Meticulous Research®—a leading global market research company, published a research report titled, ‘Healthy Snacks Market by Type (Cereal & Granola Bars, Nuts, Meat, Biscuits, Cookies), Product Claim (Gluten free, Low fat), Packaging Type (Wraps, Boxes), Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores)—Global Forecast to 2029.’
The healthy snacks market is expected to reach $152.08 billion by 2029, at a CAGR of 6.5% from 2022 to 2029. The growth of this market is driven by the growing health consciousness among consumers, the rising demand for functional/healthy foods, and the increasing popularity of convenience foods & on-the-go snacks. Furthermore, emerging economies in Latin America, Asia, and the Middle East & Africa and increasing product sales through online channels are expected to provide significant opportunities for the growth of this market.
However, the high cost of healthy snacks compared to conventional snacks hinders the growth of this market. In addition, volatile raw materials prices pose a major challenge to players operating in this market.
The market is segmented based on type, product claim, packaging type, distribution channel, and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on type, the healthy snacks market is segmented into cereal & granola bars, nuts & seeds, dried fruits, meat snacks, biscuits & cookies, trail mix snacks, and other healthy snack types. In 2022, the cereal & granola bars segment is expected to account for the largest share of the healthy snacks market. The large market share of this segment is attributed to the rising consumption of healthy packaged food products, changing dietary patterns, the increasing number of convenience stores, and the rising incidence of diabetes, cardiovascular diseases, and obesity. However, the meat snacks segment is expected to witness significant growth during the forecast period. The growth of this segment is driven by the growing global consumption of meat, rising inclination toward spicy, salty, and specific-flavored snacks, and increasing demand for protein-rich meat products due to health consciousness among consumers.
Based on product claim, the healthy snacks market is segmented into gluten-free, low-fat, sugar-free, and other product claims. In 2022, the gluten-free segment is expected to account for the largest share of the healthy snacks market. The large market share of this segment is attributed to the rising incidence of celiac disease, the health benefits associated with gluten-free products, the growing prevalence of irritable bowel syndrome (IBS), and the increasing demand for gluten-free products among millennials. This segment is also expected to register significant growth during the forecast period due to the rising awareness about the negative effects of gluten and the rising incidence of celiac disease.
Based on packaging type, the healthy snacks market is segmented into wraps, pouches, boxes, and other packaging types. In 2022, the wraps segment is expected to account for the largest share of the healthy snacks market. The large market share of this segment is attributed to the rising demand for on-the-go and fast food due to busy lifestyles and expanding food packaging industry. In addition, wrapped packaging keeps the food fresh and warm for a longer period and makes it easy to store, resulting in the increased demand for this type of packaging. However, the boxes segment is expected to register significant growth during the forecast period due to their cost-effectiveness and the rapidly growing e-commerce industry.
Based on distribution channel, the healthy snacks market is segmented into supermarkets & hypermarkets, convenience stores, specialty stores, online channels, and other distribution channels. In 2022, the supermarkets & hypermarkets segment is expected to account for the largest share of the healthy snacks market. The large market share of this segment is attributed to the increased sales of healthy food in well-established supermarkets and hypermarket chains, consumers’ preference for shopping from brick-and-mortar grocers due to easy access and availability, and the increasing consumer spending on healthy food products. However, the online channels segment is projected to register significant growth during the forecast period. The growth of this segment is attributed to the growing preference for personalization, the convenience offered by online channels, the availability of greater discounts compared to offline stores, and a greater product selection experience.
Based on geography, in 2022, North America is expected to account for the largest share of the healthy snacks market. The major market share of North America is attributed to its well-established food industry, the growing health awareness among consumers, the increasing prevalence of celiac disease, the growing demand for gluten-free healthy snacks, the rising demand for clean-label healthy snacks, and the easy availability of healthy snacks at grocery stores. In addition, customers' changing habits, such as snacking between fixed mealtimes or snacking instead of having proper meals, the rising trend of replacing meals with smaller nutritional snacks, the functional efficiency offered by healthy snacks, and the cost competitiveness offered by plant-based snacks contribute to the growth of this regional market.
In 2022, the U.S. is expected to account for the largest share of the healthy snacks market in North America. The large share of this market is attributed to the increasing preference for convenience foods, changing household sizes, consumers’ growing interest in unique snack flavors, and the increasing adoption of health & wellness trends. The U.S. has historically been a large consumer of snacks. However, the high cases of obesity, cardiovascular diseases, and diabetes have encouraged people to switch to healthier snacking options, which is one of the main factors contributing to the increasing demand for healthy snacks in the U.S.
The key players operating in the healthy snacks market include General Mills, Inc. (U.S.), Mondelēz International, Inc. (U.S.), Nestlé S.A. (Switzerland), Unilever PLC (U.K.), Kellogg Company (U.S.), Tyson Foods, Inc. (U.S.), The Hain Celestial Group, Inc. (U.S.), Hormel Foods Corporation (U.S.), B&G Foods, Inc. (U.S.), Del Monte Foods Inc. (U.S.), PepsiCo, Inc. (U.S.), KIND LLC (U.S.), Danone S.A. (France), and Select Harvests Limited (Australia).
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