According to a new report by market research firm Future Market Insights (FMI), the vegan snack market will be worth over US$73 billion by 2028. The industry analysis states that the market volume is currently 31.8 billion US dollars, and an annual growth rate of up to 8.7 percent is forecast for the coming years.
Vegan snacks are snacks made exclusively from plant-based ingredients. The main drivers for the plant-based snack market are increasing consumption of these products and growing consumer awareness of health and wellbeing. In addition, a rise in health problems and diseases such as diabetes, obesity and cardiovascular disease have led consumers to choose healthier alternatives in the form of vegan snacks.
Plant-based products deliver more nutritional value and promote healthier eating habits. The market for plant-based snacks is expected to experience increasing demand due to the vegan, vegetarian and flexitarian dietary trends in developed and developing economies, with people avoiding animal products and switching to plant-based alternatives.
The global market for vegan snacks is expected to grow significantly, particularly in developed countries. The report forecasts that the market in the APEJ region will grow at an annual rate of 9.7% over the forecast period, reaching a market value of USD 21,460.8 million by 2028.
In addition, developed industrial economies such as North America and Western Europe are expected to account for much of the market share for plant-based snacks due to the increasing trend towards vegan and vegetarian foods and the growing per capita consumption of snacks in these regions. The North American plant-based snack market is expected to grow at an annual rate of 7.8% over the forecast period, with a market value of $23,239.2 million by 2028. In Western Europe, a market share of 22.3% is expected.
More information can be found at www.futuremarketinsights.com.