The global healthy snacks market size is expected to reach USD 32.88 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.2% during the forecast period. Increasing awareness regarding health and wellness benefits offered by the product among consumers is likely to be a key trend driving the market.
The consumption of healthy snacks is growing on account of their ability to meet various dietary requirements such as sugar-free, low salt content, and low cholesterol levels. However, high cost of production due to volatile prices of raw materials is expected to negatively influence the growth of the market over the forecast period.
Growing purchasing power parity, which has increased immensely in the past few years, is anticipated to fuel the demand for meat snacks in the upcoming years. This factor, in turn, is projected to boost the growth of the market during the forecast period.
Europe is the leading regional market in the healthy snacks market. A wide base of youth population in the region along with high spending power of the populace is stoking the growth of the regional market. Healthy snacks provide grab-and-go option coupled with convenience to meet the needs of customers.
Further key findings from the report suggest:
- In terms of revenue, the meat snacks segment is projected to expand at a CAGR of 5.4% over the forecast period
- Cereal & granola bars dominated the healthy snacks market with a global revenue share of over 36.0% in 2018
- Companies in Europe are focusing on increasing sales of healthy snacks by attracting more customers with innovative and eye-catching products
- Rising consumption of dried fruit snacks by customers due to changing lifestyles is likely to fuel growth over the next seven years
- Market players are focusing on developing healthy snacks in compliance with stringent USFDA and EU standards, especially in North America and Europe
- Emerging economies such as India, China, Brazil, Indonesia, and Malaysia are witnessing a paradigm shift in consumer buying behavior due to rising national income and its benefits on disposable income of households
- Major industry players aim to achieve optimum market growth and strengthen their presence through various market expansion strategies such as new product development, joint-ventures, and acquisitions
- Some of the key companies present in the industry are Nestl? S.A.; PepsiCo, Inc.; The Kellogg Company; Tyson Foods, Inc.; General Mills, Inc.; Mondel?z International; Hormel Foods Corporation; Kind LLC; and Select Harvests.