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Global Plant Based Snacks Market Expected to Reach USD 57 billion by 2026, Driven by Introduction of Flavours

According to a new report by EMR titled, 'Global Plant Based Snacks Market Report and Forecast 2021-2026', the global market for plant based snacks is expected to grow at a CAGR of 8.7% in the forecast period of 2021-2026 to reach a value of USD 57 billion by 2026.

The market for plant based snacks is driven by the introduction of new flavours to the bland taste of plant based snacks. The salted plant based snacks are gaining a lot of traction in the market as it enhances the taste of the product and likeability for the consumers. Therefore, aiding the market growth of the product in the forecast period. The market is further aided by aggressive competition in the market, further propelling the market growth. In addition, product innovations and easy availability of the product is invigorating the market growth.

The rising expansions by the key industry players, like Maple Leaf Foods Inc. (TSE: MFI) and General Mills Inc. (NYSE: GIS) are aiding the market growth. Maple Leaf Foods Inc. announced in September 2020 that its subsidiary Greenleaf Foods, SPC, has started a sales channel with Dot Foods, the largest foodservice redistribution company in the U.S. The Lightlife Foods produces more than 30 products, including plant based tempeh, at its facility in Turner Falls, Mass. Further such innovations by the key players are expected to aid the market growth.

Market Analysis by Nature, Flavour, Product Type, Packaging Type, Distribution Channel, and Region:

  • The plant based snacks industry, on the basis of nature, is divided into organic and conventional.
  • Based on flavour, the industry is bifurcated into savoury and sweet.
  • On the basis of product type, the industry is segmented into meat alternative snacks, grain-based snacks, fruit and nut snacks, and plant-based snack bars, among others.
  • By packaging type, the industry is categorised into pouches, wrappers, bags, and tins, among others.
  • Based on distribution channel, the industry is segregated into supermarkets and hypermarkets, convenience stores, specialty store, and online, among others.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for plant based snacks is driven by the rising concerns associated with the health complications such as diabetes, obesity, and cardiovascular diseases. 
  • The market is further aided by rising awareness of the benefits of consuming plant based snacks.
  • The rising demand for cereals that are plant-based, like fruit and nut snacks, plant based snack bars, and cereal based snacks, as a result of healthy eating habits of consumers is significantly contributing to the market growth of the product.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for plant based snacks for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the nature, flavours, product types, packaging types, distribution channels, and major regions of plant based snacks. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

Maple Leaf Foods Inc., General Mills Inc., Unilever Plc, Primal Spirit Foods, Inc., Wyandot, Inc., Brad's Plant Based, LLC, and SunOpta Grains and Foods, Inc., among others, are the key players in the global plant based snacks market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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