Meat Alternative Snacks Market Share Soars as Consumers Embrace Plant-Based Diets
In a remarkable shift in consumer preferences, meat lovers are increasingly embracing plant-based diets, propelling the growth of the meat alternative snacks market. According to a recent study by DuPont Nutrition & Health, 52% of consumers in the United States are incorporating more plant-based foods into their diets, reflecting a significant change in buying behavior. This trend, coupled with the rising number of vegans, is fueling the demand for meat alternative snacks.
Health Concerns and Animal Diseases Drive Transition
Growing concerns about health and frequent outbreaks of animal diseases such as swine flu, bird flu, and mad cow disease have captured the world’s attention and pushed consumers toward meat alternatives. The excessive use of antibiotics in animal farming to prevent diseases has heightened food safety concerns. These factors are expected to further boost the expansion of the meat alternative snacks market in the coming years.
E-commerce Takes the Lead in Meeting Consumer Demand
The COVID-19 pandemic has accelerated the adoption of convenient buying options, prompting food and beverage manufacturers to streamline logistical processes. The F&B industry is poised to achieve a 15-18% growth in total online sales by 2025. Sales of meat alternative snacks through online platforms are expected to exhibit the highest Compound Annual Growth Rate (CAGR) in the foreseeable future. Research indicates that soy-based meat alternative snacks, especially those sourced from organic origins, are likely to capture the largest share of the market. However, conventional meat alternative snacks currently dominate the market due to supply chain disruptions caused by the pandemic.
Asia Pacific Emerges as a Thriving Market
While Europe is anticipated to be the largest meat alternative snacks market, Asia Pacific is expected to register the highest value CAGR over the forecast period. Increasing consumer awareness and a steady stream of new product launches are driving market growth in the region. Major players, such as Beyond Meat, have recognized the immense potential in Asia Pacific. Beyond Meat’s entry into the Asian market through partnerships with Starbucks, KFC, Pizza Hut, and Taco Bell has marked a significant milestone in the region.
Expanding Product Portfolio Drives Competition
Key players in the global meat alternative snacks market include Amy’s Kitchen, Inc., Pepsico, Beyond Meat, Kellogs, Cauldron Foods, Kraft Foods, Inc., Blue Chip Group, Schouten, Maple Leaf Foods, Conagra Inc., Lightlife Foods, Inc., Marlow Foods Ltd, Raised & Rooted, and Hain Celestial. These manufacturers are continually launching new products and expanding their portfolios to meet the evolving demands of consumers.
The vegan revolution is reshaping the food industry, with consumers seeking healthier, sustainable, and ethically sourced alternatives. As the meat alternative snacks market continues to grow, both in terms of value and innovation, it is clear that plant-based diets are no longer a niche but a mainstream choice for consumers worldwide.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/meat-alternative-snacks-market
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