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Fruit Snacks Market - Growth, Trends and Forecasts (2019 - 2024)

Fruit Snacks Market - Growth, Trends and Forecasts (2019 - 2024)

  • May 2019
  • 124 pages
  • ID: 5778228
  • Format: PDF
  • By Mordor Intelligence LLP

Summary

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Market Overview
Global fruit snack market is forecasted to reach USD 9.1 billion by 2024 growing at a CAGR of 8.17% during the forecast period (2019-2024).

- Fruit snack market is set to witness substantial growth, owing to surge in demand of the refreshments rich in nutritional content and growing consumer awareness related to consumption of healthy food.
- Surge in consumer preference for processed food rich in nutritious content, in comparison to other regular processed food, will further benefit the fruit snack market.
- Among all the segments of the fruit snack market, supermarket/hypermarket is the most dominant distribution channel, followed by other segments over the forthcoming years. However, the online distribution channel for the fruit snack market is expected to experience a noticeable growth during the forecast period.

Scope of the Report
Global fruit snack market offers a range of products through supermarket/hypermarket, convenience store, specialist retailers, online retailing, and other distribution channels. The study also covers a global level analysis for the major regions namely, North America, Europe, Asia-Pacific, South America, and Middle East and Africa.

Key Market Trends
Online Retailing to Boost the Market

The online retail platform has successfully established itself as a convenient marketplace, offering a wide range of fruit snack products, ranging from meal-replacement options to the indulgent ones. The main reason behind the rise in sale through internet retailing is the level of convenience it provides the consumers, as they find it easy to choose their preferred brands and get vast varieties of flavour and product choices. Thus, the online and e-commerce stores have been gradually increasing their market share, in terms of revenue and popularity among consumers. The growth opportunity for the sales of various healthy snacks, including fruit snacks, through the online channel, has forced online vendors to improve purchase processes, in terms of security and reliability, which, in turn, has propelled the demand for these products.

North America Holds the Largest Market Share

Consumer demand for convenient and healthy on-the-go snack options has, by far, been the primary attribute for sales of fruit snacks in the country. Majority of these consumers opt for fruit snacks as meal replacements. Furthermore, hectic lifestyles, coupled with health and wellness concerns, are driving these changes in the eating patterns of the country’s consumers. Likewise, the Canadian fruit snack market continued to record stable growth, due to an increasingly ageing population, and rising health consciousness among the young generation. Marketing campaigns, from the leading manufacturers in the country, are further expected to boost the demand across the country.

Competitive Landscape
The global fruit snacks market is a highly fragmented market and comprises of regional and international competitors. The market is dominated by players, like Hero AG, Pioneer Foods, Brothers International Food Corporation, Sensible Foods, and Whitworths, Nims Fruit Crisps Limited. These players focus to leverage opportunities posed by the emerging markets to expand their product portfolio so that they can cater to the requirements for various product segments, especially fruit chips and bars.

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