Better-For-You Snack Innovations Are Anticipated To Represent Exciting Near-Term Potential for Industry Players
United States, Rockville MD, Aug. 05, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global better-for-you snacks market is estimated at US$ 28.5 billion in 2022 and is expected to expand at an impressive CAGR of 6.7% during the forecast years of 2022-2032. Remarkable health benefits provided by better-for-you snacks is the main reason for rapid market expansion.
The COVID pandemic accelerated consumer health awareness and significantly impacted their eating choices. Demand for mindful snacking has fuelled the rapid adoption of better-for-you (BFY) snacks. BFY snacks have gained immense popularity among consumers looking to avoid or minimise the severity of diseases. Customers prefer better-for-you snacks with label claims that are regarded to be healthier to promote health, and ideally stave off any illness. All these factors are coherently establishing a strong foundation for the better-for-you snacks market across the world.
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Due to government initiatives, the better-for-you snacks market will be quite prominent across some few European nations, especially in the United Kingdom. The U.K. government has passed legislation that restricts the placement and in-store advertising of some HFSS (high in fat, salt, and sugar) products. Originally scheduled to take effect in October 2022, the legislation has been delayed due to the current economic climate and will now take effect in January 2024, paving the way for new opportunities for BFY snack manufacturers.
Which Factor Might Restrain Market Expansion to Some Extent?
“Competition in Traditional Snacks Market Will Slow Down BFY Market Growth”
Growing consumer interest towards healthier options is a major factor for the boost of the better-for-you snacks market; however, there are market-wide challenges such as competition from the traditional snacks market.
The ever-growing non-better-for-you snack options such as chips, salty snacks, dips, etc., could be a great barrier to the acceptance of better-for-you snacks among people. Healthy snack options such as fresh fruits and vegetables can also create fierce competition for better-for-you snack producers.
Additionally, the high cost related to better-for-you snacks as compared to traditional and healthy snacks could hinder the demand growth for better-for-you snacks.
Lack of awareness and limited access to better-for-you snacks across the world could be another key factor denting the growth of the better-for-you snacks market to some extent.
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Key Segments Covered in the Better-for-you Snacks Industry Survey
By Product Type :
Cereals, Flakes & Seeds
Others (Yoghurt, Ice Cream)
By Primary Ingredient :
Vegetables (excluding Potatoes)
By Sales Channel :
By Region :
South Asia & ASEAN
While protein-rich foods and health consciousness are currently at the top of the minds of consumers, there are several opportunities for manufacturers as customers seek clean label snacks. To achieve a number of dietary objectives, such as reducing calories or gluten intake or enhancing nutrition, consumers are searching for unusual ingredients that can provide both, nutrition and flavour.
Aligning with this behaviour, well-known producers are using health indicators such as plant-based, no allergens, lactose-free, etc., to obtain a firm foothold in the market. These types of claims are adding the good impact on customers and significantly expanding the better-for-you market.
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Key players in the Better-for-you Snacks Market
Mondelez International, Inc.
Velocity Snack Brands
Left Field Foods
Key Takeaways from Better-for-you Snacks Market Study
The global better-for-you snacks market is projected to expand at an impressive CAGR of 6.7% and reach US$ 54.3 billion by 2032.
The market registered 4.2% CAGR between 2017 and 2021.
Under product type, the cereals, flakes & seeds segment dominates the market and is valued at US$ 8.3 billion in 2022.
Europe dominated the global market with 29.7% market share in 2021.
Based on region, demand for better-for-you snacks is expected to increase at CAGRs of 4.8% and 9.7%, respectively, in North America and South Asia & ASEAN.
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