Portland, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “High Fibre Snacks Market by Nature (Organic and Conventional), Product (Cereal & Granola Bars, Nuts & Seeds, Dried Fruits, Meat Snacks, Biscuits & Cookies, Trail Mix Snacks, and Others), and Distribution Channel (Supermarkets/hypermarkets, Specialty Stores, Convenience Stores, Online Retailers, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global high fibre snacks industry generated $24.1 billion in 2022, and is anticipated to generate $56.8 billion by 2032, witnessing a CAGR of 9.0% from 2023 to 2032.
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Prime determinants of growth
The global high fibre snacks market is driven by factors such as its offerings of several health benefits without impacting health as they are prepared from natural ingredients. These days, customers are being more conscious about their diets due to a surge in holistic perception about their well-being, such as weight control, encompassing almost every facet of healthy living. However, the rise in preferences of consumers toward cereals such as wheat, oat, and barley, which are high in proteins, fibre, minerals, vitamins, and carbohydrates are expected to hamper the growth of the high fibre snacks market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $24.1 billion |
| Market Size in 2032 | $56.8 billion |
| CAGR | 9.0% |
| No. of Pages in Report | 280 |
| Segments covered | Nature, Product, Distribution Channel, and Region |
| Drivers | Increase in awareness about health Increase in demand for convenience food Change in culture & lifestyle of the of consumers in developing regions |
| Opportunities | Increase in willingness of consumers to buy premium and environment friendly products |
| Restraints | Availability of healthier substitutes High cost of production of organic foods |
The conventional segment to maintain its leadership status throughout the forecast period
Based on nature, the conventional segment dominated the market in 2022 accounting for nearly two-thirds of the market share and is expected to dominate the market during the forecast period. An increase in awareness regarding various benefits of organic products as compared to their synthetic counterparts has resulted in an upsurge in the demand for organic high fiber snack products over the last few years. This is attributed to an increase in awareness of consumers regarding the risks associated with products containing harsh chemicals, petrochemicals, and preservatives. The organic segment is projected to manifest the highest CAGR of 9.9% from 2023 to 2032, owing to the rise in the emergence of modern trades in developing economies across the world.
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The cereal and granola bars segment to maintain its lead position during the forecast period
On the basis of product, the cereal and granola bars segment dominated the market in 2022 accounting for less than one-fourth of the market share owing to the associated health benefits and higher market penetration. However, trail mix snacks segment is expected to grow rapidly with a CAGR of 10.7% during the forecast period, as it aligns with the growing demand for convenient, healthier snacking options. Consumers are seeking snacks that provide sustained energy, satiety, and nutritional benefits, making high fiber trail mix an appealing choice.
The Supermarkets/Hypermarkets segment to maintain its lead position during the forecast period
On the basis of distribution channel, the supermarkets/hypermarkets segment dominated the market in 2022 accounting for around one-third of the market share and is expected to maintain its dominance during the forecast period, due to the availability of a broad range of consumer goods and food & beverages under one roof, as well as adequate parking space and convenient operation timings. However, the others segment is expected to grow faster with a CAGR of 11.6% during the forecast period, owing to the emergence of modern trade, vending machines, and pharmacies in Asia-Pacific.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global high fibre snacks market revenue and is likely to dominate the market during the forecast period. Moreover, North America has a developed retail structure that allows consumers to conveniently purchase food and groceries. This easy availability helps with the overall sale of convenient goods such as the high-fiber snacks in the market. However, LAMEA market for high-fiber snacks is a fastest growing region with a CAGR of 10.0% during the forecast period due to an increase in the popularity of healthy convenience foods such as snacks and a rise in concerns about health and fitness among consumers in the region.
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Leading Market Players: -
- Hodgson Mill, Inc.
- Bearded Brothers, LLC
- BiteBox
- Ardent Mills
- Pure Snacks Private Limited
- General Mills Inc.
- Flowers Foods, Inc.
- Energy Bar Foods
- Kellogg Company
- Grain Millers, Inc.
The report provides a detailed analysis of these key players in the global high fibre snacks market. These players have adopted different strategies such as acquisition, partnerships, and new product launches to increase their market share and maintain dominant shares in the market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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