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Specialty Snacks Market Outlook and Its Projected to Grow at a CAGR Of 5.2% Post 2023

Specialty Snacks Market Outlook and Its Projected to Grow at a CAGR Of 5.2% Post 2023

Market Research Future published a half cooked research report on global specialty snacks market which is estimated to grow at a CAGR OF 5.2% after 2023.

Global Specialty Snacks Market Information- By Product Type (Chips & Crisp, Nuts & Seed Snack, Snack Bars, Bakery Snacks, Popped Snacks and others), By Ingredients (Grains, Cereals, Fruits & Vegetables, Edible Nuts & Seed, and others), By Functionality (Organic, Gluten Free, Fortified, and, others), By Packaging (Pouches, Boxes, Cans, Cartons, and others), By Distribution Channel (Store Based & Non Store Based) and By Region Specialty Snacks Market Forecast Till 2023

Market Overview

Specialty food items are produced in small quantities and are made from high quality ingredients in order to provide high value items. Specialty snacks are an important part of specialty food. Specialty snacks are made with different types of rich ingredients. Specialty snacks offer significant vitamins, low saturated fat & low sodium content. Specialty snacks include nuts & seeds, low fat dairy products and lean cheese, and many more.

Competitive analysis- The major key players in the Specialty snacks market are – Kraft Heinz Foods Company (U.S.), ConAgra Foods, Inc. (U.S.), Diamond Foods, LLC (U.S.), Calbee, Inc. (Japan), General Mills, Inc. (U.S.), Blue Diamond Growers, Inc. (U.S.), Kellogg Company (U.S.)

Global Specialty snacks market is highly concentrated in Europe. North America has massive potential for Specialty snacks, as there is an increasing awareness regarding healthy food habits along with new product developments by the key players in the Specialty Snacks market.

Global Specialty snacks market is expected to grow at the CAGR of 5.2%. Specialty foods are made in small quantities and used as high quality ingredients in order to provide high value items. Specialty snacks is one of the important part of specialty food. Specialty snacks are made with different types of rich ingredients offering significant vitamins, low saturated fat & low sodium content. Specialty snacks include nuts & seeds, low fat dairy products and lean cheese, and many more.

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Market Forecast

The global Specialty snacks market is witnessing an impressive growth over the last few years. With the changing lifestyle and evolving dietary pattern, convenience food plays an important role in defining the consumers’ food choices in the modern world. The trend of consumption of convenience food began in western world and spread to other regions rapidly. Looking at the economic development at global level and specifically for BRIC countries (Brazil, Russia, India, China and South Africa), the increasing purchasing power of consumers and convenience trends are likely to remain significant. Consumers look for convenience foods as they are easy to use, and possess nutritional value, safety, variety, and product appeal. Due to changing lifestyles, consumers are spending less time planning and cooking meals at home as they consider preparing food at home as a time and energy consuming chore. As a result the demand for healthy convenience food is increasing which is anticipated to fuel the sales of specialty snacks during the forecast period. Increasing organized food service industry is considered to be one of the vital factors for the rising growth of specialty snacks market. Specialty snack manufacturers find a massive opportunity to come in a collaboration with the various organized food service companies in order to enhance their presence in the market.

Downstream analysis-

 Chips & crisp is estimated to be the attractive product type among all the specialty snacks products  accounting for more than 35% of market proportion in the specialty snacks market. Grains is one of the attractive ingredients of specialty snacks among the manufacturers. Store based distribution channel is accounts for the maximum market share in the global specialty snacks market. Among the store based distribution channel, supermarkets & hypermarkets is anticipated to hold more than 40% of market proportion in the global specialty snacks market. Non-store based distribution channel is projected to grow steadily during the forecast period.

Regional Analysis

The global Specialty snacks market is segmented into North America, Europe, Asia Pacific, and the rest of the world (ROW). Among these, Europe region is expected to retain its dominance throughout the forecast period. This is attributed by the increasing busy life schedules of the consumer coupled with the increasing demand of convenience food. Among the European countries, Germany is estimated to account for the maximum market proportion during the forecast period of 2017-2023. Asia Pacific region is projected to grow at a fast pace during the forecast period of 2017-2023.

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The global specialty snacks market is witnessing a massive growth over the last few years. The demand of the specialty snacks is attributed to the increasing consumer awareness of healthy food habits and increasing disposable income of the consumers. Consumers are also paying more attention to adopt convenient food in order to minimize the time. Increasing busy schedules and rising work pressure is creating a favorable environment to accelerate the demand of specialty snacks during the forecast period. Also, strong growth of organized retail sector is considered to be one of the significant reasons of the rising growth of Specialty snacks. Key players are emphasizing to promote their new product offerings in the supermarkets & hypermarkets which is creating an awareness to the consumer of Specialty snacks. Key players in the global Specialty snacks market are emphasizing to enhance their investment in product development in order to extend the product line. Additionally, the companies are also inclined to increase their footprint across the world by acquiring local and regional players. Apart from that, the companies are introducing their products in the developing economies in order to penetrate in the untapped market.

The global Specialty snacks market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, Europe region has the major market share. The market is projected to grow at a steady pace in the review period. Asia Pacific will be the fastest growing region in the Specialty snacks market. The increasing growth of Asia Pacific region is attributed by the increasing per capita disposable income of the consumer in the developing economies such as China, India & The Association of South East Asian Nations countries. Also, the consumers of Asia Pacific is following the western culture which in turn escalates the overall demand of specialty snacks during the review period of 2017-2023.

This market research report further provides an insight on various levels of analysis such as industry analysis, market share analysis as well as leading market players and their profiles. This report also helps in studying target consumer segments by providing views on emerging and high-growth segments and market size. Together the market data comprise and discuss basic valuations on the competitive scenarios and strategies of the global Specialty snacks market including high-growth regions, countries and their political, economic and technological environments. Furthermore the project report also provides views of historical market values as well as pricing and cost analysis of the same.

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