Fruit Snacks Market
Fruit Snacks Market By Nature (Organic, Conventional), By Product Type (Sweets & Savories, Freeze Dried, Extruded Strips, Dairy Products, Beverages), By Distribution Channel, By Region - Global Mraket Forecast 2020-2027
Fruit Snacks Carving a Niche as Consumption Trends Abound
The global fruit snacks market is estimated to grow at a positive CAGR of over 8.5% during the forecast period (2019-2027) and reach a valuation of over US$ 9 Bn. Fruit snacks have been largely considered a traditional segment, but over the last decade in particular, converging trends have given rise to an explosion in newer forms and variants of 'fruit snacks'.
The growth of the fruit snacks market is driven by increased product innovations across the global snacking industry offering exclusive taste and focused on health amendments. The rising demand for essential vitamins and minerals to boost immunity along with improved demand for fiber-enriched products will propel the fruits snacks market to greater heights.
Changing customer tastes & preferences, ease of availability of exotic fruits and increased production underpinned by favorable trade policies would lead to the expansion of the market.
A growing number of government initiatives are adding to consumer awareness and preferences when it comes to fostering sales of fruit snacks globally. Spurred by the increasing prevalence of epidemics related to obesity, many government organizations have begun promoting healthy living habits and urging people to rethink their dietary strategies.
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Ecommerce Segment to Witness Flourishing Sales on Back of Sophisticated Logistics
The short turnaround time to market and the quick flow of products within the company is what sets the fruit snacks industry apart through the e-commerce industry. Despite complex logistics processes and increasingly demanding consumers, the e-commerce segment amongst other sales channels will be the most lucrative with a CAGR growth rate of around 12% over the long-term forecast period.
Customers across the entire e-commerce market are constantly seeking faster delivery. Big tech companies such as Amazon and Google are even beginning to offer delivery the same day to meet ever-increasing customer expectations.
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Sweets & Savories to Witness High Growth Prospects Due to Differentiating Product Forms
The segment of sweet and savory accounted for over 37% of global demand for fruit snacks in 2018. Premium taste and affordability of products, are among the key factors that contribute to segmental growth.
Several savory and sweet snacks are offered in different forms such as extruded strings, freeze-dried and trail mixes, thus fueling the growth of the category. Increasing demand for high nutrient content, fat and gluten free fruit snacks is also likely to escalate the expansion of the market.
Demand for Fruit Snacks in North America Heightens, with Focus on R&D
The region of North America is expected to have the largest market share. Health-focused food habits among millennia will drive the growth of the global fruit snacks market. In addition, leading manufacturers that are delivering product development coupled with technological intervention, cold chain networking, and well-established distribution channel management in countries such as Canada and the United States are establishing their foothold in these regions.
In addition, increasing awareness about nutritional content and key players' R&D spending will fuel the global fruit snacks Market.
Fragmented Market Structure with Continuous Investments to Create Prolific Snacking Platforms
The global fruit snacks market is fragmented in nature with a large number of internationally operating competitors such as General Mills Inc., Welch Foods, Kellogg Co. and SunOpta acquiring top shares.
In 2019, The Ferrero Group acquired the fruit snacks business segment from Kellogg Co. with a US$ 1.3 Bn deal. With this acquisition, the company looks forward to strengthening its position in the North American market.
A variety of other value chain companies concentrate on improving the flavor and texture of end products to strengthen their position in the global fruit snacks market. The players are seen resorting to competitive pricing to overcome competition in such a crowded space. We also see their marketing strategy improving and concentrating on consistency and creativity. All of these factors are thought to improve the global market for fruit snacks.
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Global fruit snacks Market: In-Depth Assessment on Key Segments
The global fruit snacks market is segmented on the basis of nature, product type, distribution channel and region.
By Nature :
By Product Type :
- Sweets & Savories
- Freeze Dried
- Extruded Strips
- Dairy Products
By Distribution Channel :
- Modern Trade
- Specialty Stores
- Convenience Stores
- Online Stores
- Departmental Stores / Mom & Pop Stores
- Drug Stores & Pharmacies
- Travel Retails
By Region :
- North America
- Latin America
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