An increase in the consumption of on-the-go snacks is driving the expansion of the global market for healthy snacks. Global demand for healthy snacks is anticipated to increase as consumers become more aware of the health risks of consuming junk food, such as heart disease, diabetes, and other chronic diseases. One of the main trends in the global market for healthy snacks is an increased consumer preference for healthy eating practices and a healthy lifestyle. The global market for healthy snacks is expanding as people worldwide include more healthy snacks in their diets. Additionally, it is anticipated that increased funding for creating innovative course offerings and the creativity used by the most significant corporations for product branding will give the industry an upward push. Thus, consumer fitness awareness is anticipated to stimulate demand for healthy snacks in the upcoming years due to awareness campaigns supported by businesses, governments, and non-governmental organizations.
Due to the COVID-19 pandemic epidemic, there has been a rapid decline in both the demand for and sales of snacks. During the earliest phases of the lockdown, consumers' panic purchases of food supplies accelerated the sale of ready-to-eat food through retail distribution channels. The U.S. Department of Agriculture reports that sales at grocery stores increased by up to 99% in the middle of March and by 25% on April 1, 2020, compared to the previous year. However, the habit of purchasing ingredients from retail markets and preparing meals at home later emerged as a result of the growing worries about sanitation and the safety of processed foods. The consumption of packaged and processed meals is rapidly declining, significantly impacting the snacks market.
On-the-go Nutrition is an Emerging Trend that Will Drive Innovation in the Snacking Industry
The growing number of people entering the formal labor force and their hectic lifestyles have increased snack demand. Snacks provide instant satiation and a much-needed break during a stressful day. This market of healthy snacks is being propelled by the emerging trend of avoiding the risk of chronic diseases and maintaining health and wellness through thoughtfully consuming these snacks. The on-the-go nutrition trend is quickly gaining traction among millennials and working adults as they seek to snack solutions to combat nutrient deficiencies and other health conditions in their hectic schedules.
High Cost of Healthy Snacks Could Contribute to the Decline which Limit Market Growth
Generally speaking, healthy snacks are more expensive than traditional or packaged snacks. Due to the expensive production and storage procedures, the producers of these nutritious snacks charge a greater price for their goods than those newly created ones. Compared to typical packet foods, the cost of processing healthy snacks is higher. Aside from the fact that agricultural goods are the primary source of the raw materials used in production, unstable raw material costs are expected to restrain market expansion. The price of these agricultural products is relatively higher and can change depending on the crop's availability on the market.
Based on product, the healthy snacks market is segmented into savory, fruit, bakery, frozen & refrigerated, confectionery, dairy and others. The savory category dominated the market in 2021. Working-class folks and recent college graduates, for whom wholesome, savory snack products have developed as an alternative to dinner, are the segment's main consumers. People can sate their appetites with savory snacks, which also helps them avoid overeating at meals.
By Distribution Channel
By distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, online, and others. The supermarkets & hypermarkets category dominated the market in 2021. Investors use consumer comfort to provide a simple shopping experience as the supermarket/hypermarket sector constantly changes. Retailers will be able to provide consumers with beverages of sufficient quality with the use of floor-level equipment and technology improvements. In order to avoid fines from the Environmental Protection Agency (EPA) and to provide its customers with high-quality products, it is also placing a strong emphasis on adhering to new regulatory standards, including those regarding refrigerant leaks and quality assurance.
Europe is projected to hold the largest share of the healthy snacks market over the forecast period, ascribed to rising interest in on-the-go dietary trends and growing knowledge of the beneficial health impacts of functional foods. The increased prevalence of lifestyle-related health disorders, the ageing population, busy daily schedules, rising mental stress, and a favourable attitude toward preventive measures drive the demand for healthy snacks in the local market.
On the other hand, the Asia Pacific healthy snacks market is anticipated to grow significantly over the forecast period due to the rise in demand for goods that are "better for you" and support healthy well-being. The region's market is anticipated to develop due to people having more spare cash to spend on indulgences that are good for them. The market's expansion is further aided by the growing investments made by major corporations in creating innovative granola bar e-portfolios.
LIST OF KEY COMPANIES PROFILED:
- The Kellogg Company
- MondelÄ“z International;
- Hormel Foods Corporation
- Dole Packaged Foods, LLC.
- Del Monte Foods, Inc.
- Select Harvest
- B&G Foods
- Monsoon Harvest
KEY INDUSTRY DEVELOPMENTS:
- May 2020: Jumbo Snax, a new line of cereal-based snacks, was introduced by Kellogg Company. Fruit Loops, Corn Pops, Apple Jacks, and Tiger Paws are among the new product lines.
- September 2019: To offer food's inherent health benefits, Tyson Foods, Inc. established a new brand of chilled snacks.
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|Segmentation||By Product, By Distribution Channel and By Geography|
|By Distribution Channel||