PORTLAND, OR — A new report by Allied Market Research found that the global low-calorie snack market generated $7.6 billion in 2020 and is estimated to reach $24.1 billion in the next decade, witnessing a CAGR of 12.3% from 2021 to 2030.
The report was broken down by type, nature, package and distribution channel, and identified three prime determinates of growth: rising awareness about health, rise in demand for convenience food and change in culture and lifestyle.
Although healthier substitutes entail organic foods with high production costs, there’s been a surge of willingness from consumers to buy premium and environmentally friendly products. This will create a big opportunity for snack manufacturers in the coming years.
Cakes, pastries, ice cream and muffins that meet the desire for healthy eating continue to drive the growth of the sweet snacks category.
Savory snacks are predicted to dominate during the upcoming decade, keeping consistent with the category having the highest market share in 2020 — holding nearly 60% of the global low calorie snack market. However, sweet snacks are expected to have the highest CAGR of 12.9% from 2021 to 2030. Cakes, pastries, ice cream and muffins that meet the desire for healthy eating continue to drive the growth of the category.
Other notable statistics include that the packaging type of wide-mouth jars made of heat-tempered glass is projected to have the highest CAGR of 13%, and that Europe, followed by North America, accounted for the highest revenue share or the market in 2020. The region is predicted to hold onto its leadership status into 2030.
The report placed General Mills, Mondelez International, Nestlé S.A and the Archer Daniels Midland Company among the list of leading market players.
