Plant-Based Snack Market to Grow 8.7% CAGR, Reaching $36.91 Billion by 2034

Rising concerns about environmental impact of animal agriculture driving plant-based snack demand as effective alternative to conventional food, says Fact.MR.

ROCKVILLE , MD, UNITED STATES, January 22, 2025 /EINPresswire.com/ -- Fact.MR, a market research and competitive intelligence provider, in its recently updated industry analysis, states that the global plant-based snack market is expected to be valued at US$ 16.02 billion in 2024. Worldwide sales of plant-based snacks are forecasted to rise at a CAGR of 8.7% from 2024 to 2034.

More people around the world are opting for plant-based snacks due their healthier profile compared to conventional options. These are rich in fiber and nutrients, and lower in calories, cholesterol, and fat. Growing adoption of veganism for ethical, environmental, and health reasons is also having a positive impact on the demand for plant-based snacks.

Constantly changing consumer preferences are driving manufacturers of plant-based snacks to innovate and create new food options. Increasing focus on more sustainable food products to reduce carbon footprint and minimize resource consumption is another key factor leading to the growing preference for plant-based snacks due to their sustainability approach.

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Key Takeaway from Market Study

Worldwide demand for plant-based snacks is forecasted to reach a market value of US$ 36.91 billion by the end of 2034.

Sales of plant-based snacks in Japan are projected to rise at a CAGR of 9.2% from 2024 to 2034.

North America is approximated to account for 24.3% share of the global market by 2034.

The market in South Korea is analyzed to expand at 9.5% CAGR through 2034.

Global sales of plant-based snacks with wrapper packaging are evaluated to increase at a CAGR of 8.5% and reach US$ 15.87 billion by 2034.

Savory-flavored plant-based snacks are projected to hold 53.2% share of the global market by 2034-end.

“Investing in preparing plant-based snacks with a rich nutritional profile and taste will help market players gain a stronger foothold in this competitive market space,” says a Fact.MR analyst.

Surging Popularity of Plant-based Savory Snacks as Effective Alternative to Conventional Snacks

Global demand for plant-based snacks of savory flavor is projected to increase at a CAGR of 8.4% and reach a market value of US$ 19.63 billion by the end of 2034. Vegetable chips, roasted chickpeas, popcorn, and savory protein bars are some of the most popular savory snacks that are being consumed significantly by consumers. They provide a delicious alternative to conventional savory snacks that are prepared from animal products, including chips and cheese-based snacks. Growing requirement for savory snacks is due to an increasing preference for plant-based diets due to their nutritional profile. More consumers are opting for sustainable and healthy snacking options, which is generating remunerative opportunities for market players.

Key Market Players

Unilever Group, Nestle S.A., Green Park Snacks, Quorn, General Mills, Maple Leaf Foods, Conagra Brands Inc., Blue Diamonds Growers Inc., Eat Natural, The Very Good Butchers, Yues Veggie Cuisine, Lightlife, Sweet Earth Foods, Atlantic Natural Foods, Field Roast, and Quorn are some of the leading manufacturers of plant-based snacks.

Competitive Landscape

In January 2022, Atlantic Natural Foods introduced a new line of plant-based snacks in the UK. The company's hot cuisine category has grown to include Thai masala and spicy tikka.

Fact.In this recently updated market analysis, MR offers comprehensive information on the pricing points of major global producers of plant-based snacks, sales growth, production capacity, and potential technological expansion.

Growth Drivers for Plant-Based Snack Market

Rising Health Awareness: Increasing consumer preference for healthier and natural food options is driving demand for plant-based snacks as they are perceived as nutritious and beneficial for overall wellness.

Shift Toward Sustainable Eating: Concerns about environmental sustainability and the carbon footprint of traditional diets are encouraging consumers to choose eco-friendly plant-based snack alternatives.

Vegan and Flexitarian Lifestyles: The growing adoption of vegan and flexitarian diets is fueling the popularity of plant-based snacks, catering to consumers seeking meat-free and dairy-free options.

Innovation in Taste and Texture: Technological advancements in food production have enhanced the taste and texture of plant-based snacks, making them more appealing to a wider audience.

Convenience and Accessibility: The increasing availability of plant-based snacks in retail stores and online platforms is boosting their accessibility and supporting their demand among busy, health-conscious consumers.

Allergy-Friendly Options: With rising cases of dairy and gluten intolerance, plant-based snacks are gaining traction as inclusive and allergy-friendly alternatives.

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