Covid-19 Impact on Global Organic Snack Food Manufacturing Market 2020 Key Players, Trends, Sales, Supply, Analysis and Forecast 2026

Covid-19 Impact on Global Organic Snack Food Manufacturing Market 2020 Key Players, Trends, Sales, Supply, Analysis and Forecast 2026

“Organic Snack Food Manufacturing Market”
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Organic Snack Food Manufacturing Market:

Executive Summary

The global organic snack food manufacturing market is expected to grow from $10.59 billion in 2019 and to $10.92 billion in 2020 at a growth rate of 3.16%. The slow growth in 2020 is mainly due to the economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to grow and reach $16.03 billion in 2023 at CAGR of 13.63%.

The organic snack food manufacturing market consists of sales of non-GMO nutritional food items and related services. Organic snack foods are manufactured using organically certified ingredients that do not contain genetically modified organisms (GMOs) and artificial additives. Organic snack food contains healthy nutrients and ingredients such as minerals, proteins, and vitamins. For example, nutritious and gluten-free items which include tortilla chips, corn chips, potato chips, chocolates, raisins, bagel, pretzels, cookies, and pancakes, made from organic ingredients are termed as organic snack food.

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The organic snack food manufacturing market covered in this report is segmented by product type into fruit snacks & dried fruit snacks; puffs & chips; energy bar; meat snacks; others and by sales channel into hypermarkets and supermarkets; online retailers; food and drink specialists stores; convenience stores.

Many food manufacturers are making new and healthy snack launches by reducing the use of artificial colors and increasingly using natural ingredients in order to meet the consumer requirements for healthier and natural ingredients. For instance, more than 11 food companies including Chipotle, Kraft, Taco Bell, Pizza Hut, Subway, and others removed the usage of artificial colors and flavors in 2018. Moreover, government bans on artificial flavors are a major opportunity for organic snack food manufacturers for future expansion. According to the U.S. Food & Drug Administration, the FDA removed six of the ingredients from FDA’s approved list, which included ethyl acrylate, benzophenone, myrcene, pulegone, eugenyl methyl ether, and pyridine. This scenario is predicted to boost the demand for the organic snack food market during the forecast period (2019 to 2023).

North America was the largest region in the organic snack food manufacturing market in 2019. Asia Pacific is expected to be the fastest growing region in the organic snack food manufacturing market in the forecast period.

The high cost of production is anticipated to hinder the growth of the organic snack food manufacturing market. The organic certification, cost of fertilizer for organic crops, and post-harvest handling costs are comparatively higher than that of conventional snack items, which in turn increases the price of organic snack food. This scenario is likely to hinder the demand for organic snack food in the forthcoming years.

The growth in spending capacity of the end users coupled with the growing health consciousness and rising consumption of organic foods by the populace owing to harmful side effects of conventional snacks including increasing calorie content, increasing obesity, and less nutritional benefits is driving the market. Moreover, the increasing spending capacity of people, especially in developing countries including India and China is contributing to higher demand for organic snack food manufacturing over the forecast period. According to Trade Economics, consumer spending in China increased to USD 50,625.3 in 2018 from USD 48,822.3 in 2017. Therefore, increasing consumer spending is predicted to generate higher demand for organic snack food in the coming years.

Major players in the organic snack food manufacturing market are Sprout, My Super Foods, Clif Bar & Company, Annies Homegrown Inc, NurturMe, Navitas Organics, YummyEarth, Inc., Utz Quality Food, LLC, Eat Real, and Creative Snacks Co.

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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

 

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