Market Research Future Insights:
The specialty snacks market size is estimated to reach USD 18.97 billion and record a CAGR of 6.78% by the end of 2030.
Specialty snacks are more in demand than traditional snacks because of the numerous health benefits connected with their intake, including their low-saturated-fat, low-sodium, and vitamin content. The specialty food market as a whole saw growth in the snack category, which accounted for a sizeable portion of the market. With the increased popularity of snacking and shifting consumer food preferences, speciality food products are increasingly being chosen over everyday food staples. Sales of speciality foods have increased as more people flock to the sector in search of better-for-you, natural, organic, and clean-label items with authentic and creative flavours.
Additionally, as consumer demands have increased and they have become more conscious of the necessity of achieving wellness without sacrificing flavour, there has been a substantial increase in the speciality snacks market in recent years. The need for "on the go" foods that quickly satisfy the need for the moment, for nutritious as well as tasty foods, and for wide availability have all contributed to the growth. Other factors driving the growth include rising RD and technological innovations.
Premium snacks that are regarded as a highly valued food item with high-quality ingredients are included in the category of specialty snacks. The market for specialty snacks is extremely lucrative due to the rising popularity of private-label products, the rising need for natural and high-quality ingredients, and the high demand among young people in particular. Modern consumers' desire to adhere to straightforward healthy formulations, flavours, and diet formats has greatly aided this market's expansion. This is due to the newly embraced trend for healthy lifestyles. Sales of speciality snacks have increased recently due to the addition of distribution channels, particularly e-commerce, and consumer awareness of the product's features, specific functionalities, price range, and organic status.
Key Players:
The key specialty snacks market players are Kraft Heinz Foods Company (U.S.), ConAgra Foods, Inc. (U.S.), Diamond Foods, LLC (U.S.), Calbee, Inc. (Japan), General Mills Inc. (U.S.), Kellogg Company (U.S.), and Blue Diamond Growers, Inc. (U.S.) among many others.
Market Segmentation:
The market for speciality snacks has been segmented by product type, ingredients, packaging, distribution method, and geographic area. Chips Crisp, Nuts Seed Snack, Snack Bars, Bakery Snacks, Popped Snacks, and Others, According To Product Type. Grains, cereals, fruits and vegetables, edible nuts and seeds, and other items are ranked according to their ingredients. Pouches, boxes, cans, cartons, and other packaging types Store-based and non-store-based distribution channels are divided accordingly.
Regional Analysis:
The market for specialty snacks is divided into four regions: North America, Europe, Asia Pacific, and the rest of the world (RoW). Europe and North America are the two regions that dominate the market for specialty snacks globally. Because of rising consumer awareness of healthy eating practises and cutting-edge product offers under private-label brands, Europe is predicted to maintain its leadership during the 20222030 forecast period. Due to the region's changing lifestyle, shifting demographics, and more disposable money, APAC is the one with the fastest growing economy. In growing nations like Mexico, India, Brazil, and China, the consumption of specialty snacks is anticipated to increase in the future years.
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