Rise in Demand for Vegan Snacks
Consumer Goods and Retail | Oct, 2022
According to recent analysis by the Plant Based Foods
Association and The Good Food Associations, the retail sales of plant-based
foods in the United States reached a market value to an all-time high of USD7.4
billion in 2021, witnessing a 6.2% increase in sales from the year 2020. The
growth of plant-based category amidst the ongoing challenges presented by the
pandemic and disruptions in the supply chain demonstrates strong consumer commitment
to purchasing foods that aligns with the idea of sustainability and are better
for personal health, and planet in general. Food manufacturers ranging from
startups to leading CPG companies are innovating rapidly in the plant-based
food market, introducing next-generation plant-based meat, egg, and dairy
products. These vegan alternatives are increasingly becoming competitive with
animal products in terms of taste, price, and accessibility. New technologies
and growing focus of industry players on improving their offerings for enhanced
taste and textures are contributing to the growth of plant-based foods market.
Vegan snacks, in particular, are capturing a
significant share in the plant-based food market as consumers are taking a more
proactive approach to their holistic well-being. Many people are replacing one
meal with snack to find a balance between indulgence and nutritious and
satisfying foods. Some people prefer snack bars for a balanced and long-lasting
energy rather than preparing a healthy meal from scratch. Besides, snacks act
as mood enhancers for consumers as they help body to produce things like
serotonin, dopamine, and melatonin. Snacks, either as meal replacements or as
mood enhancers-are helping snack manufacturers strengthen sales. The importance
of food as medicine, owing to an enhanced awareness towards preventive health has
led to an increased adoption of functional snacks. Many international brands are
seizing the opportunity of increased snack consumption and introducing new
product varieties, ranging from chips to cake, ice-cream to sandwiches and
burritos, etc.