Redding, California, Feb. 27, 2023 (GLOBE NEWSWIRE) -- According to a new market 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 projected to reach $152.08 billion by 2029, at a CAGR of 6.5% from 2022 to 2029.
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In this day and age, people are spending more time and effort to gain greater control over their health by exploring herbal medicines and natural health products to prevent disease and live a healthier lifestyle. People who consume a diet rich in healthy snacks, such as dried fruits, nuts, seeds, and meat, tend to lead a life free of diseases. Currently, consumers prefer foods that offer health benefits and are convenient for consumption, storage, and handling. Thus, healthy snack products, such as cereal & granola bars, are highly in demand due to their easy availability and convenience.
The major factors driving the healthy snacks market include the growing health consciousness among consumers, the rising demand for functional/healthy foods, and the increasing popularity of convenience foods & on-the-go snacking. Furthermore, emerging economies in Latin America, Asia, and the Middle East & Africa and the increasing sales of products 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, the volatile prices of raw materials pose a major challenge to players operating in this market.
The Impact of COVID-19 on the Healthy Snacks Market
The COVID-19 outbreak caused by the SARS-CoV-2 virus created a severe public health emergency globally, with its quick spread across more than 150 countries. The WHO declared it a health emergency, and several countries announced complete nationwide, statewide, or citywide lockdowns, halting all travel, transport, manufacturing, and non-essential trade, significantly impacting many industries globally. However, the pandemic positively impacted the healthy snacks market.
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The consumption of healthy snacks accelerated during the pandemic as the national lockdowns forced people to stay home. Furthermore, during the lockdowns, there was an increase in the sales of healthy snack food products due to their longer shelf life. Additionally, e-commerce platforms selling these products have witnessed significant traction in recent years. The increasing accessibility to these products drives the demand for healthy snack products. Furthermore, the preference for more healthy snacking options has increased among consumers. Hence, the pandemic positively influenced the demand for cereal & granola bars, nuts & seeds snacks, biscuits & cookies, and trail mix snacks, among others.
The COVID-19 pandemic moderately affected the demand for healthy snack food due to disruptions in supply chains. However, these effects were temporary and gradually reduced without substantially affecting the healthy snacks market.
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 accounted 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 and changing dietary patterns, the increasing number of convenience stores, shifting breakfast habits toward healthier breakfast choices, and the rising incidence of diabetes, cardiovascular diseases, and obesity. However, the meat snacks segment is projected to witness significant growth during the forecast period.
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 accounted 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 projected 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 accounted for the largest share of the healthy snacks market. 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.
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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 accounted for the largest share of the healthy snacks market. 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 accounted 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 2022, the U.S. accounted for the largest share of the healthy snacks market in North America. The large market share 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.
Some of 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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Scope of the Report:
Healthy Snacks Market, by Type
- Cereal & Granola Bars
- Nuts & Seeds
- Dried Fruits
- Meat Snacks
- Biscuits & Cookies
- Trail Mix Snacks
- Other Healthy Snack Types
Healthy Snacks Market, by Product Claim
- Gluten-free
- Low-fat
- Sugar-free
- Other Product Claims
Healthy Snacks Market, by Packaging Type
- Wraps
- Pouches
- Boxes
- Other Packaging Types
Healthy Snacks Market, by Distribution Channel
- Supermarkets & Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Channels
- Other Distribution Channels
Healthy Snacks Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific
- Japan
- India
- China
- South Korea
- Australia
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America (RoLATAM)
- Middle East & Africa (MEA)
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