The Packaged Fruit Snacks Market is being driven by Changing food consumption patterns
The Packaged Fruit Snacks Market is expected to grow at a CAGR of 9.45% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3857.5 million. The global economy has witnessed significant growth, as evidenced by an increase in disposable personal income (DPI) in key markets such as the US and India. According to the US Bureau of Economic Analysis (BEA), DPI in the US rose by 0.5% or USD89.7 billion in March 2022. Similarly, India's per capita Net National Income (NNI) increased by 35.12% from Rs. 72,805 (USD871.74) in 2014–15 to Rs. 98,374 (USD1,177.89) in 2022–23, as per the Press Information Bureau (PIB). Factors including the expansion of dual-income households, rising per capita income, and a burgeoning employment rate have contributed to this global income growth. These economic trends have created a favorable environment for the packaged fruit snacks market, as consumers with increased disposable income are more likely to purchase convenient and healthy snacking options.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.45% |
Market growth 2024-2028 |
USD 3857.5 million |
Market structure |
fragmentation |
YoY growth 2023-2024(%) |
8.42 |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Packaged Fruit Snacks market is witnessing a significant surge in demand due to increasing health consciousness among consumers. With the rising incidences of obesity, weight diseases, high blood pressure, and cardiovascular diseases, consumers are seeking healthier alternatives to traditional snacks. Packaged fruit snacks offer a solution, as they are often fortified with essential vitamins and minerals such as Vitamin A, Magnesium, and Potassium. Brands like Paradise Fruits, Nutty Goodness, and Nourish Snacks are leading the charge in this market, offering fiber-enriched products that cater to the health-conscious consumer. General Mills, Dairy, Beverages, and even online retailers and convenience stores are jumping on the bandwagon, offering a wide range of sweet and savory, protein-rich, plant-based fruit snacks. Functional foods have become a popular trend, and fruit snacks are no exception. These snacks often contain micronutrients that offer additional health benefits, making them a healthy alternative to sugary or processed snacks. Organic and healthy product offerings are also on the rise, as consumers seek out snacks that are free from artificial additives and preservatives. In summary, the Packaged Fruit Snacks market is expected to continue its growth trajectory, as consumers increasingly seek out convenient, healthy snack options that provide essential vitamins and minerals to support a healthy lifestyle.
The global packaged foods and meats market encompasses vendors engaged in food processing to ensure food safety and enhance shelf life. According to Technavio, the market's size is determined by the consolidated revenue of the participating companies. This market scope excludes food processing equipment manufacturers and packaged beverage producers, including alcoholic and non-alcoholic beverages. Key growth drivers for the global packaged foods and meats market include the health benefits linked to the consumption of minimally processed foods, such as vegetables, which are abundant in essential nutrients like potassium, dietary fiber, folate, vitamin A, and vitamin C.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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