Increasing adoption of vegan diet worldwide will play a key role in expanding the global plant-based snacks market size in the foreseeable future. Veganism is being increasingly seen as a definitive step towards attaining food sustainability as well as bringing down greenhouse gas emissions. According to a study conducted by the Oxford Martin School under the University of Oxford, lowering reliance on meat-based diets and consuming more vegetables and fruits can save close to 8 million lives by 2050 and reduce greenhouse gas emissions by 67%. Moreover, around USD 1.5 trillion-worth of healthcare costs, which are likely to arise as global warming worsens. This is expected to be one of the leading plant-based snacks market trends as consumer food preferences show a marked shift towards plant-based diets. For example, statistics released by the Vegan Society reveal that there was a 987% rise in demand for meat-free food items in the UK in 2017, indicating a conscious conversion to plant-based diets, which augurs well for this market.
Growing Prevalence of Diabetes to Spike the Demand for Plant-based Foods
Modern-day work culture and stress, along with pollution, have surged the incidence of chronic diseases, prominent among which is diabetes. The International Diabetes Federation (IDF) estimates that around 463 million people are suffering from diabetes currently and by 2045, this number is projected to spike to 700 million. Furthermore, according to the IDF, diabetes caused 4.2 million deaths and around 374 million people worldwide are at risk of developing type 2 diabetes in the near future. One of the main reasons for these disturbing numbers is the unhealthy diet regimes followed by people, especially in the urban areas. Acknowledging this fact, many working-age people are steadily adopting plant-based diets. These foods are largely free of chemicals, have little to no sugar, and very low fat & oil content. Such foodstuffs are crucial in keeping blood sugar in check and preventing the birth of any other associated complications.
North America to Lead the Charge; Asia-Pacific to Grow Considerably
Among regions, North America is anticipated to dominate the plant-based snacks market share owing to the rising popularity of veganism in the region. Moreover, growing awareness about fitness and wellness is further propelling the uptake of plant-based foods in North America. In Asia-Pacific, emerging economies such as India and China are undergoing a period of rapid urbanization and industrialization, which is expected to drive the plant-based snacks market growth in the region during the forecast period.
Immense Opportunities for Innovation Await Market Players
“Innovation will be the key, if a company intends to rise and prosper in this market,” says a lead analyst at Fortune Business Insights™. The plant-based snacks market analysis shows that many players are already focusing on bringing out novel products in a bid to consolidate their position in this market.
Industry Developments:
- September 2019: Nestle launched the plant-based, meat-replicating Awesome Burger, developed by Sweet Earth, an innovator in plant-based foods. This unique item has a diverse nutritional profile, consisting mainly for proteins and fiber. More importantly, the burger mimics the taste of meat without actually containing any animal fat.
- September 2019: Ripple Foods came out with their upgraded plant-based nutrition products which included creamy yogurt alternatives derived from plants and plant milks, touted as ‘superfood’, comprising of turmeric, acai, and match
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https://www.fortunebusinessinsights.com/industry-reports/plant-based-snacks-market-101629
