Worldwide Specialty Snacks Market Projected to Grow at CAGR of 5.2% During 2018 to 2023 | Asserts MRFR

“Specialty snacks include premium snacks that are considered as a highly valued food item with high-quality ingredients”
Specialty Snacks Market – Product Type (Chips & Crisp, Nuts & Seed Snack), Ingredients (Grains, Cereals) and Functionality (Organic), Packaging (Pouches), Distribution Channel (Store Based & Non Store Based) and Region – Forecast till 2023

Market Overview:

Specialty snacks include premium snacks that are considered as a highly valued food item with high-quality ingredients. Specialty Snacks market holds huge opportunity with the growing preference for private-label brands, increasing demand of natural and high-quality ingredients and is found to be high especially amongst the youth population. With the new-found trend for healthy lifestyle and modern consumers seek to follow simple & healthy formulations, flavors and diet formats, which has significantly contributed to the growth of this market. Inclusion of distribution channel mainly the e-commerce has prompted the sales of specialty snacks in the recent years and making consumers aware about the product features, unique functional properties, price-range, and organic type.

Owing to various health benefits associated with specialty snacks consumption as offer it low-saturated-fat, low-sodium content, along with vitamins, driving the demand among consumers for the product over conventional snacks. Snacks accounted for a considerable share and holds the bright spot in the overall specialty food market. With growing trend for snacks along with changing consumer preferences & food choices leading to buying specialty food products over mainstream food staples. There has been surge in specialty foods sales as greater number of consumers turn to the category out of a desire for products that are better-for-you, natural, organic & clean-labelled, and have authentic and innovative flavors.

Also, with growing consumer needs and their awareness about the fundamental to attain well-being without compromising on the taste, the demand of specialty snacks has grown significantly in the recent years. The growth has also been driven by the increasing R&D and technological innovations, growing need for “on the go” foods which quickly suffice the need for the moment, nutritional as well as tasty foods, and wide availability.

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The pursuit of healthy attributes along with major demographic trends in high growth markets where youth is primarily interested and attracted to follow the recent trends out of peer pressure, Specialty snacks acting as bright spot in the food industry along with higher disposable income, contribute as key driving factors in Specialty Snacks market and create potential opportunities for industry players.

Latest Industry Updates:

August 2017, The Kraft Heinz Company and media icon Oprah Winfrey collaborated and announced the debut of O, That’s Good!, a line of four flavorful soups and four savory sides that bring a nutritious twist on comfort food classics to everyone’s table.

Major Key Players:

With diverse products and increasing stores offering specialty snacks, Specialty Snacks market has hit the mainstream. With the entry of new industry players in the Specialty Snacks segment, a trend of solid, volume-driven growth has been observed in the market. At present, there are limited number of large and small market players. Price, quality, product differentiation, distribution, and promotion are the major factors on which industrial players compete to maintain their market share. Industrial players are extensively investing on R&D, new product development, strategic partnerships and collaborations with e-retailers. Millions of dollars are poured in for product promotion by the industrial players as products are increasingly marketed as healthy and guilt free snacks. Manufacturers are diversifying the product portfolio wherein, some high-profile product lines feature ‘free-from’ in the product name. Industrial players to sustain and succeed in a competitive environment, look for product differentiation along with cost savings through a unique and clear value proposition.

Industrial players are extensively investing on marketing activities to make strong brand image of their products and to create an awareness along with keeping strong focus on product packaging creating brand value. With manufacturers aiming to capture a considerable share of the market segment as early as possible, they are competing and experimenting with various advantage points from both supply and demand side. The key market players profiled in specialty snacks 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.

Industry Segments:

The global specialty snacks market has been divided into product type, ingredients, packaging, distribution channel, sand region.

On The Basis Of Product Type: Chips & Crisp, Nuts & Seed Snack, Snack Bars, Bakery Snacks, Popped Snacks, and others

On The Basis Of Packaging: Pouches, Boxes, Cans, Cartons, and others

On The Basis Of Distribution Channel: Store Based, and Non Store Based

On The Basis Of Ingredients: Grains, Cereals, Fruits & Vegetables, Edible Nuts & Seeds, and others

On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.

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Regional Analysis:

Specialty Snacks Market is segmented into Europe, North America, APAC, and Rest of the World (RoW). Global Specialty Snacks market is highly dominated by Europe followed by North America. Europe is estimated to retain its dominance throughout the forecast period of 2017-2022, because there is increasing awareness of the healthy food habits along with innovative product offerings under private-label brands. APAC is fastest growing region due to changing lifestyle, changing demographic trends, and improved disposable income in that region. The consumption of Specialty Snacks in developing counties like Mexico, India, Brazil and China is expected to grow in upcoming years.

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