Organic Snack Food Industry Makes Healthier Snack Launches To Meet Consumer Wants, says Business Research Company, releases Organic Snack Food Global Market Report 2021
Many food manufacturing companies had stalled their operations during the pandemic. Post pandemic as the world walked towards unlock, the companies began to resume operations and began to adapt to the new normal, which includes moving towards reduction of artificial colours and healthier ingredients and adapting healthier processes. More and more companies are launching healthy and clean snacks with nutrition as a focus.
According to the latest ‘The Business Research Company’s Organic Snack Food Global Market Report 2021 - COVID-19 Growth And Change’. The global organic snack food market size is expected to grow from $10.81 billion in 2020 to $12.41 billion in 2021 at a compound annual growth rate (CAGR) of 14.8%. The market is expected to reach $20.53 billion in 2025 at a CAGR of 13%.
In the US at least 11 companies including Chipotle, Kraft, Taco Bell, Pizza Hut, Subway removed the usage of artificial colours and flavours in 2018 itself. Further government regulations removed six of the ingredients from FDA’s approved list, which included ethyl acrylate, benzophenone, myrcene, pulegone, eugenyl methyl ether, and pyridine. These factors are expected to influence the boost of the organic snack food market during the forecast period (2019 to 2023).
The growth in the spending capacity of the end-users coupled with the growing health consciousness among the people and rising consumption of organic foods to avoid harmful side effects of conventional snacks is yet another reason for the trend. The latter are also being avoided as they increase calorie content, obesity, and have less nutritional benefits.
The increasing spending capacity of people, especially in developing countries including India and China is also contributing to higher demand for organic snack food manufacturing over the forecast period
The increasing spending capacity of people, especially in developing countries including India and China is also contributing to higher demand for organic snack food manufacturing over the forecast period. According to Trading Economics, consumer spending in India increased to 17962.90 INR Billion in the third quarter of 2020 from 14611.64 INR Billion in the second quarter of 2020. Therefore, increasing consumer spending is predicted to generate higher demand for organic snack food in the coming years.
TBRC’s global organic snack food market report is segmented by product type into fruit snacks & dried fruit snacks, puffs & chips, energy bar, meat snacks, others, by sales channel into hypermarkets and supermarkets, online retailers, food and drink specialists stores, convenience stores, by age group into millennial, generation x, baby boomers
Major players covered in the global organic snack food industry are Sprout, My Super Foods, Clif Bar & Company, Annies Homegrown Inc, NurturMe, Navitas Organics, YummyEarth, Inc., Utz Quality Food, LLC, Eat Real, Creative Snacks Co., Hain Celestial, AMCON, Amy's Kitchen, Clif Bar and Company.
.Source: EIN News