Industry: Food and Beverages
Published Date: July-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 148
Report ID: PMRREP27622
The plant-based snacks market value was estimated at US$14.1 Bn in 2024 and is expected to be valued at US$25.0 Bn by 2031. The market for plant-based snacks is predicted to achieve an expanding, significant CAGR of 8.5% from 2024 to 2031.
Key Highlights of the Market
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Attributes |
Key Insights |
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Market Size (2024E) |
US$14.1 Bn |
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Projected Market Value (2031F) |
US$25.0 Bn |
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Forecast Growth Rate (CAGR 2024 to 2031) |
8.5% |
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Historical Growth Rate (CAGR 2019 to 2023) |
7.6% |
The plant-based snacks market is experiencing significant growth and is expected to continue expanding in the coming years. Plant-based snacks are food products made from plant sources, such as fruits, vegetables, nuts, seeds, and grains, and are often considered healthier alternatives to traditional snacks. These snacks cater to the increasing demand for healthier and more sustainable food options among consumers.
According to the market analysis, the market was valued at US$9.8 Bn in 2019 and is projected to reach US$14.1 Bn in 2024. Furthermore, the market is expected to grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031, reaching US$25.0 Bn by 2031.
The growing awareness of a healthy lifestyle has led to a surge in demand for nutritious, low-calorie, and healthy snack options. This is fueling the expansion of the plant-based snack.
The adoption of plant-based diets is on the rise globally. Manufacturers in the market are continuously innovating to meet consumer demands and preferences.
Plant-based snacks are becoming more widely available through various distribution channels. In addition to traditional retail stores, these snacks are increasingly being sold online, through e-commerce platforms, and in specialty health food stores.
These plant-based snacks market trends are attracting significant investment and witnessing the emergence of new players. Investors recognize the potential for growth in this market and are supporting the development of innovative plant-based snack brands. This investment is driving product development, marketing efforts, and industry expansion.
The plant-based snacks market has witnessed significant growth in recent years and is expected to continue its upward trajectory in the future. According to PMR, the global plant-based snacks market was valued at US$9.8 Bn in 2019 and is projected to reach US$14.1 Bn in 2024. This represents a CAGR of 7.6% during the period from 2019 to 2023.
Looking ahead, the plant-based snacks market shares are expected to continue its growth trajectory. The market is expected to grow at a CAGR of 8.5% from 2024 to 2031, reaching US$25.0 Bn by 2031.
The growing awareness of the importance of leading a healthy lifestyle has led to an increased demand for healthy snack options. The shift towards plant-based eating habits creates a favorable market environment for plant-based snacks.
Companies are also introducing new flavors, textures, and formats to enhance the taste and appeal of plant-based snacks, attracting a wider consumer base.
As per market overview, along with traditional retail stores, snacks are increasingly being sold online, through e-commerce platforms, and in specialty health food stores. The expansion of distribution channels is making plant-based snacks more accessible to consumers.
Further, considering these industry trends, investors are supporting the development of innovative plant-based snack brands. This investment is driving product development, marketing efforts, and market expansion.
Increasing Demand for Healthy and Sustainable Snacks
There is a growing consumer demand for healthier and more sustainable snack options. Plant-based snacks, which are often perceived as healthier alternatives, are benefiting from this trend. Consumers are seeking snacks made from natural ingredients, free from artificial additives, and with a lower environmental impact. This growing trend is fueling the market demand.
Rise in Plant-Based Dietary Lifestyle, and Growing Flexitarianism
The adoption of plant-based diets and flexitarianism is on the rise globally. Many individuals are choosing to reduce their consumption of animal products for health, environmental, and ethical reasons. This shift towards plant-based eating habits is driving the demand for plant-based snacks that align with these dietary choices, ultimately boosting market sales.
Innovation, and Product Development
Manufacturers in the plant-based snacks industry are continuously innovating to meet consumer demands and preferences. They are introducing new flavors, textures, and formats to enhance the taste and appeal of plant-based snacks. This innovation, coupled with advancements in food technology is driving plant-based snacks market growth and attracting a wider consumer base.
Limited Availability and Accessibility
Despite the growing demand for plant-based snacks, their availability and accessibility can still be limited in certain regions or distribution channels.
While plant-based snacks are becoming more widely available, they may not be as easily accessible as traditional snacks in all areas. This limited availability can hinder the plant-based snacks market revenue potential and prevent some consumers from trying or purchasing plant-based snacks.
Challenges in Product Development and Production
Developing and producing plant-based snacks can present certain challenges. For instance, creating snacks with the desired taste, texture, and shelf life using plant-based ingredients can be complex.
Additionally, the absence of certain ingredients found in animal-based snacks, such as stabilizers or emulsifiers, can pose difficulties during production. Overcoming these challenges and ensuring consistent quality can require investment in research and development, which may impact the market expansion.
Expansion of Retail and Online Channels
The plant-based snacks market forecast shows the potential to further expand its reach through various retail and online channels. As consumer demand for plant-based snacks continues to rise, retailers, supermarkets, and e-commerce platforms can increase their offerings in this category.
Expanding the availability of plant-based snacks in conventional retail stores and online platforms can attract a wider consumer base, making these snacks more accessible to a larger audience.
