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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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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.
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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.
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.
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:
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:
The world has undergone a major shift in the way of living since the COVID-19 pandemic struck. A notable change in the functioning of various businesses and sectors has influenced their working mechanisms extensively. The food and beverage sector is no stranger to this change. Transparency Market Research (TMR) has studied many aspects concerning the difference between the trends in the pre-pandemic and post-pandemic world across the food and beverage industry.
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