Growing consumer awareness of health, development in the retail structure, and increasing demand for convenience food propel the growth of the global organic snacks market
PORTLAND, Oregon, April 29, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, 'Organic Snacks Market by Product Type (Nutrition Bars, Candy Bars, Salty Snacks, Nuts, and Others), Distribution Channel (Retail Stores, Supermarket/Hypermarket, Convenience Stores, and E - commerce), and Generation (Millennial (18 - 34), Generation X (34 - 50), and Baby Boomers (51 - 69)): Global Opportunity Analysis and Industry Forecast, 2018–2025.'
The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, the global organic snacks market generated $8.78 billion in 2017, and is expected to reach $24.03 billion by 2025, growing at a CAGR of 13.6% from 2018 to 2025.
Factors such as increasing awareness about health among consumers, development in the retail structure, and increasing demand for convenience food drive the market growth. However, high cost of production restrains the growth of the market. Conversely, increasing willingness of consumers on buying premium and environment friendly products create new opportunities for growth of the market.
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Salty snacks segment to lead in terms of revenue through 2025
Among product types, the salty snacks segment was the largest in 2017, capturing nearly two-fifths of the market share and would maintain its dominance through 2025. The market for salty snacks is driven by increasing consumption of convenient food items and easy availability of such products all over the world. However, the candy bars segment would grow at the fastest CAGR of 15.2% from 2018 to 2025. This is because organic candy bars have no additives and are healthier alternative to the regular candy bars.
Retail stores segment to be dominant through 2025
Among distribution channels, the retail stores segment accounted for more than one-third of the market share in 2017 and would retain its dominance through 2025. The option of having choice combined with improving retail infrastructure all around the world supplements the growth of the retail store segment in the organic snacks market. However, the e-commerce segment is likely to witness the fastest CAGR of 15.9% during the forecast period. This is due to the online platform offering ease of accessibility to its customer.
Baby boomers segment to achieve the fastest growth through 2025
Based on generation, the baby boomers (51-69) segment would grow at the fastest CAGR of 15.3% during the forecast period, 2018-2025. However, the millennial (18-34) segment would grow dominate the market in terms of revenue through 2025.
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North America to maintain revenue lead through 2025
Among regions, the market in North America was the largest in 2017, grabbing 61.6% of the market share and is likely to dominate the market through 2025. This is due to increasing consumption of convenience foods such as snacks and rising concerns about health and fitness in the region. However, the market in Asia-Pacific would achieve the fastest CAGR of 16.3% during the forecast period. The report also analyzes regions such as Europe and LAMEA.
Key players of the industry
Leading market players analyzed in the research include Pure Organic, PRANA, Made in Nature, Kadac Pty Ltd, Navitas Naturals, Hormel Foods, Hain Celestial, Conagra Brands, General Mills, and Woodstock Farms Manufacturing. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.
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SOURCE Allied Market Research