New York, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Organic Snack Food Global Market Report 2023" - https://www.reportlinker.com/p06284498/?utm_source=GNW
The global organic snack food market will grow from $9.81 billion in 2022 to $10.67 billion in 2023 at a compound annual growth rate (CAGR) of 8.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The organic snack food market is expected to grow to $14.41 billion in 2027 at a CAGR of 7.8%.
The organic snack food market consists of sales of tortilla chips, corn chips, potato chips, chocolates, raisins, bagels, pretzels, cookies, pancakes, and other organic snack food.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Organic snack food is a small portion of food eaten between regular meals that are prepared using organically certified ingredients that do not contain genetically modified organisms (GMOs) and artificial additives. Organic snack food contains healthy nutrients and ingredients such as minerals, proteins, and vitamins.
Asia Pacific was the largest region in the organic snack food market in 2022.North America was the second-largest region in the organic snack food market.
The regions covered in the organic snack food market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types are fruit snacks and dried fruit snacks, puffs & chips, energy bars, meat snacks, and other product types.An energy bar is a bar-shaped food intended to boost physical energy, typically containing a combination of fats, carbohydrates, and proteins and fortified with vitamins and minerals.
The various sales channels for organic snack food are hypermarkets and supermarkets, online retailers, food and drink specialty stores, and convenience stores. The various age groups consuming the products are millennials, generation X, and baby boomers.
The growth in spending capacity of the end users, coupled with the growing health consciousness and rising consumption of organic foods by the populace owing to harmful side effects of conventional snacks, including increasing calorie content, increasing obesity, and fewer nutritional benefits, is driving the market.Moreover, the increasing spending capacity of people, especially in developing countries like India and China, is contributing to higher demand for organic snack food manufacturing over the forecast period.
According to Trading Economics, consumer spending in India increased to 17962.90 INR billion in the third quarter of 2020 from 14611.64 INR billion in the second quarter of 2020. Therefore, increasing consumer spending is predicted to generate higher demand for organic snack foods in the coming years.
The high cost of production is anticipated to hinder the growth of the organic snack food manufacturing market.The organic certification, cost of fertiliser for organic crops, and post-harvest handling costs are comparatively higher than those of conventional snack items, which in turn increases the price of organic snack food.
This scenario is likely to hinder the demand for organic snack foods in the forthcoming years.
Many food manufacturers are making new and healthy snack launches by reducing the use of artificial colours and increasingly using natural ingredients in order to meet the consumer requirements for healthier and natural ingredients.For instance, more than 11 food companies, including Chipotle, Kraft, Taco Bell, Pizza Hut, Subway, and other product types, removed the use of artificial colours and flavors.
Moreover, government bans on artificial flavours are a major opportunity for organic snack food manufacturers for future expansion. According to the U.S. Food & Drug Administration, the FDA removed six of the ingredients from the FDA’s approved list, which included ethyl acrylate, benzophenone, myrcene, pulegone, eugenyl methyl ether, and pyridine. This scenario is predicted to boost the demand for the organic snack food market during the forecast period (2019 to 2023).
The countries covered in the orgnaic food snack market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The organic snack food research report is one of a series of new reports that provides organic snack food statistics, including organic snack industry global market size, regional shares, competitors with organic snack food share, detailed organic snack food segments, market trends and opportunities, and any further data you may need to thrive in the organic snack industry. This organic snack food research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
Read the full report: https://www.reportlinker.com/p06284498/?utm_source=GNW
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