Low Calorie Snacks Market is Expected to Reach $24,117.4 Million by 2030-Allied Market Research
According to a new report published by Allied Market Research, titled, “Low Calorie Snacks Market by Type, Nature, Packaging Type, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2030,” The global low calorie snacks market size was valued at $7,620.1 million in 2020, and is expected to garner $24,117.4 million by 2030, registering a CAGR of 12.3% from 2021 to 2030. There is an incremental revenue low calorie snacks market opportunity of $16,497.3 million from 2020 to 2030.
The factors such as consumer preference for healthier low calorie snacks products, change in culture & lifestyle of the emerging Asian market, and increase in demand for convenience foods are impacting the growth of the low calorie snacks market. Moreover, the market is expected to grow at a faster rate during the forecast period, due to increase in population, rise in urbanization, and introduction of healthier bakery alternatives at reasonable costs.
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Supermarkets and hypermarkets will remain the main sales channels for sweet and savory snacks for the near future. However, as a newly-emerging retail channel that is seeing rapid growth, internet retailing is predicted to play a more important role. As a result of brand-building efforts and the establishment of logistics systems, key business-to-consumer online retailers such as yihaodian and Tmall have become more popular among domestic consumers. Internet retailing is also able to provide consumers in lower-tier cities with easier access to newly-launched sweet and savory snacks. The greatest potential threat to the growth of sweet and savory snacks will be consumers’ concern regarding food safety.
Based on type, savory snacks held a major share in the market. Changing lifestyle of people and consuming savory snacks in the occasion of parties, events and other functions to serve the people with beverage influence the positive impact of the savory snack market. Increasing the consumption among the population and rapid urbanization influences the food and beverage industries of key growth of the market. Snacking product is a leading trend in the food and beverage industry, which is a major key factor to fuel the growth of the global low calorie snacks market.
Based on low calorie snacks market analysis, by packaging type, the pouches segment held the major low calorie snacks market share of 48.5% in the low calorie snacks market. This is due to superior properties such as low cost, convenience, and excellent printability, which make it a lucrative packaging solution.
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The business to consumer channel including the hypermarkets/supermarkets segment was the leading channel with maximum share in 2020, growing with significant CAGR during the low calorie snacks market forecast period. This is attributed to increase in business of retail sales in different regions and availability of large shelf space for maximum sales.
Region wise, Europe was the prominent region in 2020, garnering maximum share in the low calorie snacks market, owing to huge consumer base and increase in population. Moreover, the region gained a major traction owing to increase in knowledge about health and fitness coupled with the improvements in the retail distribution channels that makes acquiring packaged food such as low calorie snacks easy.
The key players profiled in low calorie snacks market report include Archer Daniels Midland Company, Cargill, Incorporated, Conagra Brands, Inc, Danone, General Mills, Inc, Hain Celestial, Ingredion Incorporated, Mondelez International, Nestle S. A, and The Kraft Heinz Company.
Key findings of the study
By type, the savory snacks segment held the highest share, accounting for 56.1% of the global low calorie snacks market.
Based on nature, the organic segment witnessed a major growth rate of 12.8%.
Based on packaging type, pouches segment held the major share of 48.2% of the market.
Based on distribution channel, business to business segment witnessed a major annual growth rate of 12.9%.
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