Healthy snacks are consumed widely, owing to their nutritional benefits. Different types of healthy snacks are consumers worldwide including vegetables, whole grains, nuts, seeds, etc. These snacks help to maintain energy levels throughout the day without feeling lethargic. Unlike other snacks, healthy snacks are rich in proteins, low in calories, and very handy so they can be consumed as a go-to snack. Global healthy snacks market is expected to witness significant growth during the forecast period, owing to growing preference towards healthy lifestyle. The global healthy snacks market focuses on six major regions namely North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Market Dynamics- Drivers
Increasing preference towards healthy snack over junk food and growing purchasing power is expected to drive growth of the global healthy snacks market during the forecast period (2019-2023). Growing expenditure on healthcare in developed regions such as North America and Western Europe is expected to drive growth of the global healthy snacks market during the forecast period. According to Eurostat, in 2016, healthcare expenditure in Germany was US$ 390 billion, which is highest among EU members. According to the same source, France accounted for the second-largest expenditure with US$ 284 billion in 2016. Thus, high expenditure on healthcare, in order to maintain healthy lifestyle is expected to drive growth of the global healthy snacks market over the forecast period.
Moreover, key companies in the market are involved in various growth strategies such as product launches and acquisitions, in order to expand their product portfolio and gain competitive edge in the market. For instance, in September 2019, Tyson Foods launched ‘Pact’ Brand Refrigerated Snack Bites, so as to assist people in harnessing natural benefits of food. In October 2019, Kind Healthy Snacks acquired Creative Snacks Co., a manufacturer of cluster-style snacks. Similarly, in November 2018, PepsiCo, a food and snack company, acquired Health Warrior and expanded its healthy snacking segment. Thus, such growth strategies are expected to drive the market growth in the near future.
Market Dynamics- Restraints
High cost of healthy snack and volatile prices of raw materials used for such products are expected to restrain growth of the global healthy snacks market in the near future.
Regional Insights
Among regions, Europe is expected to witness significant growth in the global healthy snacks market during the forecast period. This is owing to higher purchase power and a wide pool of youth population. Moreover, Asia Pacific is expected to register a lucrative growth rate during the forecast period, owing to growing awareness regarding healthy lifestyle in the region.
Competitive Landscape
Major companies operating in the global healthy snacks market are Nestlé S.A., PepsiCo, Inc., Tyson Foods, Inc., Kind Healthy Snacks, The Kellogg Company, Mondelēz International, and Select Harvests.
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