Plant-based Snacks Market to Signify Strong Growth by 2024-2031

Plant-based snacks market is anticipated to grow at a considerable CAGR of 8.6% during the forecast period. Increasing health consciousness among consumers and increased awareness about health problems are the major factors contributing to the growth of the plant-based snacks market. Health-conscious living has surged the requirement to find nature-based sustainable, preservatives, and chemical-free health foods products. The nutritional benefits of plant-based snacks such as immune function, and reduced risk of several diseases have encouraged consumers to opt for such products. Plant-based snacks are convenient food that provides vitamins, minerals, and energy in a snackable form. Moreover, they offer high nutritional value, such as fiber, minerals, & protein, and other natural properties. Consumers are shifting their eating preferences towards healthy and natural food ingredients which is encouraging the manufacturers to take advantage and offer new and innovative plant-based snacks which are loaded with plant protein. For instance, in 2022, Peperami launched a vegetarian version of the nostalgic meaty stick snacks made from a blend of pea and wheat protein and are flavored with “peppery herbs and spices” that recreate the unique Peperami flavor in a plant-based snack. Each plant-based stick contains 64 calories per serving and is high in plant protein.

The global plant-based snacks market is segmented based on its nature, product type, and format. Based on nature, the market is segmented into organic, and conventional. Based on the product type, the market is categorized into meat alternative snacks, cereal/grain-based snacks, fruit & nut snacks, plant-based snack bars, and others. Further, based on format, the market is categorized into savory, and sweet. Among the product type segment, the meat alternative snacks sub-segment is expected to cater to a prominent market share over the forecast period owing to rising awareness and health concerns among people about the risk of animal-borne disease associated with meat products.

Consumers are becoming more aware of the risk of animal-borne disease associated with meat products which is inclining them towards meat alternatives in the market. The rising awareness is creating an impact on consumers' food habits and a rise in health concerns among people. Apart from health concerns, the spread of various infectious diseases, linked to the consumption of animal products is further creating a market for meat alternative products and thus strongly boosting the growth of meat alternative snacks. Moreover, the ongoing vegan trend around the globe is promoting demand for meat alternatives among key products available in the plant-based snacks market. In response to consumer demand and the growing flexitarian, vegetarian, and vegans population, manufacturers are focusing on producing plant-based meat snacks in the market. In May 2022, Novolutions, the foodtech startup expanded its focus to plant-based protein with the new brand ‘Just Dig In!’ offering a variety of plant-based meat snacks. The new range encompasses Chick*n Oriental Meatballs, Chick*n Seekh Kebabs, Chick*n Spicy Fingers, and Chick*n Chili Cheese Nuggets. The products are available across Modern Bazaar outlets and online portals in Delhi, and the Just Dig In! website. 

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Plant-based Snacks Market Segmentation

By Nature

• Organic
• Conventional

By Product Type

• Meat Alternative Snacks
• Cereal/Grain-Based Snacks
• Fruit & Nut Snacks
• Plant-Based Snack Bars
• Others

By Format

• Savoury
• Sweet

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Regional Analysis           

North America 

• United States
• Canada

Europe

• UK
• Germany
• Spain
• France
• Italy
• Rest of Europe

Asia-Pacific

• India
• China
• Japan
• South Korea
• Rest of APAC

Rest of the World

• Latin America
• Middle East and Africa 

Company Profiles 

• Amy's Kitchen, Inc.
• Control Alt Foods Private Ltd. (Green Snack Co.)
• Eat Natural
• GoMacro LLC
• Hekabites 
• Louisville Vegan Jerky Company
• Nestlé S.A.
• Novolutions Food and Beverage Pvt. Ltd. (Just Dig In)
• PRIMAL SPIRIT FOODS, INC.
• Raw Bites Ltd
• Safe Food Corp. (Sunny Fruit)
• Siren Snacks
• Unilever PLC
• com, Inc.

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