Plant Based Snacks Market Report and Forecast 2024-2032

According to the report, the global plant based snacks market is projected to grow at a CAGR of 8.7% between 2024 and 2032 reaching a value of approximate USD 76 billion by 2032. Aided by the surge in health-conscious consumers and the exponential growth in vegan and vegetarian populations, the market is expected to grow significantly by 2032.

Plant-based snacks are derived from non-animal sources, including vegetables, fruits, grains, nuts, and seeds. Such products have gained traction due to their nutritional advantages, minimal environmental impact, and alignment with ethical considerations related to animal welfare. Moreover, these snacks cater to an extensive demographic, including those who are lactose intolerant or allergic to dairy products.

The spike in consumer preference for natural and minimally processed foods has significantly bolstered the global plant-based snacks market growth. An amplified understanding of the environmental impacts of meat consumption and the benefits of plant-based diets has led to a robust consumer shift towards plant-derived snacks. Additionally, the growing trend towards clean eating, accompanied by the global health and wellness movement, has enhanced the appeal of plant-based snacks.

One can witness the influence of plant-based snacks across various industries. In the beverage sector, products such as almond, soy, and oat milk have seen a rapid surge in popularity, effectively replacing dairy in many households. Simultaneously, the confectionery industry is experiencing a rise in demand for vegan chocolates, jellies, and other sweets free from animal-derived gelatine.

As per the plant-based snacks market analysis, the evolution in food technology and ingredient innovation has enabled manufacturers to enhance the taste, texture, and nutritional value of plant-based snacks, making them more palatable and nutritionally comparable or even superior to their traditional counterparts. Ingredients like quinoa, chia seeds, and kale, which were previously considered niche, are now mainstream and are often incorporated into snack products due to their high nutrient density.

However, the real catalyst behind the augmentation of the plant-based snacks market demand is the progressive consumer mindset. Increasingly, consumers are viewing their food choices as a reflection of their personal values, encompassing health, environment, and ethics. As such, plant-based snacks are not merely a dietary preference; they symbolise a conscious decision to participate in a more sustainable and humane food system.

Market Segmentation

The market can be divided based on nature, flavour, product type, packaging type, distribution channel, and region.

Market Breakup by Nature

• Organic
• Conventional

Market Breakup by Flavour

• Savoury
• Sweet

Market Breakup by Product Type

• Meat Alternative Snacks
• Grain-Based Snacks
• Fruit and Nut Snacks
• Plant-Based Snack Bars
• Others

Market Breakup by Packaging Type

• Pouches
• Wrappers
• Bags
• Tins
• Others

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets
• Convenience Stores
• Speciality Stores
• Online
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global plant based snacks market. Some of the major players explored in the report are as follows:

• Maple Leaf Foods Inc.
• General Mills Inc.
• Unilever Plc
• Primal Spirit Foods, Inc.
• Wyandot, Inc.
• Brad's Plant Based, LLC
• SunOpta Grains and Foods, Inc.
• Others