Global Specialty Snacks Market - Segmented by Product Type, Distribution Channel and Geography (2018 - 2023)
Specialty Snacks are premium snacks that are highly valued food items and are made of high quality ingredients. Snacks accounted for a considerable market share of the overall specialty food market. Specialty snacks offer low saturated fat, vitamins, and low sodium content that positively influence the demand of consumers.
Snackificaion Trend Likely to Boost the Market
Growing trend for snackification across the globe has been a crucial factor driving the growth of specialty snacks market over the forecast period (2018-2023). The changing lifestyle of consumers, owing to time constraints and preference for ‘on-the-go’ consumption is expected to influence the growth of the market. Growing health awareness among consumers due to incidence of obesity and diabetes is likely to repel the development of specialty snack market in the years to come. The introduction of new products from various global companies across different flavors and packaging is likely to create potential opportunity for the specialty snacks market over the forecast period. The sports and nutrition industry is expected to influence the growth of the specialty snack market in the years to come.
Snacks Bars to Dominate the Market
The global specialty snack market is segmented by product type and distribution channel. By product type, the market has been segmented into snack bars, bakery-based snacks, nut & seeds snacks, popped snacks, desserts, and others. The snack bars segment is gaining popularity among core and lifestyle users, owing to its convenience of consumption and functionality. By distribution channel, the market has been classified by specialty retail stores, hypermarket/supermarket, convenience stores, online channels, and others. The evolving retail landscape has expanded the wide coverage of global brands across the globe, which in turn, is expected to influence the growth of the specialty snacks market.
North America Likely To Grow at a Steady Pace
Europe was the dominant market for the specialty snacks market. Innovative product offerings at competitive prices from private label brands is expected to drive the growth of specialty snacks market in Europe. The millennial population in this region held a dominant market share as they prefer convenient snacks, which are healthier as compared to other products. The influx of various major brands of specialty snack companies in this region is likely to curb the growth of Asia-Pacific over the forecast period.Major PLAYERS: THE KRAFT HEINZ COMPANY, CONAGRA BRANDS, INC., GENRAL MILLS, KELLOGG COMPANY, PEPSICO, MARS, FRITO LAY’S, BLUE DIAMOND GROWERS, CALBEE, INC. and DIAMOND FOODS, amongst others.
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