There has been a substantial rise in the fitness-conscious population which has paved way for various dieting alternatives. This has increased the demand for fruit snacks owing to their ability to provide essential minerals and vitamins that boost immunity. Also, exotic fruits are easily available across the world, thus satisfying the demands of diet-conscious consumers. With such a significant shift in consumer preferences and tastes, the fruit snacks market will possibly exhibit good growth numbers in the coming years.
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Here are some of the trends that will surely play an important role in the expansion of fruit snacks market.
Sweet and savory segment to boost the consumption of fruit snacks
Easy availability and acquisition of new taste profiles are some factors responsible for the proliferation of the sweet and savory segment. In fact, this segment held a market share of around 37% in 2018. Sweets & savories are available in different forms like extruded strips, freeze-dried, twists, shapes, trail mixed and bits. Such a wide range of products will surge the product demand. In addition, the increased consumption of gluten-free and fat-free fruit snacks owing to high nutrition demand has further spurred the segment growth.
High preference for mainstream stores to escalate the fruit snacks market growth
Mainstream stores consist of hypermarkets, grocery stores and supermarkets. These stores are in high demand in developed nations as they provide all sorts of foods & beverages at reasonable prices. This is one of the reasons the mainstream stores segment subjugated the fruit snacks market with a significant share of around 78%. Countries like UAE, Japan, China have experienced a soaring rise in the number of mainstream stores. This can be credited to overall economic growth, rapid urbanization and favorable FDI policies.
North America set to dominate the global fruit snacks market
The North America region, with a current market share of around 30%, is poised to dominated the market over the coming years. Increased disposable incomes have allowed consumers to spend on healthy foods & beverages, thus contributing to the expansive growth in the region. The increased consumption of gluten-free, non-GMO and organic products has opened new growth avenues for the market in the region. In addition, FDA has declared some regulations and policies favoring the health consciousness of the population, which has spurred the regional market growth.
Loads of health benefits to boost the consumption of banana fruit snacks
Amongst the family of fruits, snacks made from bananas are witnessing significant demand. In fact, the banana segment is predicted to exhibit a growth rate of around 9% over the forecast period. Consuming banana-based products can help people in dealing with digestive problems owing to its fibrous nature. Also, bananas are beneficial for patients diagnosed with high blood pressure and cardiovascular diseases as they can moderate blood sugar levels and bolster heart health. These aforementioned factors will majorly contribute to the proliferation of the segment.
Increased competition amongst key players to fuel the market growth
Some of the major players of the fruit snacks market are Welch’s, General Mills, Bare Snacks, Sunkist Growers, SunOpta, Whitewave Services and Kellogg Crunchies Natural Food.
Many industry players are developing innovative products that can provide consumers with a plethora of alternatives. To support this statement with an instance, Bare snacks, in November 2018, launched a strawberry banana chips combo, thus expanding their product portfolio and strengthening their market position.
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In addition, some players have implemented strategic decisions through acquisitions and mergers. For instance, The Ferrero group completed the acquisition of Kellogg Company’s fruit snacks and cookies business in July 2019. This has particularly helped the company in establishing its market position in the North America region.
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