A new report by Data Bridge Market Research has found that the plant-based snacks market is worth over $40 billion, but will roughly double within seven years.
The report analyses that the plant based snacks market was valued at $40.96 billion in 2021 and is expected to reach $79.60 billion by 2029, registering a compound annual growth rate of 8.66 % during the forecast period of 2022 to 2029.
The key drivers of this growth, according to Data Bridge, include an “increasing shift of the consumers towards the veganism”, as well as” increasing health consciousness among consumers”.
“Growing shift of the consumers towards the veganism is rising the growth of the plant based snacks market due to the growing awareness of the consumers regarding the social impact, health, and sustainability”, states the report. “There is a rising shift of the consumers towards the veganism due to the animal personal health and welfare. Also, there is a growing demand of the plant based foods such as cookies, bread, muffins, buns, snacks bar, vegan cake and others.”
Opportunities for market growth include:
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- Increasing demand for the meat substitute
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The increase in the demand for plant based snacks market in the global market due to increasing awareness about the availability of meat substitutes that contain approximately the same number of nutritional values which provides numerous growth opportunities for plant based snacks in the global market.
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- Rising awareness towards veganism
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Rising awareness and campaigns by several social welfare societies and animal welfare societies resulted in an augmented customer base for plant-based food items. Growing vegan populations all over the globe have positive impact on the growth of plant based snacks items.
For more information on this report, click here.