The Plant Based Snacks Market size is forecast to reach $59.4 billion by 2026, growing at a CAGR of 9.4% during the forecast period 2021-2026. Plant based snacks consists of ingredients that are derived from plants including tubers, vegetables, fruits, and cereals. The fiber fraction in plant based snacks is mainly made up of indigestible compounds that includes pectins, cellulose, resistant starch, and hemicellulose. There are different types of plant based snacks such as cereal based snacks, fruits & nut snacks, snack bars, and cookies among others. An increasing number of vegan consumers and increasing consumer preference for convenience foods are the major factors driving the growth of the market. Increasing concerns regarding the fitness, and availability of wide range of the plant based snacks products is set to further enhance the overall market developments of the Plant Based Snacks Market for the period 2021-2026.
Plant Based Snacks Market Segment Analysis – By Product Type
Plant Based Snacks Bars held the largest share in the Plant Based Snacks Market in 2020 and is estimated to grow at a CAGR 10.7% during the forecast period 2021-2026. This is attributed to the various health benefits that are associated with the plant based snacks bars. Increasing demand for plant based snacks bars, meat alternative snacks, and cookies are increasing the growth of the segment. There is also an increase in the demand of the cereal based snacks owing to the increasing prevalence for vegan diets. Plant Based Snacks Bars are estimated to register the higher CAGR over the period 2021-2026.
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Plant Based Snacks Market Segment Analysis – By Source
Vegetables held the largest share in the Plant Based Snacks Market in 2020 and is estimated to grow at a CAGR 10.0% during the forecast period 2021-2026. This is attributed to easy availability, lower cost than the other sources, and increasing demand for soy based meat alternative products. There is an increasing demand for vegetable source owing to the increasing consumer acceptance level, and increasing applications of soy protein in various plant based products. Increasing consumer demand and various alternative to animal based proteins are also increasing the growth of the segment. Vegetables are estimated to register the higher CAGR over the period 2021-2026.
Plant Based Snacks Market Segment Analysis – By Geography
North America dominated the Plant Based Snacks Market with a major share of 36.3% in 2020. This is attributed to the increasing government initiatives to enhance consumer knowledge towards new innovations in the field of plant based snacks, and increasing demand for unique taste. Increasing inclination of the consumers towards the healthy diet, and increasing applications of plant based snacks in the food industry is also increasing the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the favorable climatic condition and ease of resource availability. Increasing awareness of the animal welfare, ban on various animal based products, and increasing concerns pertaining to the animal based food products is increasing the growth of the market in this region.
Plant Based Snacks Market Drivers
Increasing Shift of the Consumers towards the Veganism
Increasing shift of the consumers towards the veganism is increasing the growth of the Plant Based Snacks Market. This is owing to the increasing awareness of the consumers regarding the health, social impact, and sustainability. There is an increasing shift of the consumers towards the veganism owing to the animal welfare, and personal health. Also, there is an increasing demand of the plant based foods such as muffins, buns, snacks bar, cookies, bread, and vegan cake among others. Thus, increasing the growth of the Plant Based Snacks Market during the forecast period 2021-2026.
Increasing Health Consciousness Among Consumers
Increasing health consciousness among consumers is increasing the growth of the market. This is owing to the nutritional benefits of the plant based snacks that have encouraged the consumers to opt such products. It has various health benefits that includes immune function, and reduced risk of several diseases. Plant based snacks are convenient to grab on – the - go, are nutrient dense that provides vitamins, minerals, and energy. Increasing number of working population has also led in the consumption of plant based snacks. Thus, increasing the growth of the Plant Based Snacks Market during the forecast period 2021-2026.
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Plant Based Snacks Market Challenges
Lack of Awareness Regarding the Plant Based Snacks and Stringent Regulations
Some of the factors that are set to impede the growth of the Plant Based Snacks Market are lack of awareness regarding the plant based snacks and stringent regulations. High production cost to prepare organic food and no usage of preservatives in the food is also set to hinder the growth of the market.
Plant Based Snacks Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Plant Based Snacks Market. In 2020, the Plant Based Snacks Market share is consolidated by the top ten players present in the market. The Plant Based Snacks Market, top 10 companies are General Mills, Maple Leaf Foods, The Unilever Group, Nestle, Quorn, Soul Sprout, Oumph, Green Park Snacks, and Eat Natural among others.
Key Takeaways
North America dominated the Plant Based Snacks Market in 2020 owing to the increasing awareness about health and increasing shift towards the natural food substitutes. The Plant Based Snacks Market scope for different regions will be provided in the final report.
Increasing usage of nutritional supplements and increasing consumer inclination towards healthy diets are likely to aid the market growth of the Plant Based Snacks Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Plant Based Snacks Market report.
Lack of awareness regarding the plant based snacks and stringent regulations is poised to create the hurdles for the Plant Based Snacks Market.
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