Specialty Snacks Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The global specialty snacks market is growing at a CAGR of 6.35% over the forecast period (2020 - 2025).
IMAPCT OF COVID-19 ON THE MARKET
Owing to the numerous health benefits associated with nuts and seeds, it is a popular and healthy snacking option for consumers. Tree nuts, such as almonds, hazelnuts, cashew nuts, walnuts, and pistachios, as well as seeds, such as chia seeds and flaxseeds, are nutrient-dense foods, each with a unique composition. It is a primary addition to the daily diets of health-conscious consumers, who are inclined toward sanctification.
Regular consumption of nut and seed snacks reduces the risk of developing cardiovascular diseases or coronary heart diseases. Consumer demand for foods high in protein, such as almonds has a nutritional attribute that is fast gaining momentum in weight management and is the most dynamic trend currently. In addition, nuts are convenient, portable, and versatile. The high protein trend is surely likely to boost the presence of nuts as a leading healthy snack choice.
Increasing health consciousness and changing lifestyles are the two factors contributing to the growth of the speciality snacks market in the United States, making North America one of the leading consumer markets for speciality snacks. Between 2004 and 2018, the United States experienced a 50% increase in the number of households using snack cereal bars; there is a rise in demand for chewy granola snack bars with a notable percentage. As US consumers are concerned about the origin and quality of ingredients used in the preparation of food products, the popularity of organic snack bars has been increasing among health-conscious consumers. The majority of consumers looking for snack bars in the country are millennial consumers and they have developed a habit of specific breakfast options, which include porridge pots, cereal bars, and other breakfast alternatives.
The global specialty snacks market is a consolidated one with few major players such as Kellogg's, Nestle, Conagra Brands, Pepsi, General Mills, and others capturing a major share in the market. Small players are also coming up with innovations and new product launches to make their mark in the competition. Major players are expanding their geographical reach and product portfolio to maintain as the market leaders. Moreover, key players focus extensively on providing consumers with innovative and exotic flavours, while including functional benefits in each of the products. Thus, sustainable competitive advantage through innovation is the main criteria for the growth of the market share of major players across the world.