The emergence of next-generation foods, changing nutritional trends, and a substantial increase in snacking habits among children and adults are the key elements bolstering the growth of the industry.
Market Size – USD 5.38 Billion in 2020, Market Growth – CAGR of 9.5%, Market Trends – Increasing demand for at-home snacking amidst the COVID-19 pandemic
The global Fruit Snacks Market is expected to be valued at USD 10.87 Billion in 2028 from USD 5.38 Billion in 2020, registering a CAGR of 9.5% through the forecast period. The market growth can be accredited to the emergence of trends that have augmented product innovations across the global market and given rise to the introduction of novel forms and varieties of fruit snacks. The fruit snacks market is extensively gaining traction from the rising health consciousness across the globe as consumers continually search for healthier and nutritious snacking alternatives.
Fruit snacks saw a massive surge in demand amid the COVID-19 outbreak as they serve as a healthier alternative to other snacks available in the market. During the lockdowns and quarantine period, consumers stockpiled products with longer expiry periods such as fruit snacks, thereby boosting the requirement of the product in 2020. The surging demand for fruit snacks can be accredited to the increasing focus of the consumers on overall health and wellness and growing consciousness about weight during the pandemic and this prevalent trend is further projected to drive the progress of the industry in the estimated years.
The popularity of the fruit snacks can be accredited to the increasing demand from the consumers for sustainably sourced and functional snacks containing natural and healthy ingredients to efficiently cut-back on the highly processed and sugary food items. However, the growing concerns regarding the nutritional value of certain components of the fruit snacks and the growing need to reduce calorie consumption can potentially hamper the growth of the market over the forecast timeline.
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Key Findings from the Report:
- The fruit snacks market is poised to proliferate at a CAGR of 9.5% through the estimated period due to the changing consumer preferences, surging need for essential vitamins and minerals, and escalating requirement of food items rich in dietary fibers.
- The sweet and savory segment is projected to observe lucrative growth in the forecast timeframe owing to the availability and affordability of premium products. Moreover, the growing demand for highly nutritious, fat-free, and gluten-free fruit snacks is further projected to add traction to the market growth.
- With the increasing popularity of jams, puddings, and smoothies and the growing trend of tropical fruit products, the mixed fruit segment is forecast to expand at an exponential rate in the projected timeframe.
- The growing availability of numerous products in the supermarket is projected to drive the segment’s growth in the estimated timeframe. With the growing demand for faster delivery, avoidance of long check-out lines, and ease of choosing the correct products, the online retailers segment is foreseen to observe flourishing growth in the coming years.
- North America is estimated to occupy the largest share of the industry in the projected timeframe owing to the increasing trend of health-focused food habits and healthy lifestyles among the millennial generation. Additionally, the increasing awareness about the nutritional content of food items, extensive R&D activities, and the presence of established distribution channel in the region is further projected to fuel the market growth.
- Key players of the market include General Mills Inc., Welch’s, Mount Franklin Foods, Crispy Green Inc., Nutty Goodness, LLC, Chaucer Foods Ltd., PepsiCo, SunOpta, and Kellogg NA Co., among others.
- In January 2021, Kellogg’s announced the expansion of its W.K Kellogg by Kids range with the introduction of two “healthy” snack bars made with fruits and vegetables. The bars have been created by the kids for the kids and have been developed in partnership with nearly 2,000 children and parents as a Kellogg’s drive to encourage families to make healthy dietary choices.
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For the purpose of this report, Reports and Data has segmented the global Fruit Snacks Market on the basis of product type, fruit, distribution channel, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Sweet & Savory
- Cuts and Slices
Fruit Outlook (Revenue, USD Billion; 2018-2028)
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
- Supermarkets & Hypermarkets
- Convenience Stores
- Online Retailers
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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