Pretzel Market to grow by USD 1.59 billion by 2028, Growing focus on developing new products to boost market growth, Technavio

NEW YORK, March 11, 2024 /PRNewswire/ -- The Pretzel Market size is projected to increase by USD 1.59 billion and the market size is estimated to grow at a CAGR of 3.74% between 2023 and 2028. Pretzel manufacturers are innovating to meet increasing consumer demand. Campbell Soup Company introduced Beer Cheese Pretzel Pieces, offering a rich and creamy flavor. Similarly, Auntie Anne's frozen At Home Classic Pretzel Nuggets are now available at Walmart in Canada, providing a convenient option for enjoying freshly baked pretzels at home. These initiatives drive market growth.

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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Campbell Soup Co., Focus Brands LLC, General Mills Inc., Herr Foods Inc., Intersnack Group GmbH and Co. KG, J and J Snack Foods Corp., Jamba Juice Franchisor SPV LLC, Kellogg Co., Mars Inc., Mr. Pretzels, Old Dutch Foods Ltd., PepsiCo Inc., Quinn Foods LLC, Real Food From The Ground Up, Soft Pretzel Franchise Systems Inc., The Hershey Co., Tyson Foods Inc., Utz Brands Inc., WE RE ROLLING PRETZEL CO., and Wetzels Pretzels LLC are some of the major market participants. Although the Evolving taste preferences of consumers will offer immense growth opportunities, Fluctuations in price of raw material used in production of pretzels will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Consumer taste preferences fuel market growth, prompting manufacturers to innovate with new product varieties. Continuous development and brand extension are crucial for sustainability. Key players focus on introducing diverse flavors and varieties to meet evolving consumer demands, driving market growth. Product innovation remains essential for sustaining growth in the global pretzels market.

Pretzel Market is segmented as below:

• Type
• Salted
• Unsalted
• Distribution Channel
• Offline
• Online
• Geography
• Europe
• North America
• APAC
• South America
• Middle East And Africa

The salted pretzels segment is set to experience notable expansion in the forecast period. Renowned for their iconic twisted shape and savory flavor, salted pretzels offer a classic snacking experience loved by many. Crafted from yeasted dough and briefly boiled before baking, these treats boast a golden-brown, slightly crisp exterior. From traditional soft Bavarian pretzels to thin and crunchy pretzel crisps, salted pretzels come in various sizes and textures, including pretzel knots, rods, twists, and nuggets. Widely available in supermarkets and convenience stores, the increasing popularity of salted pretzels is expected to drive segment growth in the forecast period.

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Price fluctuations in raw materials hinder market growth:

Fluctuations in raw material prices, notably flour, yeast, leavening agents, and shortening, pose challenges for pretzel production. Managing these costs is a top priority for manufacturers. Price hikes due to demand-supply gaps impact profit margins. Sugar price fluctuations further affect production costs, as sugar is crucial for yeast fermentation. External factors like weather conditions also impact raw material production, hindering market growth forecasts. 

Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the Pretzel Market, including some of the vendors such as vendors Backed with competitive intelligence and benchmarking, our research reports on the Pretzel Market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.

• Campbell Soup Co.:  The company offers pretzel sticks in various flavors such as Sour cream and Onion, Jalapeno ranch, and seasoned sticks, under the brand called Twisted and KETTLE BRAND.
• General Mills Inc.: The company offers various types of pretzels such as peanut butter and chocolate flavors, under the brand Muddy Buddies.
• Herr Foods Inc.: The company offers various types of pretzels such as milk chocolate pretzels, jalapeno cheddar, and honey mustard pretzels.

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Analyst Review:

The pretzel market is thriving with diverse offerings to cater to consumer preferences. From traditional soft and hard pretzels to gourmet and specialty varieties, a wide range of shapes and flavors are available, including twists, rods, knots, bites, and sticks. Manufacturers focus on quality ingredients, precise baking techniques, and creative seasoning and toppings to enhance taste and texture. Packaging and branding play crucial roles in attracting consumers, with innovative marketing strategies and promotions driving sales.

Distribution channels span retail, wholesale, and online platforms, meeting the rising demand for convenient snack options. Consumer trends lean towards savory snacks, reflecting the popularity of pretzels as versatile appetizers, desserts, and accompaniments. With continuous innovation in recipes and cooking methods, the pretzel market evolves to meet changing preferences, offering an array of options from classic favorites to new, exciting flavors.

Competition among companies and brands remains fierce, with manufacturers, suppliers, and distributors vying for market share in this dynamic snack segment. As demand grows and consumption patterns evolve, the pretzel market continues to expand globally, catering to the diverse tastes of consumers worldwide.

Market overview:

The pretzel market offers various types, including soft and hard pretzels, catering to the snack market's demand for savory and salty snacks. Consumers seek pretzel flavors like gourmet and specialty varieties, available in different shapes such as twists, rods, knots, and bites. Pretzel manufacturers focus on production, ingredients, baking, seasoning, and toppings to meet consumer preferences and drive sales through effective branding, marketing, and distribution strategies.

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The starch market size is projected to increase by USD 18.41 billion, at a CAGR of 4.49% between 2023 and 2028.

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Table Of Contents:

1 Executive Summary

2 Landscape

3 Sizing

4 Historic Size

5 Five Forces Analysis

6 Segmentations

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Vendor Landscape

11 Vendor Analysis

12 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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