According to the report, the global low calorie snacks industry generated $7.6 billion in 2020, and is estimated to reach $24.1 billion by 2030, witnessing a CAGR of 12.3% from 2021 to 2030.
Prime determinants of growth
Growth in awareness about health, rise in demand for convenience food, and change in culture and lifestyle of people in emerging markets drive the growth of the global low calorie snacks market. However, availability of healthier substitutes and high cost of production of organic foods hinder the market growth. On the other hand, surge in willingness of consumers to buy premium and environment friendly products create new opportunities in the coming years.
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Leading market players
- Archer Daniels Midland Company
- Cargill
- Incorporated
- Conagra Brands, Inc.
- Danone
- General Mills, Inc.
- Hain Celestial
- Ingredion Incorporated
- Mondelez International
- Nestle S. A
- The Kraft Heinz Company.
Covid-19 Scenario:
- Covid-19 pandemic led to increased health consciousness among people. Also, the lockdown augmented the trend of health and fitness all over the world. This in turn boosted the demand for low calorie snacks.
- The market witnessed certain challenges during the initial phase of the lockdown including disrupted supply chain and manufacturing.
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The savory segment to maintain its lead position throughout the forecast period
Based on type, the savory snacks segment held the highest market share in 2020, accounting for nearly three-fifths of the global low calorie snacks market, and is estimated to maintain its lead position throughout the forecast period. This is due to growing demand for savory snacks in malls and the multiplex sector during entrainment time and increasing expenditure of people for food items. However, the sweet snacks segment is expected to portray the highest CAGR of 12.9% from 2021 to 2030. Increase in preference of customers toward sweet snacks such as cakes, pastries, ice cream, and muffins, owing to rise in health cautiousness drives the growth of the segment.
The pouches segment to maintain its dominant share in terms of revenue during the forecast period
Based on packaging type, the pouches segment contributed to the largest share in 2020, accounting for nearly half of the global low calorie snacks market, and will maintain its dominant share in terms of revenue during the forecast period. This is due to reusability and its environmentally friendliness. However, the jars segment is projected to register the highest CAGR of 13.0% from 2021 to 2030. Jars are thick-walled, wide-mouthed jars made of heat-tempered glass. They are able to withstand the heat and pressure associated with water bath and pressure canning. These factors drive the growth of the segment.
Europe, followed by North America, to continue its leadership status by 2030
Based on region, Europe, followed by North America, accounted for the highest share in terms of revenue in 2020, contributing to around one-third of the global low calorie snacks market, and will continue its leadership status by 2030. This is attributed to rise in consumption of food & beverages. However, LAMEA is estimated to witness the fastest CAGR of 13.0% during the forecast period, owing to changes in consumer work and life styles, which has encouraged people in the region to start eating out more frequently.
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