Chicago, Illinois – November 20, 2019 – The global healthy snacks market size is expected to reach USD 32.88 billion by 2025, according to a new report by Grand View Research, Inc, expanding at a CAGR of 5.2% during the forecast period. Increasing awareness regarding health and wellness benefits offered by the products to consumers is likely to be a key trend driving the market. Snack food has emerged as an alternative to full-fledged meals with a paradigm shift in consumer behavior patterns. The consumption of healthy snacks is growing due to their ability to meet various dietary requirements such as sugar-free, low salt content, and low cholesterol levels.
Expansion of large companies is being witnessed through the acquisition of small and focused snack sellers in the global healthy snacks market. The Wall Street Journal reports that Mondelez International Inc., which makes Triscuits and Oreos, established a group called SnackFutures, focused on investing in snack startups and developing new brands and recently struck a deal to acquire a majority stake in a refrigerated nutrition-bar maker. Companies like Hershey Co. are turning to acquisitions to boost their snack lineup. Conagra is seeing its snack brands like Slim Jim and Boomchikapop popcorn, gain traction. Mount Franklin Foods, a leading manufacturer of high-quality confections, mints, nut products and nutritional gummies, announced in 2018 the acquisition of Boone, a North Carolina-based Hospitality Mints. This market-leading producer of superior quality mints has been enabled to expand overall sales and product offerings in both the retail and foodservice markets.
Innovative products in functional ingredients, convenience, and organic foods and advancement in areas of packaging technology are expected to provide a future growth opportunity in the sector. Mount Franklin Foods is offering a unique flavor of snack mix “inspired by the innovation of craft-brewers who develop flavors with a twist from the ordinary.” Brewhouse Legends, the snack mix debuted in 2018, launched recently a creative brand awareness campaign to spread the message using drink coasters placed in breweries in Chicago. This innovative marketing concept called “in-hand advertising’’ targets potential customers in their most relaxed moments placing the message on drink coasters and subsequently in the hands of the consumers triggering higher brand lift than traditional advertising media. Mount Franklin collaborated with Adzze, an advertising startup based in NYC, to coordinate and execute the creative campaign.
Brand image and perception will be key to compete in this sector. Major snack companies are still innovating and looking to expand, despite increased competition from smaller brands, private labels and delivery options. Another key challenge is the high cost of production due to volatile prices of raw materials that is expected to influence the growth of the market over the forecast period.
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