The Global "Plant-Based Snacks Market" is predicted to reach a high CAGR of 8.30% during the forecast period (2022-2029).
Plant-based or plant-forward eating patterns emphasize plant-based foods. This includes nuts, seeds, oils, whole grains, legumes, and beans, in addition to fruits and vegetables. The different types of plant-based diets include vegan, Lacto-Ovo Vegetarian, Ovo Vegetarian, Lacto Vegetarian, Pescatarian, Flexitarian.
Source: DataM Intelligence Analysis (2020)
Food Safety Concerns Are Growing, changing the scales in favor of more nutritious plant-based snacks. Antibiotics and hormones are commonly used in dairy products. As customers worry about the safety of dairy-based goods grow, they are opting for safer alternatives such as plant-based foods. Consumers are increasingly avoiding dairy-based goods in favor of plant-based alternatives, including snacks. According to data provided by the Plant-Based Foods Association (PBFA) and The Good Food Institute (GFI), plant-based food retail sales in 2020 in the United States increased by double digits from last year, rising by 27% to $7 billion. Reports of animal cruelty and news about maltreatment in the food industry frighten consumers. Animals have grown more empathetic in the eyes of consumers all across the world. The conditions under which they are produced and collected aren't always kind. One of the major causes pushing buyers away from animal-based goods and toward plant-based alternatives is a growing concern on animal welfare. Cows, for example, are frequently genetically modified and given bovine growth hormones to produce a particular amount of milk each year. Reduced BMI, lower rates of obesity, diabetes, heart disease, and other illnesses are among the major health benefits that have contributed to increasing consumption of plant-based snacks. Some plant-based snacks include a lot of processing and additional lipids, especially if they're trying to mimic the flavor of their meat-based equivalents. This causes customers to mistrust the goods' health advantages, perhaps slowing market growth.
The global plant-based snacks market is segmented based on product types into meat alternative snacks, fruits & nuts snacks, cereal or grain-based snacks, plant-based snack bars, and others. Meat-alternative snacks are expected to dominate the global plant-based foods market owing to increasing new product launches and developments of plant-based meat. Burgers are the most popular plant-based meat, followed by sausage links and patties, nuggets, tenders, and cutlets. Plant-based grounds grew at the highest rate, more than doubling in 2020. In January 2020, meat and poultry snacks manufacturer Krave Pure Foods entered into vegan markets through the launch of new plant-based jerky. The plant-based jerky features a taste and texture similar to that of Krave Gourmet Meat Cuts. The global Plant-based market is segmented into organic and conventional based on its nature. Organic Plant-based Snacks are expected to dominate the market throughout the projected period, owing to rising consumer awareness of the health advantages of organic food items around the world. The organic snacks are pesticide-free, antibiotic-free, and addicting, as well as having a high nutritional value and being environmentally beneficial.
**Source: DataM Intelligence Analysis
By region, the global plant-based snacks market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. North America is expected to dominate the global plant-based snacks market owing to the high presence of the population inclined towards a healthy diet and a significant increase in the adoption of a plant-based food diet. According to the Good Food Institute (GFI), the annual sales of plant-based foods in the United States increased from USD 4.5 billion in 2018 to USD 5.5 billion in 2019, to USD 7 billion in 2020. In 2020, Plant-based food sales have also increased by 22%. In the U.S, the industry for plant-based meat is approximately $1.4 billion and is quickly expanding. From 2019 to 2020, the category's sales grew by more than $430 million. Plant-based meat sales have increased by 45 percent in the last year and 72 percent in the last two years. In 2018, Plant-based meat was valued at USD 811 million, in 2019, it was valued at USD 962 million, and in 2020, it was valued at USD 1.4 billion.
The global plant-based snacks market is moderately consolidated, dominated by 3-5 companies. The market might experience rapid inclinations in major food snacks manufacturers entering into the plant-based snacks market through product innovations and the acquisition of emerging companies during the forecast period.
Some of the key players in the global plant-based snacks market include Blue Diamond Growers, Inc., Nestlé, Primal Spirit Foods, Inc., Maple Leaf Foods, Louisville Vegan Jerky Company.
Maple Leaf Foods
Maple Leaf Mills was formed in 1961 when the Maple Leaf Milling Company, Toronto Elevators, and Purity Flour Mills Limited merged. This company aims to become the most sustainable protein company on earth.
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