COVID-19 Impact on Plant-based Snacks Market
The unprecedented spread of coronavirus is defining new normal. An increasing number of consumers are switching to healthier snacking, stirred by meat safety fears. Our studies reveal impressive prospects for theplant-based snacks marketas consumers pivot towards plants-based protein. Suspicion over potential link between the novel coronavirus and wild animal meat is compelling them to rethink their food habits.
Although at a nascent stage compared to Asia’s mammoth meat industry, vegetarian or plant-based alternatives to meat are slowly tiptoeing inside kitchens not only in the region but across the globe. The COVID-19 outbreak has rendered people more conscious about their health and diet. While the ongoing crisis may have jolted their perceptions, it has been a while since consumers have started making space for plant-based alternatives in their kitchens.
Market Stats
11.2%
Pre COVID-19 2020 Growth Forecast
8.7%
Post COVID-19 2020 Correction
250
预计个基点降
Q3 2021
Expected Recovery
Evaluating Situations – Learning from the Past
COVID-19 Market Effect
Amidst social distancing and restaurant closures an increasing number of people are cooking their meals at home. Against this backdrop, online food purchases have surged as reported by some of the leading companies operating in the food industry. Distributors of plant-based snacks are seeking to capitalize on this opportunity by selling their products at competitive prices in comparison to meat products. The plant-based snacks market is majorly benefitting from the typical consumer behavior of staying at home and avoiding meat consumption during the outbreak of any viral infection. A similar trend was observed in countries struck by SARS and MERS. Besides this, rising awareness about health and wellness will tip scales in favor of plant-based snacks sales. Our studies reveal that despite stunted rate of growth due to the spread of coronavirus, the market will bounce back sooner than expected.
Succeeding Amidst & After the Crisis
With the meat and meat processing industry caught in a tailspin amid ongoing crisis, a potential shortage of meat is looming over various nations. Coupled with this, hesitation among consumers during this trying time is seemingly contributing towards the surging demand for plant-based snacks. Leading brands have been quick at adapting to changing consumer preferences. While shift in their snacking choice had already begun, the COVID-19 outbreak resulted in wild swings in their eating habits.
一些快餐生产企业的关注on social media, while capitalizing on the obvious rise of e-commerce channels. In addition to this, snack subscription boxes have emerged as a new frontier in the food industry. Plant-based snack producers are looking at delivering snacking-fixers at consumer’s doorsteps. With experts predicting the prevalence of vegan lifestyle to exponentially increase, snack producing companies will leave no stone unturned to woo their potential consumers in the near future.
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Expert Opinion
Sudip Saha, Research Director
The COVID-19 outbreak which is believed to have originated in the wet markets in Wuhan, China has significantly impacted consumer behavior. They have become more cautious about their diet than ever before. This trend is likely to have a lasting impact. Even after coronavirus passes, consumers are unlikely to resort to unhealthy snacking. Their inclination towards a healthier life and safer diet will prove to be a boon for plant-based snacks producers.
Nandini Roy Choudhury, Practice Lead
The plant-based snacks market is expected to surge at a positive rate in the coming years. With coronavirus passing one grim milestone after another, consumers are compelled to rethink their diet. As a result of ongoing situation the demand for healthier food and snacks will rise. This will subsequently boost sales of plant-based snacks.