NEWARK, DE / ACCESSWIRE / June 29, 2023 / The better for you snacks market is expected to experience strong growth in 2023, with a CAGR of 3.3% by 2033 and a global market value of US$ 38,372.3 million. This is due to the increasing health consciousness and knowledge about the benefits of eating cleaner among consumers. Rising concerns about obesity and chronic heart diseases further fuel this.
All this combined is compelling the market to surge in innovative cleaner snacks, including low-sugar, low-calorie, gluten-free, and high-protein snacks. FMI has reason to believe that this consequently caters to diverse dietary preferences and health-related restrictions commonly seen in consumers today.
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Key Takeaways from this Market:
- The United States market showed an astonishingly high CAGR of 20.7% through 2033. This could be due to the rising awareness of obesity within the consumer group.
- FMI calculated that the market in Germany rose at a CAGR of 6.4% in 2022.
- The Japanese market rose at a comparatively lower CAGR of 2.3% in 2022.
- In 2022, the better-for-you snacks market in Australia expanded at a CAGR of 2.4%.
- The market in China progressed at a CAGR of 6.5% during 2022.
- Indian better-for-you snacks market swelled at a steady CAGR of 7.0% during 2022.
- During 2022, the market in the United Kingdom augmented by a CAGR of 6.6%.
Competitive Landscape:
The key companies in the better-for-you snack market are focusing mainly on launching new healthier snack options in order to be on par with its exorbitant consumer demand. The companies are also bringing attractive packaging and extended shelf life to their attention while simultaneously striving to source from sustainable and environment-friendly resources. Many companies are coming up with ways to rebrand and present themselves in unique and appealing ways. These products can improve the consumer's health and are convenient, flavorful, and enjoyable to eat.
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Companies are also targeting a certain product price range so that consumers from all income groups can afford to buy them. Leading brands in this competition are:
- Unilever
Unilever has started an initiative called Positive Nutrition, which involved reformulating their products to have less salt, sugar, and overall calories. They are also aiming for 70% of their portfolio to meet WHO-aligned nutritional standards.
They are also aiming to provide plant-based meat and dairy alternatives while tackling the issues of food loss and waste.
- The Kellogg Company
Kellogg's is adding fuel to the single-serve snacks category by enhancing its recipes and bettering its existing range of Better For You Snacks. The Better for You range, including Special K, Special K Protein, Nutri-Grain, Cereal and Milk Bars, and Nuts and More bars, supports retailers in meeting the needs of shoppers looking for more nutritious on-the-go products than a simple chocolate bar or other kinds of confectionery snacks.
Nutri-Grain is also relaunching as a wholesome snack to grab on the go, seeing its filling condensed from 17 ingredients down to seven, and a rebrand on packaging to showcase its improved flavor.
- Danone
Danone has been partnering with entrepreneurs who are also aiming for a healthy and sustainable future for food. They are enhancing their business model, creating mobile apps for their products, and making flavorful, healthy food more accessible.
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Key Segmentation:
By Type:
- Bakery Snacks
- Candy
- Confectionery
- Sweet Frozen Treats
- Fruit Snacks
- Savory Snacks
By Sales Channel:
- Offline Sales Channel
- Supermarkets/Hypermarkets
- Departmental Stores
- Convenience Store
- Other Sales Channel
- Online Sales Channel
- Company Website
- E-commerce Platform
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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Explore FMI's related ongoing Coverage in Food and Beverage Domain:
Refrigerated Snacks Market Size: The refrigerated snacks market is anticipated to expand its roots at an average CAGR of 4.0% during the forecast period. The market is likely to hold a revenue of US$ 88.11 billion in 2023 while it is anticipated to cross a value of US$ 131 billion by 2033.
Snack Pellets Market Share: The snack pellets market is estimated to surpass a valuation of US$ 1.0 Billion in 2022 and is projected to reach US$ 3.0 billion by 2032, at a CAGR of 4.0%.
Fruit Snacks Market Trends: Global fruit snacks market demand is anticipated to be valued at US$ 5,456 Million in 2022, forecast a CAGR of 7.4% to be valued at US$ 11,120 Million from 2022 to 2032.
Savory Snacks Market Growth: The Savory Snacks market is expected to grow at a CAGR of 4.1%. The market value projected to increase is from US$ 274.9 Billion in 2022 to US$ 410.9 Billion by 2032.
Kid Snacks Market Forecast: The global kid snacks market garnered a market value of US$ 59,130.7 Million in 2022 and is expected to accumulate a market value of US$ 1,26,464.9 Million by registering a CAGR of 7.9% in the forecast period 2022 to 2032.
Plant-based Snacks Market Types: The global plant-based snacks market is figured out to be around US$ 31.8 Billion in 2022 and is projected to reach nearly US$ 73.6 Billion by 2032. Through these ten years, the sales of the plant-based snacks market are growing at an impressive rate of 8.7% from the years 2022 to 2032.
Whole Grain Salty Snacks Market Analysis: The global whole grain salty snacks market is expected to reach a market valuation of US$ 39,160.6 million in 2023. Over the forecast period (2023 to 2033), global whole grain salty snack demand is forecast to rise at 8.5% CAGR. By 2033, the total market valuation is projected to reach US$ 82,539.4 million.
Protein Snacks Market Outlook: The global protein snacks market is expected to follow an estimated CAGR of 9.3% in the global market, during the forecast period. The total revenue of the global protein snacks market share is valued at US$ 4.1 Billion in 2022 and is expected to cross US$ 10 Billion by 2032.
Oat-based Snacks Market Overview: The global Oat-Based Snacks market is expected to reach a market valuation of US$ 22.1 billion by 2023, recording a CAGR of 6.1% from 2023 to 2033.
Extruded Snacks Market Demand: The extruded snacks market is predicted to be valued at US$ 79.1 billion in 2023 and is estimated to surpass US$ 150.4 billion by 2033. The sales of extruded snacks record a CAGR of 6.6% during the forecast period.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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