The global healthy snacks market is expected to exhibit strong growth, reaching USD 123.6 billion by 2028. As per the report titled “Healthy Snacks Market Size, Share & COVID-19 Impact Analysis, By Product (Frozen & Refrigerated, Fruit, Bakery, Savory, Confectionery, Dairy and Others), By Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online and Others) and Regional Forecasts, 2022-2028″ observes that the market size in 2021 stood at USD 85.2 billion and USD 123.6 billion in 2028. The market is expected to exhibit a CAGR of 6.40% during the forecast period.
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PepsiCo., Inc. is Committed to Expanding its Product Line by Launching New Items
In October 2019, PepsiCo., Inc. concentrated on expanding its product line by bringing out new items that better meet the needs of contemporary consumers. The business has introduced the Smart50 brand of nutritious popcorn. These popcorns are manufactured entirely of healthy grains and are free of preservatives and artificial flavors.
Growing Demand for Healthy/Functional Foods to Support Demand for Healthy Snack Products
Consumers' growing demand for functional foods to preserve overall health and lower the risk of some chronic health disorders linked to certain lifestyles is the key factor driving the global market. In the food aisles, customers are still looking for healthier options. Food items that are functionally enhanced with substances, including micronutrients, proteins, plant-based, fiber, organic, and clean-label products, among others, have become commonplace in retail channels. The market for healthy snacks is expanding due to the increased marketing of foods with such functional properties as those that help with weight management, digestive health, and the prevention of obesity, diabetes, and cardiovascular illnesses.
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Technological and Processing-Related Challenges will Stymie Market Growth
Manufacturing challenges hamper the healthy snack market. The texture and crispiness of any snack are important characteristics consumers look for when purchasing a product. Reduced or eliminated fats and sugar, as well as the inclusion of whole grains, negatively impact the moisture retention and binding capacity of ingredients, affecting the final product's texture. Similarly, the fruit and vegetable snacks segment presents preservation and shelf stability challenges. The development of clean-label snacks, such as additive-free and preservative-free products, may pose challenges due to the lack of ingredients that aid in emulsification, stabilization, and creamy texture.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the healthy snacks market plan acquisitions to improve their brand recognition globally. For instance, in January 2021, Farmwise L.L.C., a Massachusetts-based producer of veggie tots, frozen veggie fries, and veggie rings, was bought by B&G Foods, Inc. The frozen vegetable snacks from Farmwise are made of cauliflower, navy beans, and onions. The foods are devoid of main allergens like gluten, wheat, soy, dairy, tree nuts, and peanuts and are vegan, non-GMO Project verified, and allergen-free.
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List of Key Players Profiled in the Report
- Nestlé
- The Kellogg Company
- Unilever
- Danone
- PepsiCo
- Mondelēz International;
- Hormel Foods Corporation
- Dole Packaged Foods, LLC.
- Del Monte Foods, Inc.
- Select Harvest
- B&G Foods
- Monsoon Harvest
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