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The healthy snack market size is projected to increase by USD 34.01 million, at a CAGR of 6.21% between 2023 and 2028.
North America is at the forefront of the market, looking for substantial growth. Diverse products like savory, bakery, fruit, and dairy dominate the regional market. Primary distribution channels include supermarkets, hypermarkets, convenience stores, and online platforms, capitalizing on the rising number of online users. The increasing popularity of snacks among millennials, aged 19 to 35, drives market dynamics, strengthened by their significant spending power. To meet demand, regional market players are expanding manufacturing facilities, exemplified by Tyson Foods Inc.'s multimillion-dollar investment in a new bacon production facility. Amidst prevalent health concerns like obesity and cardiovascular diseases, they emerge as a remedy, contributing to favorable market forecasts.
The market shows an Accelerated CAGR during the forecast period.
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The market thrives on product diversity and innovation, with brands like Popeas and CLIF Thins offering enticing options. Giants like Mondelz International and emerging players like HUNGRY contribute to promoting a Healthy Lifestyle through their offerings. With the Réal Range and other products, the food industry emphasizes responsible raw material use, efficient processing, and preservation advancements to meet consumer demands for nutritious and convenient snacks.
Growing inclination toward healthy snacks is the key factor driving market growth. Nowadays, skipping breakfasts and lunches is a regular occurrence among consumers attempting to keep up with their hectic lifestyles. As a result, readily available and convenient food items such as healthy foods have become a popular and favored choice among consumers of all ages. Furthermore, classic foods are under modification in all regions, and the desire for novel flavors has a big impact on sales of healthy foods. Snacks have long been popular in regions such as North America and Europe, and their popularity has now increased globally.
Additionally, bakeries and baked goods are increasingly popular globally. The demand for such foods in bakeries is increasing. They also sell savory products or items tailored to the preferences of their consumers in addition to their products. The introduction of gourmet cheese has created a positive buzz in the global healthy snack market. Consumer acceptance is also influenced by the type of cheese used in cheese foods. Thus, such factors are expected to drive the growth of the market growth during the forecast period.
The increasing consumption of plant-based diets is the primary trend shaping market growth. Plant-based diets are considered to be healthy. These provide necessary nutrients such as beneficial plant compounds, vitamins A, vitamin C, vitamin E, fiber, antioxidants, magnesium, folate, and potassium. Aligned with market trends and analysis, the consumption of plant-based snacks such as fruits, nuts, and seeds is increasing among the youth owing to the growing health and food safety concerns regarding animal-based food products.
Moreover, a high inclination toward such diets has led to an increase in the consumption of plant-based healthy snacks across various countries, including the US and the UK. Government agencies in many countries are trying to promote healthy snacks. Furthermore, the growth in the population consuming plant-based diets will increase the demand for healthy snacks and food products. These factors will positively influence the sales and the growth of the market during the forecast period.
The availability of other snack options is a challenge that affects market growth. Consumers across the world can choose from numerous snacking options, such as homemade snacks or processed snacks. These snacks can also replace healthy foods. Some consumers prefer snacks containing popcorn and cakes instead of healthy snacks such as rice and fruit. Owing to the inconsistency in the quantity of produce, the increasing cost of fuel and inefficient infrastructure also increases the cost of the final product, which includes healthy foods.
Additionally, the high cost of healthy foods and lower shelf life of healthy snacks as they have no preservatives significantly decrease the demand for healthy snacks and opt for affordable snacks. Many countries have popular snacking options, which are easily available locally. Easy access and affordability, as compared with healthy snacks, are likely to impede market growth during the forecast period.
In response to rising concerns about lifestyle-related ailments and a growing consumer interest in health and wellness, the healthy snack market is booming. Brands like Nourish Organics and NatureBox offer wellness programs and a diverse array of healthy food products to cater to changing snacking habits. With personalized nutrition options from companies like DaburIndia, consumers can easily meet their daily nutritional needs. The snacks industry continues to innovate, utilizing novel packaging techniques and e-commerce platforms to provide quick, affordable solutions for health-conscious individuals.
