Plant-based Snacks Market is Expected to Reach US$ 73,610.2 Million and Witness the Highest CAGR of 8.7% During 2018-2028

VALLEY COTTAGE, New York, November 12, 2018 /PRNewswire/ --

Future Market Insights delivers key insights, and presents a revised forecast of the global plant-based snacks market for a 10-year period from 2018 to 2028, for the report titled, 'Plant-based Snacks Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028'. Revision in the market size and forecasts have been carried out taking into account the impact of various macroeconomic indicators and other industry-based demand-driving factors, as well as the recent developments of key market participants. The global plant-based snacks market is estimated to be valued at US$ 31,832.6 million in 2018, and expected to reach US$ 73,610.2 million by 2028, at a CAGR of 8.7% during 2018-2028, revised from the previous CAGR of 6.4%, due to factors regarding which FMI offers useful insights in detail in this report for plant-based snacks.

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The market for plant-based snacks is anticipated to increase over the forecast years, owing to growing consumer awareness regarding health and wellness. Besides, there is the rapidly rising trend for vegan/vegetarian/flexitarian diets, which is boosting the market for plant-based snacks. Also, increasing health issues, food-borne allergies, and intolerances have made consumers shift and prefer natural and healthier plant-based snacks.

The global plant-based snacks market has been segmented on the basis of product type, into meat alternative snacks, cereal-/grain-based snacks, plant-based salted snacks, plant-based snack bars, fruit and nut snacks, and others. The meat alternative snacks segment is expected to witness the highest CAGR among the other segments, over the forecast years.

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Global Plant-based Snacks Market Scenario 

The plant-based snacks market witnesses a significant contribution from plant-based salty snacks, snack bars, and meat alternatives. The plant-based salty snacks segment is expected to reach a value of US$ 20,097.0 million by 2028. Ever-increasing consumers' likability towards snacks, along with the increasing consciousness about health and wellness have led to the rapidly increasing demand for healthier snacking alternatives, such as plant-based snacks. The growing trend for veganism and vegetarianism is further leading to the increasing demand for plant-based snacks and products. Increasing concerns regarding animal welfare and treatment is considered to be another driver for the growth of plant-based snacks and products in developed economies. Besides, the growing commonness of food-allergies and intolerances like lactose intolerance among people has further fuelled the growth of the plant-based snacks market.