebrities.
“Rising Focus on Environmental Sustainability”
More people are opting for plant-based snacks due to increasing environmental sustainability practices and the knowledge of the impact of their choices on the environment. Conventional snacks depending on animal-based ingredients are considered less environment-friendly compared to plant-based snacks. Manufacturing of animal-based snacks needs a higher amount of resources, such as land and water, which increases the emission of greenhouse gases. On the other hand, plant-based snacks have smaller environmental footprints as they need limited resources and cause reduced emissions.
Which Factors are Limiting Expansion of the Plant-based Snack Market Size?
“High Cost and Limited Availability of Plant-based Ingredients”
Plant-based protein bars generally need comparatively expensive ingredients such as seeds, nuts, and others compared to conventional snacks that are prepared from animal-based ingredients. These ingredients are more expensive than animal-based ingredients, thereby making it challenging for market players to offer affordable plant-based snacks. These higher prices and limited availability of plant-based ingredients are resulting in lesser profits for companies, thus making it challenging to compete with conventional snack companies.
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What Will Help New Companies Establish Themselves in This Business Space?
“Offer Plant-based Snacks with Rich Nutritional Profile and Taste”
New market players need to invest more in producing plant-based snacks with improved taste as they are considered inferior in taste in comparison to conventional snacks. Companies need to address this limitation and produce snacks that are more appealing to consumers who are looking for nutrition and taste.
Country-wise Insights
Approximately 24.3% share of global market revenue is forecasted to be held by North America by 2034, according to a published study by Fact.MR, a market research and competitive intelligence provider. Active participation of more people in the region in reducing animal cruelty along with the detrimental effects of conventional non-plant-based food products is opening new doors for market players.
What is Positively Influencing Demand for Plant-based Snacks in the United States?
“Growing Preference for Plant-based Snacks for Their Environmental Benefits”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 1.7 Billion |
| Growth Rate (2024 to 2034) | 9.1% CAGR |
| Projected Value (2034F) | US$ 4.09 Billion |
The United States is evaluated to account for a 45.6% share of the North American market by 2034. High consumption of plant-based snacks is attributed to their growing popularity among younger consumers, mostly Gen Z and millennials. They are more inclined to plant-based diets and prioritize sustainability and health more in their food options. Hummus and dip products trail mix, plant-based chips, and fruit & nut bars are some of the popular snacks being consumed in the United States.
Will China Provide Lucrative Opportunities for Plant-based Snack Manufacturers?
“Increasing Consumption of Healthy Food with Unique Flavors”
| Attribute | China |
|---|---|
| Market Value (2024E) | US$ 1.75 Billion |
| Growth Rate (2024 to 2034) | 8.7% CAGR |
| Projected Value (2034F) | US$ 4.05 Billion |
China is projected to account for a share of 47.5% of the East Asian market by 2034. Growing demand for unique food flavors and the introduction of several cutting-edge health products are contributing to rapid plant-based snack market growth in the country. Increasing consumption of healthy food and high preference for non-conventional healthier food items are pushing companies to offer innovative and natural food products to consumers in China.
Why are Plant-based Snacks Popular in Japan?
“Rising Population of Vegan Consumers”
| Attribute | Japan |
|---|---|
| Market Value (2024E) | US$ 1.04 Billion |
| Growth Rate (2024 to 2034) | 9.2% CAGR |
| Projected Value (2034F) | US$ 2.51 Billion |
Japan is approximated to account for a 29.4% share of the East Asian market revenue by the end of 2034. Growing concerns related to animal welfare along with restrictions on the excess production of animal-based food products are contributing to increasing demand for plant-based snacks in the country. Market expansion is also being driven by the rising vegan population in the country.
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Category-wise Insights
As stated in this Fact.MR report, there has been a significant increase in the demand for plant-based snack bars owing to their health advantages. In addition, growing popularity of vegan diets is also resulting in the increased consumption of natural bars, which is a key plant-based snack market trend to watch out for.
Which Packaging is Preferred by Plant-based Snack Producers?
“Preference for Wrappers Due to Their Eco-friendly Nature and Pocket-friendly Prices”
| Attribute | Wrappers |
|---|---|
| Segment Value (2024E) | US$ 7 Billion |
| Growth Rate (2024 to 2034) | 8.5% CAGR |
| Projected Value (2034F) | US$ 15.87 Billion |
Wrapper-packaged plant-based snacks are projected to occupy 43% share of the global market by 2034. More manufacturers of plant-based snacks are using wrappers for packing purposes. This increased use is attributed to the eco-friendly nature of wrappers nowadays, which reduces environmental pollution. In addition, the economic prices of wrappers make them a preferred choice among manufacturers, and the benefits of this can be passed on to consumers in the end.
Why are Plant-based Savory Snacks Generating More Revenue?
“Growing Consumption of Savory Plant-based Snacks as Sustainable and Healthy Alternative”
| Attribute | Savory Snacks |
|---|---|
| Segment Value (2024E) | US$ 8.8 Billion |
| Growth Rate (2024 to 2034) | 8.4% CAGR |
| Projected Value (2034F) | US$ 19.63 Billion |
Plant-based snacks with savory flavors are analyzed to hold a share of 53.2% of global market revenue by 2034. These snacks include roasted chickpeas, vegetable chips, savory protein bars, and popcorn. They offer a delicious alternative to conventional savory snacks that are prepared from animal products, such as cheese-based snacks and chips. The rising demand for savory snacks is attributed to the growing preference for plant-based diets and the increasing adoption of sustainable and healthy snacking options in several parts of the world.
Competitive Landscape
Key players in the plant-based snack industry are investing significantly in new product launches to expand their reach across regions and enrich their product portfolios.
- Atlantic Natural Foods, in January 2022, launched a new plant-based snack line in the United Kingdom. It includes spicy tikka and Thai masala, which has expanded the company’s spicy food category.
Fact.MR provides detailed information about the price points of key manufacturers of plant-based snacks positioned across the world, sales growth, production capacity, and speculative technological expansion, in this recently updated market report.
Segmentation of Plant-based Snack Market Research
-
By Type :
- Meat-alternative Snacks
- Fruit & Nut Snacks
- Grain-based Snacks
- Plant-based Snack Bars
- Others
-
By Flavor :
- Sweet
- Savory
-
By Category :
- Conventional
- Organic
-
By Source :
- Vegetables
- Cereals
- Fruits
- Tubers
- Others
-
By Packaging :
- Wrappers
- Tins
- Bags
- Pouches
-
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- MEA
- FAQs -
How big is the plant-based snack market in 2024?
The global plant-based snack market is estimated at a value of US$ 16.02 billion in 2024.
What is the demand outlook for plant-based snacks by 2034?
Sales of plant-based snacks are evaluated to reach US$ 36.91 billion by the end of 2034.
At what rate are the sales of plant-based snacks analyzed to rise?
The market for plant-based snacks is forecasted to expand at 8.7% CAGR from 2024 to 2034.
What is the contribution of North America to global market revenue?
North America is projected to account for 24.3% share of global market revenue by 2034.
What is the projected CAGR for plant-based snack sales in South Korea?
Demand for plant-based snacks in South Korea is projected to increase at 9.5% CAGR through 2034.
How much share of the global market are plant-based savory snacks forecasted to hold?
Plant-based savory snacks are projected to account for 53.2% of the global market share by 2034.
Who are the leading manufacturers of plant-based snacks?
Some of the leading market players are Unilever Group, Nestle S.A., Green Park Snacks, Quorn, and General Mills.
Plant-based Snack Market