Legume-Based Snacks Market: Introduction
Legumes are widely used as one of the inexpensive and sustainable alternatives of meat and are also considered as the second most significant food source after cereals across the globe. The snacks are not only limited to youth or children, and snacking among meals has also become a key trend in daily life. The legume-based snacks are free-from cholesterol, and also has less fat due to which it is gaining more and more consumer traction across the globe.
Additionally, legume-based snacks no longer shape the single segment of buyers, but instead, having several consumer demands and are also being consumed by all age groups. The key manufacturers of branded snacks are also facing towards the penetration in the rural and semi-urban market that is being dominated by conventional/homemade snacks. Legumes are an enriched source of proteins along with essential amino acids, dietary fibre, and complex carbohydrates and also supports digestive health and reduces the risks of CVDs (cardiovascular diseases). Due to the health-beneficial properties of legumes, costumers are shifting towards legume-based snacks.
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The Changing Dietary Patterns Propelling the Growth of Legume-based Snacks Market
The rising consciousness regarding health because of the sedentary life along with the growing incidence of various diseases across the world has resulted in the increasing demand for healthy snacks including legume-based snacks. Moreover, the increasing expenditure on food as well as urbanization has given rise to changing dietary patterns, primarily in the snacks industry. This is driving the demand for legume-based snacks and convenience food products.
Legume-based products are the best substitute for industrial snacks for consumers, not only for the vegetarians and vegans and but also for the kids and aged-population as well. In addition to this, the rising demand for Ready-to-Eat (RTE) products is one of the major driving factors for the legume-based snacks. Apart from that, the consumers are also favoring clean labelled snacks, including legume-based snacks category, owing to health benefits coupled with the legume-based snacks. Due to these factors, the market for legume-based snacks is anticipated to grow in the forecast years.
Legume-based Snacks: Segmentation
The legume-based snacks market is segmented on the basis of nature, product type, packaging, and sales channel.
Based on nature, the global legume-based snacks market is segmented as-
Based on product type, the global legume-based snacks market is segmented as-
- Popped Snacks
- Nuts and Seeds Snacks
Based on packaging, the global legume-based snacks market is segmented as-
- Airtight containers
- Paper Bags
Based on sales channel, the global legume-based snacks market is segmented as-
- Store-based Retailing
- Specialty Stores
- Discount Stores
- Modern Grocery Stores
- Traditional Grocery Stores
- Other Store-based Retailing
- Online Retailing
- Store-based Retailing
Legume-based Snacks: Key Players
Some of the leading players of global legume-based snacks market include The Good Bean, The Hershey Company, Frito-Lay’s (PepsiCo), Nestlé S.A., Calbee, Inc., The Kellogg Company, Vegan Rob’s, Wai Lana, Amplify Snack Brands, Inc., W. KÜNDIG & CIE AG, and Beanitos among others.
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Legume-based Snacks: Opportunities
The global manufacturers of legume-based snacks are focusing on the introduction of various healthy and innovative snacking options because of the rising attractiveness towards eye-catching products label including non-GMO, lectin-free, organic to attract the larger consumer base. This is estimated to surge in the current and future opportunities for the key manufacturers of legume-based snacks.
Hence, the legume-based snacks market is perceiving a high growth prospect and various new manufacturers are thrusting into the market while the global players are working on the establishment of their business footprint to generate more revenue. Apart from that, the global legume-based manufacturers are also acquiring or allying with small regional players to increase their regional presence.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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