Pune, India, Feb. 04, 2021 (GLOBE NEWSWIRE) -- According to our new research study on “Fruit Snacks Market to 2027” the fruit snacks market was valued at US$ 5,057.87 million in 2019 and is projected to reach US$ 9,174.86 million by 2027; it is expected to grow at a CAGR of 7.8% during 2019–2027.
Increasing demand for convenience foods is driving the market growth; however, the harmful effects of high sugar and synthetic ingredients present in fruit snacks on children hamper the market growth.
In 2019, North America held the largest share of the global fruit snacks market. North America is a well-established market for fruit snacks due to rising consumer demand for healthy food products and growing awareness of the health benefits of fruits. Moreover, fruit snack manufacturing companies in North America are continuously enhancing their product portfolio to meet the dynamic demands of customers.
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Growing Demand for High Nutrient Content, Fat, And Gluten-Free Fruit Snacks Support Fruit Snacks Market Growth
Fruit snacks are sugary processed food products prepared from concentrated fruit juices and purees. Fruits are enriched with vitamins, potassium, magnesium, and fibers, which help mitigating the risk of cardiovascular diseases, high blood pressure, and obesity among consumers. Owing to these benefits, products contenting fruit derivatives are more preferred as snacks for children. Fruit snacks can provide ~80–90 calories per small pouch, which is a reasonable amount of calories for a kids' snack. They are free of cholesterol and fats, and have low sodium content. Many fruit snacks also provide vitamins A and C. Products in the freeze-dried form can retain most of their nutritional properties irrespective of the processing.
Fruit Snacks Market: Segmental Overview
On the basis of type, the fruit snacks market is segmented into sweets and savory, beverages, dairy, and others. The sweets and savory segment is anticipated to register the highest CAGR in the fruit snacks market during the forecast period. The projected growth is mainly attributed to escalating demand for convenience food with the rising trend of consuming flavored snacks on-the-go. Several savory snack processors and manufacturers have been launching diversified product offerings in new shapes and flavor profiles to gain consumer attention.
Based on fruit family, the global fruit snacks market is further segmented into apple, mango, banana, pineapple, berry, mixed, and others. The market for apple-based snacks is projected to grow at a CAGR of >8.0% during the forecast period. Owing to the high nutritional content and good taste, apple is highly preferred in fruit snacks. The apple derivatives may also be combined with other fruit derivatives to obtain exotic taste.
The market for the online retailing segment is projected to grow at a CAGR of >7.5% during the forecast period. Online portals such as Amazon, Natures Basket, and Flipkart promote the growth of the fruit snacks market as the online retailing reduces the operation cost of the manufacturers and allows them to expand their customer reach. Moreover, they can provide enhanced service options such as home delivery, varied payment options, and attractive discounts and offers convenient for the customers.
Fruit Snacks Market: Competition Landscape and Key Developments
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 well-established players in the fruit snacks market. The leading market players are continuously focusing on the expansion and diversification of their market presence, and the acquisition of a broader customer base, thereby tapping prevailing business opportunities.
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Fruit Snacks Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America
In April 2019, Ferrero acquired Kellogg Company’s cookie, fruit and fruit-flavored snack, ice cream cone, and pie crust businesses for USD 1.3 billion. In 2018, these businesses generated the sales of ~USD 900 million for Kellogg. The acquisition would help Ferrero enhance its product portfolio, along with enabling it to strengthen its position in the North American market.
In July 2019, Seneca Foods Corporation has completed the acquisition of Paradise’s fruit business. This business, based in Plant City, Florida, is one of the leading providers of candied fruit products. Its product suite is sold to manufacturing bakers, institutions and retailers for use in home baking.
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