Growing purchasing power parity is expected to fuel the demand for meat snacks in the upcoming years.

By Isabelle Gustafson | May 28, 2019 | Convenience Store Decisions

Thanks to increasing awareness regarding health and wellness among consumers, the global healthy snacks market is expected to reach 32.88 billion by 2025, according to a new report by Grand View Research Inc.

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year.

The consumption of healthy snacks is growing on account of their ability to meet various dietary requirements such as sugar-free, low salt content, and low cholesterol levels. However, high cost of production due to volatile prices of raw materials is expected to negatively influence the growth of the market over the forecast period.

Growing purchasing power parity, which has increased immensely in the past few years, is anticipated to fuel the demand for meat snacks in the upcoming years. This factor, in turn, is projected to boost the growth of the market during the forecast period.

Key suggestions from the report:

• In terms of revenue, the meat snacks segment is projected to expand at a CAGR of 5.4% over the forecast period
• Cereal and granola bars dominated the healthy snacks market with a global revenue share of over 36.0% in 2018
• Rising consumption of dried fruit snacks by customers due to changing lifestyles is likely to fuel growth over the next seven years
• Market players are focusing on developing healthy snacks in compliance with stringent USFDA and EU standards, especially in North America and Europe
• Emerging economies are witnessing a paradigm shift in consumer buying behavior due to rising national income and its benefits on disposable income of households
• Major industry players aim to achieve optimum market growth and strengthen their presence through various market expansion strategies such as new product development, joint-ventures and acquisitions
• Some of the key companies present in the industry are Nestlé S.A.; PepsiCo Inc.; The Kellogg Company; Tyson Foods Inc.; General Mills Inc.; Mondelēz International; Hormel Foods Corp.; Kind LLC; and Select Harvests.