Plant-based Snacks Market: Rising Consumer Preference for Vegan Food Driving Revenue Growth: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028
- Rep Id : XPLREP2979
- Published On : October, 2018
- No. of Pages : 260
- Category : Food
- Publisher : Future Market Insights
XploreMR offers a 10-year forecast of the global plant-based snacks market between 2018 and 2028. In terms of value, the market is expected to register a CAGR of 8.7% during the forecast period. This study demonstrates the market dynamics and trends in the global plant-based snacks market that are expected to influence the current environment and future status of the plant-based snacks market over the forecast period.
Report Description for the Plant-based Snacks Market
This XploreMR report examines the global plant-based snacks market for the period 2018–2028. It provides historical data of 2013, along with estimated data for 2018, and forecast data up to 2028 in terms of value (US$ Mn) and volume (MT). The primary objective of the report is to offer insights into the developments in the market that are significantly influencing the demand for plant-based snacks. The market for plant-based snacks is anticipated to witness growing demand, due to growing consumer awareness and preference for natural and plant-based products. A few other drivers for the plant-based snacks market includes consumers’ likability towards snack food, rising trend for vegan/vegetarian diets, growing concerns regarding animal welfare, and rising pervasiveness of restricted diets due to issues like food-borne allergies and lactose intolerance.
The plant-based snacks market is segmented as follows:
Product type for plant-based snacks
Nature plant-based snacks
Flavour plant-based snacks
Packaging plant-based snacks
Sales channel plant-based snacks
This report covers the global plant-based snacks market performance in terms of value and volume contribution. The report for plant-based snacks also includes XploreMR’s analysis of key drivers, trends, and restraints in each of the seven regions/countries that are currently influencing the plant-based snacks market. Furthermore, the report gives a complete region/country-wise analysis of 2018 & 2028 estimates of the total revenue and consumption of plant-based snacks. Opportunity analysis, value chain analysis, and scenario forecast of every region/country has been included in this plant-based snacks report, to better equip clients with crystal-clear decision-making insights.
Based on product type segmentation, the plant-based snacks market is classified into meat alternative snacks, cereal-/grain-based snacks, plant-based salted snacks, plant-based snack bars, fruit and nut snacks, and others.
Based on nature segmentation, the market for plant-based snacks is divided into organic and conventional snacks.
Based on flavour segmentation, the market for plant-based snacks is segmented into savoury flavours and sweet flavours. The savoury flavours segment is further divided into vegetable flavours, herb & spice flavours, chilly/pepper flavours, seafood/meat flavours, cheese flavours, and blended flavours. On the other hand, sweet flavour include citrus flavours, tropical flavours, berry flavours, chocolate flavours, and others.
Based on packaging segmentation, the plant-based snacks market is categorized into pouches, tins, wrappers, and bags.
Based on sales channel segmentation, the market for plant-based snacks is divided into food service providers, hypermarkets/supermarkets, convenience stores, specialty stores, small groceries, and online retail.
Based on regional segmentation for the plant-based snacks market, North America, Western Europe, and Asia Pacific are estimated to dominate the global plant-based snacks market, which are projected to register the highest CAGRs in terms of value and volume among other regions in the global plant-based snacks market during the forecast period, which is expected to increase potentially by 2028 end.
For analyzing market size for plant-based snacks in terms of volume, per capita consumption of snacks by vegans, vegetarians, and the rest of the population is considered. A detailed study of the vegan/vegetarian population is taken into consideration, and their eating trends are monitored. The global snacks market is tracked to estimate market penetration of the product. The weighted average selling price for plant-based snacks was considered to estimate the market size of plant-based snacks in major consuming countries. These prices were captured in their respective countries, and then converted into USD to offer forecasts in one consistent currency standard.
A number of primary and secondary sources were consulted during the course of the study for plant-based market. Secondary sources include Factiva, and Hoovers, and company annual reports and publications. The report provides the detailed competitive and company profiles of key participants operating in the global market.
Some of the key market players covered in the plant-based snacks market report are General Mills Inc, Maple Leaf Foods Inc., The Unilever Group (Growing Roots), Blue Diamond Growers, Inc., Nestlé, Primal Spirit Foods, Inc.,Louisville Vegan Jerky Company, Eat Natural, Eat Real, Green Park Snacks Ltd (Hippeas), Quorn, Soul Sprout, Oumph, Upton's Naturals, and Drink Eat Well, LLC (Hilary's). Plant-based snack manufacturers are looking towards improving their collection and sourcing processes. This is further supported by agreements with local participants producing plant-based snacks across different regions. Also, companies are focused on proliferating product portfolios in accordance with the customers of varied applications. Nowadays, consumers are becoming increasingly inclined towards products that impart looks along with better taste and nutrition content. Thus, in order to drive the attention of consumers towards plant-based snacks, manufacturers are increasingly developing blended solutions, which offer both, nutritional content and better taste.