Market Overview

Market Research Future (MRFR) announces the publication of its research report Global Plant-Based Snacks Market, 2017–2024. The global plant-based foods market has been growing at a substantial rate over the last few years. The market is estimated to be valued at USD 23,306.8 million in 2019 and projected to register a growth rate of 8.02% during the forecast period of 2019 to 2024.

Key manufacturers are introducing new products in the plant-based foods category to retain a competitive edge in the market. Plant-based snacks account for a large segment of the plant-based food market. The increasing adoption of vegetarian and vegan diets is anticipated to drive the sales of plant-based snacks. Moreover, changing lifestyles have resulted in consumer preference for ready-to-eat or convenience food products. However, the Plant-Based Snacks Market is fragmented in North America and Europe owing to the presence of both multinational and regional players. The key players in the global plant-based snacks market are emphasizing mergers & acquisitions to increase profitability.

Leading Players

Some of the key players in the Global Plant-Based Snacks Market are Blue Diamond Growers Inc. (US), Unilever Group (UK), General Mills Inc. (US), Nestle S.A. (Switzerland), Louisville Vegan Jerky Company (US), Conagra Brands, Inc. (US), Amy's Kitchen (US), Outstanding Foods, Inc. (US), Vegan Rob’s (US), Louisville Vegan Jerky Co. (US), Primal Spirit Foods, Inc. (US), Eat Natural (UK), Green Park Snacks Ltd (UK), Siren Snacks Inc. (US), and Zellee Organic (US).

Regional Analysis

The global plant-based snacks market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.

The North American market for plant-based snacks is expected to grow substantially during the assessment period. The growth of the plant-based snacks market is expected to be driven by the increasing adoption of healthy food habits with a focus on plant-based products. The US is estimated to hold a significant market share in 2018 and remain the dominant country-level market during the forecast period.

The European plant-based snacks market is expected to be the largest in terms of value and volume. The growth of the plant-based snacks market in Europe can be attributed to increasing awareness regarding the health benefits of plant-based foods and rising consumer preference for vegetarian food. Germany and the UK are the major markets for plant-based snacks in Europe and collectively accounted for a market share of 42.20% in 2018. In addition, product launches by key market players have been increasing in Europe owing to the rising adoption of veganism.

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Segment

The global plant-based snacks market has also been segmented by product type, category, and distribution channel.

By product type, the global plant-based snacks market has been classified as meat alternative snacks, cereal/grain-based snacks, fruit and nut snacks, plant-based snack bars, and others. The meat alternative snacks segment accounted for the majority market share in 2018 and the segment is projected to register a moderate growth rate during the forecast period. However, the plant-based snack bars segment is expected to exhibit the highest growth rate during the forecast period.