Increasing adoption of vegan diet worldwide will play a keyrole in expanding the global plant-basedsnacks market size in the foreseeable future. Veganism is beingincreasingly seen as a definitive step towards attaining food sustainability aswell as bringing down greenhouse gas emissions. According to a study conductedby the Oxford Martin School under the University of Oxford, lowering relianceon meat-based diets and consuming more vegetables and fruits can save close to8 million lives by 2050 and reduce greenhouse gas emissions by 67%. Moreover,around USD 1.5 trillion-worth of healthcare costs, which are likely to arise asglobal warming worsens. This is expected to be one of the leading plant-basedsnacks market trends as consumer food preferences show a marked shift towardsplant-based diets. For example, statistics released by the Vegan Society revealthat there was a 987% rise in demand for meat-free food items in the UK in 2017,indicating a conscious conversion to plant-based diets, which augurs well forthis market.
GrowingPrevalence of Diabetes to Spike the Demand for Plant-based Foods
Modern-day work culture and stress, along withpollution, have surged the incidence of chronic diseases, prominent among whichis diabetes. The International Diabetes Federation (IDF) estimates that around463 million people are suffering from diabetes currently and by 2045, thisnumber is projected to spike to 700 million. Furthermore, according to the IDF,diabetes caused 4.2 million deaths and around 374 million people worldwide areat risk of developing type 2 diabetes in the near future. One of the mainreasons for these disturbing numbers is the unhealthy diet regimes followed bypeople, especially in the urban areas. Acknowledging this fact, manyworking-age people are steadily adopting plant-based diets. These foods arelargely free of chemicals, have little to no sugar, and very low fat & oilcontent. Such foodstuffs are crucial in keeping blood sugar in check andpreventing the birth of any other associated complications.
North America to Leadthe Charge; Asia-Pacific to Grow Considerably
Among regions, North America is anticipated to dominate theplant-based snacks market share owing to the rising popularity of veganism inthe region. Moreover, growing awareness about fitness and wellness is furtherpropelling the uptake of plant-based foods in North America. In Asia-Pacific,emerging economies such as India and China are undergoing a period of rapidurbanization and industrialization, which is expected to drive the plant-basedsnacks market growth in the region during the forecast period.
Immense Opportunitiesfor Innovation Await Market Players
“Innovation will be the key, if a company intends to rise andprosper in this market,” says a lead analyst at Fortune Business Insights™. The plant-based snacks marketanalysis shows that many players are already focusing on bringing out novelproducts in a bid to consolidate their position in this market.
IndustryDevelopments:
· September 2019: Nestle launched the plant-based,meat-replicating Awesome Burger, developed by Sweet Earth, an innovator inplant-based foods. This unique item has a diverse nutritional profile,consisting mainly for proteins and fiber. More importantly, the burger mimicsthe taste of meat without actually containing any animal fat.
· September 2019: Ripple Foods came out with theirupgraded plant-based nutrition products which included creamy yogurtalternatives derived from plants and plant milks, touted as ‘superfood’, comprisingof turmeric, acai, and matcha.
Browse Complete Report:
https://www.fortunebusinessinsights.com/industry-reports/plant-based-snacks-market-101629
