Pune, India, Aug. 02, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Fruit Snacks Market Size Report, Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type, Fruit Family, Distribution Channel, and Geography,” the fruit snacks market is expected to grow from $ 5.05 billion in 2019 to $ 9.17 billion by 2027; it is estimated to grow at a CAGR of 7.8% from 2020 to 2027. The projected growth of the market is attributed to the health benefits of fruit snacks and increasing demand for convenience foods.
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Global Fruit Snacks Market: Competition Landscape
Bare Snacks, Crispy Green Inc., General Mills Inc., Ferrero, Mount Franklin Foods, LLC, Nutty Goodness, LLC, Seneca Foods, Sunkist Growers, Inc., SunOpta, and Welch's are among the key players operating in the global fruit snacks market. These players focus on providing high-quality products to fulfill customer demand. They also focus on strategies such as investments in research and development activities and new product launches.
In 2020, North America held the largest share of the global fruit snacks market. The major factors driving the growth of the global fruit snacks market in North America are the increasing health awareness. In accordance with the Organic Trade Association, the organic sales in US accounted for over USD 55 billion in the year 2019. It is also one amongst the fastest growing sectors in the country. 40% of these organic sales came from the sales of fruits and vegetables in US.
Health Benefits of Fruit Snacks
Fruit snacks are defined as a sugary processed food product prepared from concentrated fruit juice and purees. Fruits contain essential nutrients such as vitamins, potassium, magnesium, and fiber, which mitigates the risk of cardiovascular diseases, high blood pressure, and obesity. Fruit snacks are the most preferred snack for children. Fruit snacks run around 80 to 90 calories per small pouch, which is a reasonable number of calories for a kids' snack. They are free of cholesterol, fat and are very low in sodium. Many also provide vitamins A and C. The freeze dried form of the product can retain most of its nutritional properties even after processing. Increasing demand for dietary ingredients in food, beverages, sweets, savoury, and dairy industries is expected to surge the fruit snacks demand over the forecast period. Also, the growing demand for healthy snacks and refreshments, which have a rich nutritional profile, and the rising demand for high nutrient content, fat, and gluten-free fruit snacks are expected to escalate. Moreover, easy digestive properties are expected to boost fruit snacks' popularity among adults and working women, supporting product demand. Evolving healthy food trends and the launch of fruit snacks as an ingredient are driving the demand for fruit snacks. In response to the growing market demand for fruit snack products, manufacturers are coming up with high quality and fine fruit snacks in the market. For e.g., Nutty Goodness, LLC offers Healthy Apple Chips made from organic fruit and nuts, free from preservatives, wheat, soy, or dairy, gluten, or any added sugars
Global Fruit Snacks Market: Segmental Overview
Based on type, the global fruit snacks market is segmented into sweets and savoury, beverages, dairy, and others. The sweets and savoury segment held the significant share in the global fruit snacks market and is expected to register the significant growth over the forecast period. Different types of sweets & savoury fruit snacks are freeze dried, extruded strips, and others, which include products such as chips, trail mixes, and gummies. These products are gaining popularity owing to increasing consumer preference for processed food products with high nutritional content. Besides, the rising demand for sweets & savoury fruit snacks among the children of age group between 3 and 7 years is expected to drive the segment growth.
Based on fruit family, the global fruit snacks market is segmented into Apple, Mango, Banana, Pineapple, Berry, Mixed, and Others. The mixed segment held the significant share in the global fruit snacks market and is expected to register the significant growth over the forecast period. Mixed flavors are generally used to enhance the taste of food products. The snacks industry requires flavors for diverse purposes such as new product development, add a novel product line, and change the taste of the existing product. Increasing consumer demand for new fruit snack flavors is anticipated to boost the mixed segment demand during the forecast period. Manufacturers are increasingly involved in providing mix fruit snacking items.
Based on distribution channel, the global fruit snacks market is segmented into supermarkets and hypermarkets, convenience stores, online retailing, and others. The supermarkets and hypermarkets segment held the largest share in the global fruit snacks market and is expected to register the significant growth over the forecast period. Supermarkets and hypermarkets are self-service shops that offer various categories of products, and are considered an effective distribution channel for the sales of fruit snack products. Hypermarkets and supermarkets provide products of different brands in one place with affordable prices compared to other distribution channels.
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Impact of COVID-19 Pandemic on the Global Fruit Snacks Market
The coronavirus outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global food and beverage industry is one of the major industries that suffered serious disruptions such as supply chain breaks, technology events cancellations, office shutdowns etc. as a result of this outbreak. The lockdown of various plants and factories in leading regions such as North America, Europe, Asia Pacific, South America and Middle East and Africa affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of various goods.
In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America have affected the business collaborations and partnerships opportunities. All these factors have affected the food and beverage industry in a negative manner and thus acted as restraining factor for the growth of various markets related to this industry. However, due to the global pandemic crisis and the indefinite lockdown across nations, the food & beverage industry witnessed high demand for household staples, healthy food items, and food products with longer shelf lives. Therefore, the demand for shelf-stable fruit snacks increased drastically. With schools closed and majority of the populace working from home, there has been a tremendous increase in demand for snack foods such as fruit snacks. Fruit snacks are a healthier alternative to other snacks and they contain ample amount of vitamins and minerals. Also, major players are focusing on modifying and altering their supply chains in order to reinforce their online presence and delivery measures in an attempt to adapt to the present business scenario.
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