Global healthier snacks market projected to rise to $152 billion by 2029

The continued rise in healthier snacks markets has been projected to see the global segment increase to a value of $152 billion by 2029, according to analysis from Meticulous Research, writes Neill Barston.

According to the group, it forecast the market would grow at a CAGR rate of 6.5%, with an upturn for cereal and granola bars, as well as cookies, amid sustained consumer interest in health and wellbeing-focused product ranges.

As researchers noted, 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.

As Meticulous observed, 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.

Furthermore, another core factor in the growth of this sector centres on the fact 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 behaviour 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 urbanisation will likely help the convenience movement gain further traction.