The global Healthy Snacks market is anticipated to rise remarkably on account of the increasing health consciousness among consumers and the rising prevalence of quality lifestyle. Healthy Snacks is a quick and affordable way of sufficing to the nutritional needs of the body. As per a recently published report by Fortune Business Insights, titled, “Healthy Snacks Market Size, Share & Industry Analysis, By Type (Meat Snacks, Nut, Seeds & Trail Mixes, Dried Fruit Snacks, Cereal & Granola Bars, and Others), By Distribution Channel (Supermarket/ Hypermarket, Specialty Stores, Convenience Stores, and Online Retails), and Regional Forecast, 2020-2027,” the value of this market is expected to rise from USD 78.13 billion earned in 2019 to USD 108.11 billion by the end of 2027. The market is likely to exhibit a CAGR of 4.2% during the forecast period set between 2020 and 2027.
The world economy is facing a major downfall owing to the current coronavirus pandemic. Most businesses are at temporary halt and the others who are operating in the four walls of their homes are barely able to manage meagre revenue. The healthcare sector is facing major crisis owing to the increasing number of positive coronavirus cases and lack of beds and medical aid to offer treatment. The governments of various nations are investing massively on the research and development of an antidote to fight back the covid-19 pandemic and we soon hope to overcome this situation.
Fortune Business Insights is offering special analytical reports on different markets that are impacted negatively by the coronavirus pandemic. These reports will help advisors make strategic decisions for better revenue generation in the coming years.
The report answers the following questions:
- What is the nature of this market?
- Who are the major players of this market and what are the major strategies adopted by them?
- What are the major segments of this market and who is currently in the leading position?
- What are the recent industry developments of the market for healthy snacks?
Drivers & Restraints-
Rising Inclination towards Healthy Food to Add Impetus
The increasing prevalence of chronic and acute diseases among people irrespective of age is a key factor propelling the adoption of healthy food. This stands as a major factor boosting the global healthy snacks market growth. In addition to this, the rising evolution of the food industry and the advent of various food and snacks varieties such as flavors, shapes, sizes, and nutritional value is also adding impetus to the market. Besides this, the advancement in food processing and preservation technology will also aid in the expansion of the market
However, factors such as processing-related challenges, moisture retention as a result of sugar and fat reduction, and low shelf life of snacks highly rich in fruit and vegetable content may pose major challenges to the market growth. Nevertheless, the growing popularity of functional and convenience foods and the increasing adoption of on-the-go and ready-to-eat snacking, coupled with the increasing awareness among health conscious consumers are expected to create lucrative growth opportunities for the market in the coming years.
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Nut-based Snacks segment to Cover Largest Share Owing to their High Protein Content
Based on segmentation by product type, the market for healthy snacks is holding major shares from the nut-based snacks segment. This is owing to the high protein content present in nuts, as well as other high nutrient content such as antioxidants and fibre.
Europe Emerged Dominant Owing to Increasing Popularity of On-the-go Nutrition
Geographically, Europe covered the largest healthy snacks market share with a revenue of 31.06 billion earned in 2019. The growth of this region is attributed to the presence of a majority of health conscious people with hectic schedules and busy lifestyles. The advent of on-the-go nutrition and functional food products has propelled the need for healthy snacks, thereby augmenting the regional market.
On the other side, the market in Asia Pacific is likely to showcase the fastest growth in the coming years on account of the rising disposable incomes of people, increasing adoption of healthy lifestyle, and the growing popularity of food products that promote wellbeing, known as ‘better-for-you’ products.
PepsiCo. Inc. is Holding Leading Position Owing to New Product Launches
As of 2019, PepsiCo. Inc. is the leading player of this market. Most of the players functioning in the market for healthy snacks are engaged in the manufacturing of new snacks with unique flavors and ingredients so as to attract more revenue and gain a competitive edge in the market. The other players are focusing on collaborative strategies such as joint ventures, contracts and agreements, partnerships, and others to gain a competitive edge in the market during the forecast period.
Major Industry Developments of the Market for Healthy Snacks include:
September 2019 – A new brand of refrigerated products was launched by Tyson Food Inc., providing natural food benefits in their products
October 2017 – A new range of protein-enriched snacks called Proteinex Bytes was launched by Danone S.A. in India for expanding its business.