The plant-based snacks market will have a compound annual growth rate of 8% through 2028, according to a report by Persistence Market Research (PMR).
The global plant-based snacks market is expected to grow for several reasons, including:
- increased consumer awareness of health and wellness
- increased adoption of vegan, vegetarian and flexitarian diets
- a shift toward the natural food substitutes among lactose-intolerant consumers
- increased awareness of animal welfare and treatment, which has resulted in regulations and bans on several animal-based products
Because plant-based snacks are sometimes less flavorful than processed and animal-based snacks, some plant-based snacks manufacturers attempt to diversify their product portfolio by leveraging ingredients and flavors in order to enhance the taste of the snacks, according to the PMR report.
Other manufacturers of plant-based snacks enter into strategic mergers and acquisitions to broaden their existing range of plant-based product offerings.
PMR is a third-platform research firm. The company uses data analytics and market research methodology to help businesses achieve optimal performance.