The plant-based snacks industry will be worth more than $73 billion by 2028, according to a new report by market research firm Future Market Insights (FMI). The report reveals that the industry will grow by a compounded annual growth rate (CAGR) of 8.7 percent from its current value of $31.8 billion. FMI revised its initial prediction that the plant-based snack industry would grow at a CAGR of 6.4 percent after ascertaining increased consumer demand. When divided by category, FMI predicts that plant-based meat snacks will experience the fastest growth in the forecast period, with the vegan salty snacks industry predicted to be worth $20 billion by 2028. “The growing trend for veganism and vegetarianism is further leading to the increasing demand for plant-based snacks and products,” the report states. “Increasing concerns regarding animal welfare and treatment is considered to be another driver for the growth of plant-based snacks and products in developed economies.” In April, FMI released a separate report that predicted the plant-based yogurt market would be worth $7.4 billion by 2027.
Photo courtesy of Taco Bell