The world economy is facing a major downfall owing to the current coronavirus pandemic. Most businesses are at temporary halt and the others who are operating in the four walls of their homes are barely able to manage meagre revenue. The healthcare sector is facing major crisis owing to the increasing number of positive coronavirus cases and lack of beds and medical aid to offer treatment. The governments of various nations are investing massively on the research and development of an antidote to fight back the covid-19 pandemic and we soon hope to overcome this situation.
The increasing prevalence of chronic and acute diseases among people irrespective of age is a key factor propelling the adoption of healthy food. This stands as a major factor boosting the global healthy snacks Industry growth. In addition to this, the rising evolution of the food industry and the advent of various food and snacks varieties such as flavors, shapes, sizes, and nutritional value is also adding impetus to the Industry. Besides this, the advancement in food processing and preservation technology will also aid in the expansion of the Industry.
However, factors such as processing-related challenges, moisture retention as a result of sugar and fat reduction, and low shelf life of snacks highly rich in fruit and vegetable content may pose major challenges to the industry growth. Nevertheless, the growing popularity of functional and convenience foods and the increasing adoption of on-the-go and ready-to-eat snacking, coupled with the increasing awareness among health-conscious consumers are expected to create lucrative growth opportunities for the industry in the coming years.
The global Healthy Snacks Industry is anticipated to rise remarkably on account of the increasing health consciousness among consumers and the rising prevalence of quality lifestyle. Healthy Snacks is a quick and affordable way of sufficing to the nutritional needs of the body. As per a recently published Research the value of this Industry is expected to rise from USD 78.13 billion earned in 2019 to USD 108.11 billion by the end of 2027. The industry is likely to exhibit a CAGR of 4.2% during the forecast period set between 2020 and 2027.
Nut-based Snacks segment to Cover Largest Share Owing to their High Protein Content
Based on segmentation by product type, the Industry for healthy snacks is holding major shares from the nut-based snacks segment. This is owing to the high protein content present in nuts, as well as other high nutrient content such as antioxidants and fibre.
Geographically, Europe covered the largest healthy snacks Industry share with a revenue of 31.06 billion earned in 2019. The growth of this region is attributed to the presence of a majority of health conscious people with hectic schedules and busy lifestyles. The advent of on-the-go nutrition and functional food products has propelled the need for healthy snacks, thereby augmenting the regional Industry.
On the other side, the Industry in Asia Pacific is likely to showcase the fastest growth in the coming years on account of the rising disposable incomes of people, increasing adoption of healthy lifestyle, and the growing popularity of food products that promote wellbeing, known as ‘better-for-you’ products.
PepsiCo., Inc. is Holding Leading Position Owing to New Product Launches
As of 2019, PepsiCo., Inc. is the leading player of this Industry. Most of the players functioning in the Industry for healthy snacks are engaged in the manufacturing of new snacks with unique flavors and ingredients so as to attract more revenue and gain a competitive edge in the Industry. The other players are focusing on collaborative strategies such as joint ventures, contracts and agreements, partnerships, and others to gain a competitive edge in the Industry during the forecast period.