Snacking or RTE (Ready to eat) breakfast products which have been formulated by utilizing plant-based ingredients are classified as plant-based snacks. Plant-based ingredients all such plant products which find direct food applications such as fruits, leafy vegetables, protein-enriched legumes & seeds, edible crops & grains. Plant-based snacks find direct food applications and are increasingly preferred by the growing base of vegan consumers globally. Plant-based snacks market holds potential growth opportunities especially in the developed geographies such as U.S. and U.K. due to an increasing shift in demand of plant-based and clean labeled food products. Moreover, a relatively low cost involved in the manufacturing of plant-based snacks compared to animal-based snacking products attracts more the manufacturers to evolve out in this segment to a greater extent.
Plant-based Snacks Market: Market Segmentation, Segmentation and Key Players;
Plant-based Snacks market is segmented on the basis of nature, by ingredients, by packaging type, distribution channel, and region. On the basis of nature, it is segmented as organic and conventional. The demand for food & beverages products made with organic ingredients is trending especially in the North America and Europe. Owing to this there exist a higher penetration in the market for plant-based snacks with organic origin; especially the urban consumers belonging to the developed geographies and can afford premium plant-based snacks products.
On the basis of ingredients, the plant-based snacks market segmented as grains, fruits, vegetables, legumes. Protein-based vegan diet is considered healthy for morning breakfast occasions. This compelled manufacturers to offer more plant-based snacks products with an ingredient base of legumes and grains within breakfast product range. Owing to this the market availability and share for legume and grain-based snacking products is likely to increase in the near future.
On the basis of the packaging type, the plant-based snacks market is segmented into flexible packaging, cartons, Jars, and cans. There exist a strong market presence of plant-based snack in flexible packaging formats. Multiple packaging variants within flexible packaging formats are adopted across the industry such as seal packs and zipper packs with better shelf appeals. Thus the flexible packing format is expected to grow further in the near future.On the basis of the distribution channel, the plant-based snacks market is segmented into modern trade, convenience stores, online retailers and others. The market of modern trade retailers dominates the plant-based snacks sale globally followed by retail stores.
On the basis of the region, the Plant-based Snacks market is segmented into Asia Pacific, North America, Latin America, Europe, and, Middle East & Africa. Among this North America, Europe, and offer well established and growing market for premium plant-based snacks products. Moreover, North America, Latin America, and Asia Pacific regions also have an established manufacturer base with multiple global players for the plant-based snacks products. The consumer demand for plant-based snacks product range is also growing in Asia Pacific due to growing level of health-conscious consumer base who begins to incline towards clean label vegan-friendly food & snacks options.
The rising health-issues such as obesity and heart-health issues in the developed countries such as U.S., Canada, Germany, and U.K. compelled the consumer to become health conscious and take actions to counter these problems on the individual level. This resulted in the rising health-awareness among consumers and leading a complete change in the snacking habits of people worldwide. Moreover, the rising trend of clean-labeled vegan-friendly food and snack options on the global basis is driving the demand for plant-based snacks.
Moreover, the low cost involved at the manufacturer end, for the production of plant-based snacks coupled with the multiple flavor variants available for the improvisation of the plant-based snack products offer higher margin levels for the manufacturers and attracts a number of market players in this segment. Furthermore, the increasing demand for naturally sourced and organically produced food products offers strong growth opportunities for players active in the field of organic plant-based snacks market to offer multiple ranges of organic plant-based Snacks. All these aforementioned factors drive the global plant-based snacks market. On the flip side, the larger share of animal-based snack products in the global snack market and still existing high level of consumer inclination toward animal sourced food and snacks options is obstructing the growth of global plant-based snacks market.
Variety of plant-based snacks products with multiple formulations have been introduced by the manufacturers and some of the global market players manufacturing plant-based snacks in the market include; Mary’s Gone Crackers, Inc., General Mills, Kellogg Co., Pinnacle Foods Inc., Vega, Health Warrior Inc, are among others.
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