Sales of plant-based snacks are highly influenced by the growing trend of veganism in line with the rising concerns about the potential health impact of fried snacks. According to Trends Market Research report, there are numerous factors contributing to the rapidly accelerating global plant-based snacks market. The plant-based snacks market is estimated to register a healthy XX% CAGR during the study forecast period 2018-2028.
The TMR study opines that the plant-based snacks market will witness sheer proliferation, owing to the growing consumer health and wellness awareness. Further, the shifting food consumption behaviors of consumers with a proclivity for vegetarian, flexitarian, or vegan diets has the potential to bolster the growth of the global plant-based snacks market. The plant-based snacks market is likely to witness lucrative growth opportunities on the back of the ever evolving eating habits of consumers. Additionally, the growing allergies and health issues caused by consumption of fried snacks has prompted consumers to adopt comparatively healthier plant-based snacks. This conscious shift towards clean eating is creating a sheer proliferation in growth of the plant-based food products.
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As per the TMR report, the paradigm consumer shift towards green and natural food variants has been substantially witnessed among the lactose-intolerant consumers. This trend is further driven by the growing concerns related to animal welfare and animal-based food products. Consequently the growing awareness about the animal welfare has led to stringent regulations on adoption of numerous animal-based products, which is likely to underpin sustainable growth in the plant-based snacks market.
Manufacturers Devising Unique Strategies & Diversifying Product Portfolio to Appeal to a Broader Consumer Base
The study finds that stakeholders in the vigorously competitive global plant-based snacks market are diversifying their offerings by leveraging various new flavors and vital ingredients to improve the taste and nutritional value of snacks to appeal to a wider base. Several processors of the plant-based snacks have entered into smart mergers and acquisition to expand their product offerings. For instance, a leading plant-based snacks market stakeholder, The Vegetarian Butcher, a Netherlands-based vegan meat company, has collaborated with Mora to extend its plant-based portfolio.
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The plant-based snacks are devoid of fat, oil and sugar content, unlike, traditionally consumed snacks, which has made them a viable option to prevent conditions, such as cardiovascular diseases, diabetes, obesity and high blood pressure. The TMR study further opines that the addition of synthetic flavors in fried snacks also pose a threat to human health, which in turn is propagating the adoption of plant-based snacks.
As per the study, the plant-based snacks are less flavorful than their animal-based and processed counterparts, which is limiting the growth prospects of plant-based snacks’ processors. However, the study finds that the large-scale manufacturing of the salted variants is fueling the sales of these snacks, which, in turn, is driving the growth of the plant-based snacks market.
The study opines that North America is contributing significantly to the expanding size of the plant-based snacks market, owing to the burgeoning adoption of vegan and vegetarian diets in the region. The North American plant-based snacks market is anticipated to surpass US$ XX Mn by 2028.