Healthy snacks market
August 29, 2024 – The global healthy snacks market is on a robust growth trajectory and is expected to reach a market value of USD 152.08 billion by 2029. This growth, driven by a compound annual growth rate (CAGR) of 6.5% from 2022 to 2029, highlights the increasing consumer shift towards healthier eating habits and the rising demand for functional foods and on-the-go nutrition solutions.
Growing health and wellness awareness among consumers, along with the rising popularity of prepared meals, have fueled demand for healthy snacks. This trend is further supported by increasing sales through online channels and growing opportunities in emerging markets in Latin America, Asia, and the Middle East and Africa. However, the market faces challenges, including the higher cost of healthy snacks compared to traditional options and volatility in commodity prices.
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Market segmentation and trends
The healthy snacks market is segmented on the basis of type, product claim, packaging type, distribution channel and geography, with comprehensive country-level analysis being performed.
By Type: The market is segmented into cereal & granola bars, nuts & seeds, dried fruits, meat snacks, biscuits & cookies, trail mix, and other healthy snack types. In 2022, cereal & granola bars dominated the market, driven by growing preference for healthy packaged foods, changing dietary habits, and increasing prevalence of lifestyle-related diseases such as diabetes and obesity. However, the meat snacks segment is expected to witness the highest growth rate during the forecast period, driven by rising global meat consumption, appeal of spicy and protein-rich snacks, and growing health awareness among consumers.
By product claim: The market is segmented into gluten-free, low-fat, sugar-free, and other product claims. The gluten-free segment led the market in 2022, mainly due to the increasing number of celiac disease cases, health benefits of gluten-free products, and rising demand among millennials. This segment is expected to continue its strong growth, driven by increased awareness of gluten-related health issues and continued demand for gluten-free options.
By Packaging Type: The market is segmented into wraps, pouches, cartons, and other packaging types. In 2022, the wraps segment accounted for the largest market share, driven by demand for on-the-go solutions and advancements in the food packaging industry. Wrapped packaging's ability to preserve freshness and ease of storage make it a preferred choice among consumers. However, the carton segment is expected to grow significantly during the forecast period, supported by the cost-effectiveness of carton packaging and the booming e-commerce industry.
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By Distribution Channel: The healthy snacks market is segmented into supermarkets and hypermarkets, convenience stores, specialty stores, online channels, and other distribution channels. Supermarkets and hypermarkets accounted for the largest market share in 2022, reflecting the strong presence of these retail formats and the convenience they offer to consumers. However, online channels are expected to witness the highest growth rate, owing to consumer preferences for personalized shopping experiences, convenience of online shopping, and competitive pricing.
Regional insights
Geographically, North America dominated the healthy snacks market in 2022, supported by a well-established food industry, growing health awareness, and high demand for gluten-free and clean label snacks. Notably, the U.S. led the market in North America, with demand fueled by changing consumer preferences towards prepared foods, popularity of unique snack flavors, and increasing adoption of health and wellness trends. The high obesity rate and related health issues in the country have accelerated the shift towards healthier snack options and contributed to the growth of the market.
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Important market participants
Well-known companies in the healthy snacks market include General Mills, Inc. (USA), Mondelēz International, Inc. (USA), Nestlé SA (Switzerland), Unilever PLC (UK), Kellogg Company (USA), Tyson Foods, Inc. (USA), The Hain Celestial Group, Inc. (USA), Hormel Foods Corporation (USA), B&G Foods, Inc. (USA), Del Monte Foods Inc. (USA), PepsiCo, Inc. (USA), KIND LLC (USA), Danone SA (France) and Select Harvests Limited (Australia).
As the market continues to grow, these industry leaders are well positioned to capitalize on the increasing demand for healthy, convenient and functional snacks, drive innovation and shape the future of the global healthy snacking market.
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