As the plant-based industry continues to skyrocket, innovation in the plant-based snacking and ready-to-consume sectors are witnessing similar growth. This is partly due to an influx of investment in recent years and the ability of manufacturers to offer a wider range of tasty products.
The plant-based snacks market is set to exceed $73 billion by 2028, with a CAGR of 8.7 %, according to a new report by Future Market Insights. Here, FoodBev explores where businesses are adapting to fulfil the ever-increasing consumer demand.
Plant-based confectionery has seen a huge increase in the last several years. Grand View Research reports that the global vegan confectionery market size was valued at $816.0 million in 2019, expected to grow at a CAGR of 11.8% from 2020 to 2027. Interest and acceptance of veganism and plant-based diets over the world have fuelled the growth of the market.
There have been various product launches in this category. For example, LoveRaw unveiled its new salted caramel Cre&m wafer bars. Meanwhile, Kellogg’s Rxbar recently debuted its functional plant-based protein snack bars in the US. Continued growth is expected here, as more innovative confectionery products hit the aisles.
Sauces, dressings and spreads
Grand View’s report also highlights the global plant-based sauces, dressings and spreads market size, which was valued at $194.6 million in 2019 and is expected to grow at a CAGR of 8.2% from 2020 to 2027. Sauces, dressings and spreads can often be plant-based unintentionally; however many also require dairy or meat flavouring as a staple ingredient.
Many sauce and condiment manufacturers in the sector are now looking to provide alternatives to these dairy- and meat-based products. One such company is Gotham Greens, which in recent months has introduced several new products to the market, including vegan ranch and vegan caesar dressings.
The variety and availability of plant-based ice cream offerings have led to significant growth in dairy-free sweet treats. One of 2020’s major trends, mochi balls, has been turned into a plant-based treat with Bubbies recently launching their new vegan mochi ice creams in three flavours.
The dairy-alternative ice cream market has even seen some of the most established brands at the fore – this is most evident in the expansion of ice cream giant Ben and Jerry’s plant-based range. Ben and Jerry’s in the last year have added three new flavours to their pre-existing plant-based ice cream line up, as well as all-new plant-based iced desserts.
Savoury snacks have also seen a huge increase in popularity in recent years. Squeaky Bean launched new on-the-go bites in UK Sainsbury’s stores. Munchy Seeds launched a new vegan sprinkles range. The functional savoury plant-based space has also seen innovation with plant-based food manufacturer Alpha Foods introducing five new products, including breakfast sandwiches and burritos.
Have you launched a plant-based product worthy of recognition and want to celebrate its excellence or innovation, then entries are now open for both our World Plant-Based Taste Awards and World Plant-Based Awards.
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