Healthy Snacks Market to be Worth $152.08 Billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®
REDDING, Calif., Dec. 15, 2022 /PRNewswire/ -- 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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Evolving lifestyles, cultural changes, and consumers' increasing sophistication & awareness have profoundly impacted dietary habits. In recent years, there has been an increase in the number of individuals that consume healthy snacks throughout the day, providing significant opportunities for healthy snack manufacturers. Healthy snacks are free from unhealthy elements and have numerous health benefits. Healthy snacks have a low amount of added sugar and low sodium content. Government bodies such as Health Canada recommend that people make a conscious effort to eat healthy snacks, such as cereal & granola bars, dried fruits, nuts, and seeds while avoiding high-calorie and low-nutrient junk food.
The growth of this market is driven by the growing health consciousness among consumers, the rising demand for functional/healthy foods, and the increasing popularity of convenience foods & on-the-go snacks. Furthermore, emerging economies in Latin America, Asia, and the Middle East & Africa and increasing product sales 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 restrain the growth of this market. In addition, volatile raw materials prices pose a major challenge to players operating in this market.
Increasing Popularity of Convenience Foods & On-the-Go Snacking Drive the Growth of the Healthy Snacks Market
Consumer demand for convenience foods has grown substantially over the past several decades. Consumers are more inclined toward convenience food products, such as biscuits & cookies, meat snacks, and beverages, due to their instant nature, eliminating the preparation and handling time of the food. The demand for dinner-time solutions by present-day consumers is increasing rapidly as the meal consumption behavior of consumers is shifting drastically. There is an increase in the number of individuals who lack the time and skill to prepare food in their homes, resulting in many consumers adopting ready-to-eat food products. In addition, the convenience trend in the U.S. and China is not a short-term phenomenon but a dietary mainstay. Increasing urbanization will likely help the convenience movement gain further traction.
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More than half of the world's population lives in urban areas, and virtually all the countries worldwide are becoming increasingly urbanized. According to the United Nations World Urbanization Report, the urban population of the world has grown rapidly from 439,498,772 in 2015 to 471,031,528 in 2019, which shows that almost 55% of the world's population lives in urban areas, a proportion that is expected to increase to 68% by 2050. As a result, urban consumers are gaining exposure to a much wider choice and better food availability than those living in rural areas. Also, this urbanization trend contributes significantly towards improved living standards and rising incomes, which influences the affordability of convenience foods & on-the-go snacking to a greater extent.
Furthermore, with the increasing urbanization, the demand for convenience food products is also increasing rapidly, mainly due to factors such as changing lifestyles, a rising number of nuclear families, an increasing working proportion, and the growing number of individuals with less time for food preparation. These factors result in the accelerated demand for healthy snacks due to their benefits, such as easy availability and long shelf life.
In addition, on-the-go snacking provides quick nutrition and the feeling of satiety in a busy schedule. According to the 'State of Snacking' report by Mondelēz International, in 2019, approximately 59% of adults worldwide reportedly prefer to eat more small meals throughout the day as opposed to a few longer ones, with younger consumers leaning into snacks over meals accounting to 7 in 10 among millennials (70%).
Consumers also perceive snacks as part of healthy diets, attributed to their controlled portions. The convenient and portable packaging provides a small energy boost during a hectic workday. The emerging trend of healthy eating contributes to the evolution of the snack industry by encouraging companies to provide various healthy snack products that fulfill the growing need for on-the-go nutrition. This trend is likely to continue in the coming years, boosting the consumption of convenience foods & on-the-go snack products and driving the growth of 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 is expected to account for the largest share of the healthy snacks market. However, the meat snacks segment is expected to witness significant growth during the forecast period. The growth of this segment is driven by the growing global consumption of meat, rising inclination toward spicy, salty, and specific-flavored snacks, and increasing demand for protein-rich meat products due to health consciousness among consumers.
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 is expected to account 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 expected 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.
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Based on packaging type, the healthy snacks market is segmented into wraps, pouches, boxes, and other packaging types. In 2022, the wraps segment is expected to account for the largest share of the healthy snacks market. The large market share of this segment is attributed to the rising demand for on-the-go and fast food due to busy lifestyles and expanding food packaging industry. 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.
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 is expected to account for the largest share of the healthy snacks market. The large market share of this segment is attributed to the increased sales of healthy food in well-established supermarkets and hypermarket chains, consumers' preference for shopping from brick-and-mortar grocers due to easy access and availability, and the increasing consumer spending on healthy food products. However, the online channels segment is expected to register significant growth during the forecast period.
Based on geography, in 2022, North America is expected to account for the largest share of the healthy snacks market. However, the market in Asia-Pacific is slated to register the highest growth rate during the forecast period. The growth of this regional market is driven by changing lifestyles, rising disposable incomes, rapid urbanization & industrialization, emerging healthy food trends, rising awareness about the health benefits of sugar-free healthy snacks, a growing diabetic and obese population, increasing cases of allergic diseases, rising number of working women, and increasing awareness regarding the importance of protein-rich diets.
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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