According to a recent study report published by the Market Research Future, The Global Specialty Snacks Market is booming and is projected to gain prominence over the forecast period growing rapidly. The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR from 2017 to 2023.
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.
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.
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.
Global Specialty Snacks Market - Competitive Analysis:
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.
Global Specialty Snacks Market – 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 Ingredients: Grains, Cereals, Fruits & Vegetables, Edible Nuts & Seeds, 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 Region: North America, Europe, Asia Pacific, and ROW.
Global Specialty Snacks Market - Regional Analysis
The global Specialty Snacks market is segmented into North America, Europe, 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.
Complete Report Details @ https://www.marketresearchfuture.com/reports/specialty-snacks-market-3514
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