The rising popularity of convenience foods and on-the-go snacks, changing lifestyles, and the hectic schedules of the working population are expected to drive the growth of the savory snacks segment. The demand for savory snacks is increasing primarily due to the increasing demand for protein-rich food products among consumers. Beef jerky, savory-flavored protein bars, and roasted chickpeas as protein-rich savory foods. Furthermore, due to their high-protein content, savory foods are replacing full meals, as consumers prefer healthy and convenient snacking options due to their busy lifestyles. Increasing product launches and continuous product innovations will drive the growth of the savory segment in the market during the forecast period.
The market share growth by the supermarkets and hypermarkets segment will be significant during the forecast period. Supermarkets and hypermarkets are the most popular and preferred distribution channels for healthy foods, given the convenience of availing a wide assortment of products under one roof. Furthermore, discounts and an enhanced shopping experience enabled by attractive shelf displays entice consumers to purchase healthy foods from supermarkets and hypermarkets.
The supermarkets and hypermarkets segment was valued at USD 30.40 million in 2018.
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Also, another advantage of supermarkets and hypermarkets is that they offer high product volumes, giving them greater buying power. Consequently, consumers can benefit as they can get snacks at discounted rates. Owing to all these factors, the preference of consumers will be inclined toward supermarkets and hypermarkets, hence making it the leading segment, this, in turn, will drive the growth of the market focus during the forecast period.
North America is estimated to contribute 35% to the growth of the global market during the forecast period
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. Products such as savory, baked goods, fruit, and dairy are common in the healthy snack market in North America. Supermarkets, hypermarkets, convenience stores, and online distribution stores form the primary distribution channels for healthy snacks in North America. Additionally, snacking is growing in popularity among millennials. This factor is expected to play a key role in the growth of the regional market as millennials will emerge as a prominent consumer group due to their large purchasing power. In addition, the increasing number of online users and the presence of well-established healthy snack distribution channels will drive the growth of the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market forecast and information about 20 market companies, including:
B and G Foods Inc., Campbell Soup Co., Del Monte Foods Inc., DFM Foods Ltd., Dole Packaged Foods LLC, General Mills Inc., Happytizers Pvt Ltd, Hormel Foods Corp., Kellogg Co., LT Foods Ltd., Mondelez International Inc., Monsoon Harvest, Nestle SA, PepsiCo Inc., Select Harvests Ltd., Sun Maid Growers of California, The Hain Celestial Group Inc., Tyson Foods Inc., and Warrell Corp.
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research and growth report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
The market continues to evolve with an emphasis on diverse dietary needs and lifestyle choices. Brands like Beyond Meat cater to Keto-friendly and Paleo diets, offering alternatives such as plant-based yogurts and Good Karma Flaxmilk. Snacks like Fruit bars and Fuse Fit snack bar incorporate prebiotic and probiotic elements, promoting gut health and overall well-being. With a focus on protein content and nutrient-enriched products, consumers seek options like Whey protein and Pea protein for weight management and immunity support. As panic buying and on-the-go nutrition become more prevalent, retail distribution channels and grocery store sales are adapting to meet demand, offering clean-label snacks and additive-free options that provide a small energy boost during hectic days.
Further, the market continues to thrive with a focus on providing convenient and nutritious options to consumers. Brands are incorporating Omega-3 and Soy protein into snacks to enhance their nutritional value, catering to those following the Keto diet and seeking nutrient deficiencies. With Innovation in Snacking and a growing demand for on-the-go snacking solutions, the industry is witnessing technological advancements and the emergence of clean-label products. Amidst hectic workdays and stressful days, consumers seek snacks offering instant satiety and promoting overall health. The market offers a wide range of options, including Nuts, Seeds, Trail Mixes, and cereal and granola bars, meeting the needs of different consumption patterns and lifestyles.
Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.21% |
Market Growth 2024-2028 |
USD 34.01 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.13 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
B and G Foods Inc., Calbee Inc., Campbell Soup Co., Danone SA, Del Monte Foods Inc., DFM Foods Ltd., Dole Packaged Foods LLC, General Mills Inc., Happytizers Pvt Ltd, Hormel Foods Corp., Kellogg Co., LT Foods Ltd., Mondelez International Inc., Monsoon Harvest, Nestle SA, PepsiCo Inc., Select Harvests Ltd., Sun Maid Growers of California, The Hain Celestial Group Inc., Tyson Foods Inc., and Warrell Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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