Healthy Snack Market Synopsis:
According to a comprehensive research report by Market Research Future (MRFR), “Healthy Snack Market Information by Claim, Product Type, Packaging, Distribution Channel, and Region - Forecast till 2027”, the market is estimated to garner USD 108 Billion by 2027 at 4.0% CAGR.
The availability of a wide range of products to choose from, with new products being introduces every now and then, the market is prognosticated to remain highly lucrative in the forthcoming years. Furthermore, the rising burden of medical disorders coupled with increasing awareness about health benefits has intensified the demand for healthy snacks.
The growing inclination towards ‘on the go’ food consumption led by changing lifestyle is responsible for expediting the proliferation of the healthy snack market over the assessment period. Flavor innovation is another major factor poised to catapult revenue creation of the healthy snack market upwards.
The spread of the COVID contagion has added to the development of the demand for healthy snacks, as individuals became more focused on eating healthy food items. The increased use of online channels to bulk purchase groceries and snack options in the pandemic-induced lockdowns is estimated to further promote healthy snack demand. The improved supply chain movement is estimated to further ensure the development of the healthy snack market in the forecast period.
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Competitive Analysis Dashboard:
Some of the key players profiled in the report are General Mills Inc (US), Sun-Maid (US), L T Foods (India), Bel Brands (US), Medifast, Inc (US), Mondelez International Inc (US), Dole Food Company Inc (US), No Limit, LLC (US), and Danone (France)
By product type, the global healthy snack market has been segmented into sweet snacks, savory snacks, and others. The savory snacks segment capitalizes on product diversification and innovation, which is why it is currently dominating the global market.
By claim, the healthy snack market has been segmented into gluten-free, low-fat, sugar-free, and others. The sugar-free segment has attracted a larger customer base owing to its low-calorie content. It is likely to grow substantially in the forthcoming years.
By packaging, the global healthy snack market has been segmented into jars, boxes, pouches, cans, others. The pouches segment has penetrated the market due to its low cost of manufacturing. It is prognosticated to retain a dominant share of the healthy snack market through the assessment period.
By distribution channel, the healthy snack market has been segmented into store based and non-store based. The store-based segment is further sub-segmented into supermarkets/hypermarkets, convenience store, and others.
The healthy snack market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is currently controlling a major share of the global market. Its growth trajectory is dictated by the consolidation of key players in the region. The focus on product innovation and diversification is expected to drive the expansion of the healthy snack market over the next couple of years.
Europe is currently holding the second position in the marketplace. The shift in the consumer behavior towards a healthy lifestyle reflects in its food preferences. Healthy snack is gaining traction in the regional market and is likely to grow significantly in the forthcoming years.
Asia Pacific is estimated to strike the highest CAGR during the forecast period. The growth of the region is attributable to factors such as rising disposable income, availability of wide spectrum of products, growing population, etc.
In February 2018, a Napier University graduate and entrepreneur has launched a healthy snack brand, lil’POP, as an alternative to popcorn.
In October 2018, Danone India has launched a protein multigrain biscuit, Portioned Bytes, as a healthy snack on the go.
In December 2018, the U.K.-based snack brand, Munchy Seeds, has launched Shaker Pots which targets health-conscious consumers. The new poduct is available in three flavors - Honey Seeds, Chili Bites, and Omega Sprinkles.
In December 2018, Kellogg, a multinational food manufacturing company, has innovated its product - Rice Krispy Treats for focusing on consumers with healthy food habits.
In December 2018, FMCG brand of the RP-Sanjiv Genkan Group, Too Yummy! has launched “karate” with 40% less fat to end the battle between taste and health.
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