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The global healthy snacks market size is projected to hit USD 108.11 Billion by 2027 attributable to the evolving food industry and the rising inclination of people towards maintaining a healthy lifestyle. As per a recent report by Fortune Business Insights, titled, “Healthy Snacks Market Size, Share & COVID-19 Impact 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 was USD 78.13 billion in 2019 and is expected to rise at a CAGR of 4.2% in the forecast period, 2020 to 2027.
Unilever Launches New Products under Organic Snack Category
Growing Roots, a new brand of organic plant-based snack brand was launched by Unilever in March 2018. The company aims at donating half of the profits from this new range of products to support the urban farming partnership of Unilever. The Vice President of Unilever, North America, Matthew McCarthy says, “We started Growing Roots as a social mission with a group of passionate people with the objective of accessing nutritious food at affordable prices. Eventually, we got inspired from the transformational impact of urban farms and decided to expand our group to extend our mission worldwide.” Such initiatives are likely to augment the growth of this market in the forecast period.
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Advancements in Food Manufacturing and Processing will Bode Well for Market
The increasing prevalence of chronic and acute diseases and the rising cases of obesity have propelled people to adopt a healthy lifestyle. This further promoted the need for healthy eating and exercise practices. The growing awareness about healthy eating is a key factor promoting the healthy snacks market growth. In addition to this, the rising promotion of weight management and functioning food will help the market showcase remarkable growth in the coming years.
On the contrary, factors such as less shelf life for snacks with high fruit or vegetable content may cause the market to face rough waters. Besides this, these snacks guarantee absolutely or no fat and sugar content, due to which, they may affect the binding and moisture retention capacity of the food product. This may also cause major hindrance to the market in the coming years.
Nevertheless, the advancement of food processing and packaging and the introduction of clean-label and preservative-free products are expected to create lucrative growth opportunities for the market in the coming years.
Massive Investments in Introducing New Products to Intensify Market Competition
Major players of the market for healthy snacks are focusing on the development of unique snacking products for gaining traction in the market competition. Some others are trying to reinforce their manufacturing and distribution capacities for gaining a prominent position in the market. The other players are engaging in contracts and agreements, joint ventures, and partnerships to attract significant revenues in the coming years.
Major Industry Developments of Healthy Snacks Market include:
List of Significant Players in this Market include:
Further Report Findings
The Global Market is categorized into:
Value (USD Billion)
By Distribution Channel