Blog Description

Rise in Demand for Vegan Snacks

Vegan Snacks Market

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.