Innovative Product Developments
Future plant-based snacks market opportunities lie in the innovation of plant-based products. Manufacturers can continue to develop new and exciting flavors, textures, and formats to cater to evolving consumer preferences.
Exploring unique ingredient combinations, incorporating global flavors, and creating novel snacking experiences can capture the interest of consumers and drive market growth. Additionally, investing in research and development to improve the nutritional profile and taste of plant-based snacks can further enhance their appeal.
Meat Alternative Snacks Win the Popularity Race with Multiple Plant-based Protein Options
As per the market research report, meat alternative snacks led the market by capturing a notable 21% plant-based snacks market share. These snacks cater to the growing demand for plant-based protein options and serve as a healthy and sustainable alternative to traditional meat-based snacks.
Made from plant-based proteins like soy, peas, and mushrooms, they offer a range of delicious options that mimic the taste and texture of meat.
The market is expanding with a diverse range of meat-alternative snacks, including jerky, protein bars, and veggie-based chips, to cater to consumers' varied diets and those looking to reduce meat consumption.
Indirect Channels Maintain Dominance in Generating Sales
According to PMR's plant-based snacks market update, indirect sales channels continue to dominate the global market, contributing over 50% of total sales in previous years.
With the expanding market for snacks and breakfast products, the indirect sales channel is gaining momentum and is poised for continued high growth throughout the forecast period.
Savory Flavors Command Nearly 45% Market Share
As per industry assessment, savory plant-based snacks, including vegetable chips, roasted chickpeas, popcorn, and savory protein bars, offer a delicious alternative to traditional animal-based snacks.
With the rising adoption of plant-based diets and the demand for healthier and sustainable snacking options, the market for savory plant-based snacks has seen significant growth.
Manufacturers, and suppliers are introducing innovative and flavorful alternatives to cater to diverse taste preferences and dietary needs, driving the overall expansion of the plant-based snacks market. Savory flavors hold a commanding 45% value share in this thriving market segment.
North America Reflects the Highest Sales of Plant-Based Snacks
The market for plant-based snacks in North America is projected to experience a significant CAGR of over 7%, reaching a value of over US$25 Bn by 2033. This growth is fueled by the widespread adoption of vegetarian and vegan diets in the region, leading to increased consumption of plant-based snacks per capita. As a result, plant-based snacks market players are expanding their businesses to meet the rising demand.
Developed countries like the United States and Canada, where consumers prioritize low-fat foods for a balanced diet, are expected to contribute to the market's growth due to the low-fat content and health benefits offered by plant-based snacks.
India and China Lead the Way in High-Potential Market of Asia Pacific
According to the market concentration, India and China are poised to dominate the plant-based snacks market in the Asia Pacific region.
With a high CAGR of 9.5% projected over the next decade, these countries are experiencing significant growth due to the increasing preference for health and well-being among consumers.
The rise in spending power and the adoption of healthy lifestyles have further fueled the demand for plant-based snacks. As leading markets in the region, India and China show great potential for expansion in the coming years, driving the plant-based snacks market expansion in Asia Pacific.
The plant-based snacks market manufacturers are actively seeking growth through acquisitions and innovation. The competitive landscape is enhanced by the emergence of startups that offer new solutions.
To maintain competitiveness, market companies are making substantial investments to expand production capabilities and improve technological features. Their objective is to develop innovative functionalities and seamlessly integrate technologies into this rapidly evolving sector. This strategic approach promotes successful concentration, entry, and widespread adoption across the industry.
Recent Industry Developments
July 2024
Juicy Marbles has developed a new recipe for its Marble 3.0 rib product, offering a clean label with no thickeners or binders and a versatile edible bone for consumers. The company aims to be both tasty and nutritionally sensible, tailoring its products to the home consumer. Juicy Marbles' products stand out because they were previously unseasoned and versatile enough for multiple occasions.
July 2024
US venture capital firm Big Idea Ventures invested an undisclosed sum in Bayou Best Foods, a plant-based shrimp alternatives start-up. Bayou Best Foods, a subsidiary of the investor's Generation Food Rural Partners Fund (GFRP), has acquired a portfolio of proven intellectual property from New Wave Foods, a seafood alternatives producer that ceased production in 2023. The company will focus on producing plant-based shrimp products for the US market and plans to expand to other regions as interest grows.
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Attributes |
Details |
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Forecast Period |
2024 to 2031 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Country Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available upon request |
By Product Type
By Packaging
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By Distribution Channel
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The market for blister packaging is anticipated to grow from US$14.1 Bn in 2024 to US$25.0 Bn by 2031.
The increasing demand for healthier and sustainable snacks, a rise in plant-based diets and flexitarianism, and innovation and product development are augmenting the market growth.
Zelle Organic, Siren Snacks Inc., Green Park Snacks Ltd, Eat Natural, Primal Spirit Foods Inc., Louisville Vegan Jerky Co., and Nestle S.A. are some key industry players.
Challenges like the complex development and production processes and limited availability and accessibility for purchase are restraining industry expansion.
The growing penetration of retail and online channels and the innovation of plant-based products are the key opportunities in the market.
