FactMR has actively published a new research study titled “Snacks Market Delivers Higher Revenue Share as Contribution by Major Players Surge during 2017-2022” to its broad online database. This assessment works to discourse the major trends, opportunities and drivers motivating the snacks market during the period from 2017-2022. The insights structured for presenting the target market are procured from both primary research and secondary research, and are utilized for validation that is valuable to investors, manufacturers and new entrants. As per research findings, the global snacks market is expected to showcase impressive growth in CAGR during the period until 2022.
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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.
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.
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.
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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.
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.
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