On-the-go snacking bars are gaining considerable popularity in the snacks market, permitting an influx of new as well as innovative ingredients and flavors. Snack bars steadily replacing complete meals have led the consumers clamor for products with rich and affluent nutritional profiles. With several trends such as non-genetically modified organism (GMO), clean label, low-sugar, gluten-free, and other health-based claims prevailing in the snacks market, manufacturers might have to consistently direct their efforts toward meeting these newfound health standards. Furthermore, evolving protein additives including whey and soy, lentil and many more are making a headway in the snacks market, which can be banked on by the manufacturers of snacks market for long-term gains.
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Snacks market will continue to witness an optimistic growth ahead, finds a new Fact.MR research study titled ‘Snacks Market Forecast, Trend Analysis & Competition Tracking: Global Market Insights 2017 to 2022’. The research study projects that approximately xxx of snacks are likely to be sold by 2022 end, with snacks being perceived more than just a stop-gap food consumed between meals. The landscape of snacks market is foreseen to be undergo a sea change in the light of dynamic snacking preferences and high demand for ethically sourced grab-and-go foods. These insights are gleaned from a comprehensive report by Fact.MR, which sheds light on the long-term aspects of global snacks market over the forecast timespan. As per the report, the global snacks market is likely to expand at a moderate CAGR of 5.6% through 2022.
The report highlights the proclivity of manufacturers to come up with new flavors and varieties by considering the sky high expectations of consumers. As per the report, the demand for snacks will be driven by uncompromising demands for both nutrition and indulgence, and products bridging the gap between these two aspects will be gaining momentum. The rising curiosity of consumers to understand the ingredient base of products has also been addressed by the report, which has led manufacturers to offer transparency of ingredients used.
Biscuits are anticipated to be have a promising revenue capture of around US$ 47,813 Mn in the global snacks market by 2022 end, according to the report. The demand for different product types is impacted by multiple factors, ranging from nutritional affluence to portability convenience. While fruit snacks remain the second most attractive product, bars are anticipated to witness monumental sales in the snacks market. The prosperity of bars in the landscape of snacks market can be attributed to the fact that snack bars are steadily replacing complete meals, primarily in fast-paced schedules of the working demographic. The study also recognizes several health-based claims such as gluten-free, non-genetically modified organism (GMO), clean label, and low-sugar to drive the demand for snack bars.
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Collagen-based Snacks Demand Undermined by Ambiguities over Claimed Benefits
The debut of collagen-infused food products, in the form of snack bars, has been gaining notable grounds in the snacks market. Consumers’ perception of collagen as an ingredient for beauty enhancement illustrates untapped opportunities in functional foods featuring collagen. But, the adoption of collagen-based snacks is being hindered by ambiguities over authenticity of the aforementioned claim. Collagen-based snacks, being at odds with the trend of plant-based alternatives, might witness hurdles in the course of long-term proliferation.
Manufacturers to Stress on Ingredient Transparency for Nourishing Long-term Consumer Retention
Transformation in the definition of health and well-being has led consumers seek transparency regarding ingredient bases of snacks they consume. Meanwhile, modern day businesses are vying to accommodate this trend in their offerings, which will help them build long-term sustainable relationships with their consumers. A large health-savvy demographic purchasing snacks is prioritizing ingredients over brands, which is also responsible for further influencing their purchase decisions. To multiple consumers, a list of healthy and organic ingredients resonate profoundly. In line with the aforementioned trend, manufactures in the snacks market are vying to add ‘healthy-ingredient’ alternatives to their existing offerings.
Snacks Bridging the Gap between Indulgence and Nourishment to Gain Prominence
As consumers aspire for healthier as well as tastier snacks, products that bridge the gap between nutrition and indulgence are foreseen to pick up the steam, both globally and locally. But, while framing a strategy for snacks of such kind, regional and local taste preferences have to be taken into consideration. Local favorites might have minimum scope for a global market player to compete. But, a multitude of growth opportunities can be exploited by scrutinizing the underlying dynamics influencing consumer behavior toward these local favorites.
Drinkable Soups are Going Mainstream for Snacking on the Move
While Juicing was all the rage, a new trend with similar discipline has emerged in the snacks market. Ready-to-eat soups, prepared through High Pressure Processing (HPP), are picking up the steam in the snacks market as a new favorite on the go. By virtue of convenience and versatility offered along with multiple healthy ingredients, drinkable soups are being consumed both as snacks as well as meals. This projects a promising proliferation of drinkable soups in the snacks market, which is brimming with new opportunities for market players to leverage.
The competitive landscape of the snacks market features names of prominent manufacturers as per their market foothold, which include National Biscuit Industries LTD SAOG, Kellogs, Kraft Foods Group, INC., Nestle SA., Campbell Soup Company, ITC Limited, Mondelez International, INC., Lotus Bakeries NV, Britannia Industries Limited, and CALBEE, Inc.
Britannia Industries Limited, a leading player of the snacks market, unveiled its new logo and is on the process of launching around 50 new products to celebrate its centenary. Moreover, it has also established a successful partnership with Greece-based Chipita to launch its own new line of croissants.
Nestle S.A., a prominent player in the snacks market, is making sincere efforts to support healthier lifestyles through its products. The brand has made forward-looking commitments to curtail sodium, sugars, and saturated fats and include healthy ingredients like fiber-rich grains, vegetables, and micronutrients in their offerings.
Table of Content:
Chapter 1 Executive Summary
1.1 Snacks Market- Opportunity Assessment (US$ Mn)
1.2 Mega Trends
Chapter 2 Global Snacks Market Overview
2.2 Market Definition
2.3 Scope of the report
Chapter 3 Market Dynamics
3.1 Key Growth Drivers
Veggie snacks are driving substantial growth
Reseal able packaging are delivering value for consumers
Healthy snacking is the new go in the market
3.2 Key Restraint
Rising demand for portable snacking
Dip varieties and cross category lines have continued to evolve
3.3 Key Opportunity
3.4 Key Trends
3.5 Competitive Analysis (Fortune Wheel)
3.6 Average Eating Time Around the world (Top Countries)
3.7 Increasing Health Concious Consumers across the globe
3.8 Innovation by product type contributing to Growth
3.9 Product Certifications and Transperency
3.10 Value Chain Analysis
3.11 List of Key Distributors
3.12 PESTLE Analysis
3.13 Porter’s Five Force Analysis
3.14 Regulatory Framework
3.15 Product Life Cycle
3.16 Investment Feasibility Matrix
3.17 Forecast Scenario
3.18 Forecast Factors
3.19 Consumer Sentiment Analysis
Chapter 4 Global Snacks Market– Pricing Analysis
4.1 Snacks Concentrate Regional Pricing (US$/ kg), 2017
4.2 Snacks Concentrate Regional Pricing (US$/ kg), 2028
4.3 Snacks Concentrate Price Point by Product Type, (US$/kg)
4.4 Factors Influencing Pricing
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Snacks Market Inclinations & Development Status Highlighted for the Forecast Till the year of 2022
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