Plant-based Snacks Market: Overview
Plant-based snacks are rising in popularity on the back of consumer preference for meat alternatives. Multiple factors have shaped the preference toward plant-based food products. Primary ones pertain to environmental effects of the livestock industry and negative criticism of the adverse health effects that meat and meat products have posed to population in various parts of the world. The strides in the snacking industry also play a seminal role in the expansion of the plant-based snacks market. Further, plant-based snack bars have gathered notable steam among the various key product categories in the plant-based snacks market.
On the other hand, snacking industry has seen some new avenues, backed to a large extent by the fast-paced lifestyle of people. Coupled with this, people are becoming increasingly conscious of the nutritional profile of snacks, apart from the variety of taste and flavor these offer. Two key categories rule the plant-based snacks market. Further, some of the broad sources used in the plant-based snacks market are vegetables, tubers, fruits, cereals, and legumes. Plant-based salted snacks sales have risen strikingly in urban population.
The research analysts have a critical analysis of regulatory landscape and the ways the changing dynamics will shape the industry investments in the emerging markets. Research and developments initiative in various key regions are analyze to understand the evolution of the market.
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Plant-based Snacks Market: Key Trends
The drive for meat alternatives has propelled new, unexplored new avenues in the plant-based snacks market. Rapidly aging population is a key demographic trend working in favor of expansion of the market. Further, plant-based diets have risen in popularity due to their role in nutritional interventions to manage chronic diseases and cardiovascular diseases. Changing consumer preferences of people in developing economies has also propelled sales of plant-based snacks. The aspect of convenience of consuming nutrient-dense food is a key factor driving the overall attractiveness of plant-based snacks. Further, most of the products that are being launched claimed to be processed in a way that their nutritional value is largely left unaltered. This is also a promising trend in the plant-based snacks market.
The substantial presence of rural population who are vegan, vegetarian, or flexitarian is a favorable trend for the marketing of plant-based snacks. Manufacturers are coming out with new flavors, sometimes exotic. An example is infusing plant-based snacks with meat-like flavors. This has given a robust impetus to the expansion of the market. Over the past few years, emerging markets such as certain developing economies in Asia are witnessing organic plant-based snacks gathering large steam, thereby boosting the prospects in the plant-based snacks market.
Plant-based Snacks Market: Competitive Analysis and Key Developments
Salted snacks have attracted consumers of different age groups, which makes these segment a prominent one in the plant-based snacks market. Manufacturers and brands are increasingly leaning toward clean labelling, which they feel will help them garner trust among prospective consumers. Also, several of the companies in the snacking industry are coming out with exotic flavors at competitive price points for the on-the-go meat alternatives.
A few manufacturers are targeting consumers who wish to combat cardiovascular and cancers by shifting to vegan-based diets. These claim to expand the choice for such consumers and thus looking to consolidate their overall position in the global plant-based snacks market.
Plant-based Snacks Market: Regional Assessment
On the regional front, Asia Pacific is a promising regional market. The growth of the regional market is propelled by the strides being made in the snacking industry. Growing population who are preferring vegan diets will find plant-based snacks attractive for meeting their nutritional requirements. The changing consumer preferences has helped regional snacking brands boost their stakes to the regional market. North America and Europe are also promising markets.
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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
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
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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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
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?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.