Better for You Snacks Market is anticipated to accelerate at a CAGR of 3.3% from 2023 to 2033, reaching a valuation of US$ 38,372.3 million by 2023. By the end of 2033, it is projected that the market would be valued US$ 53,183.7 million. Due to the quick changes in consumer lifestyle and rising disposable income, the market for better-for-you snacks is predicted to develop gradually and account for 20% of the worldwide snack industry in 2023.
The Better for You Snacks Market is experiencing remarkable growth as health-conscious consumers increasingly seek nutritious alternatives to traditional snacks. With a focus on natural ingredients, reduced sugar, and functional benefits, these snacks cater to diverse dietary preferences. The market’s expansion is fueled by rising awareness of wellness and the demand for guilt-free indulgence.
Better for You Snacks Market is anticipated to accelerate at a CAGR of 3.3% from 2023 to 2033, reaching a valuation of US$ 38,372.3 million by 2023. By the end of 2033, it is projected that the market would be valued US$ 53,183.7 million. Due to the quick changes in consumer lifestyle and rising disposable income, the market for better-for-you snacks is predicted to develop gradually and account for 20% of the worldwide snack industry in 2023.
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The Better for You Snacks Market is experiencing remarkable growth as health-conscious consumers increasingly seek nutritious alternatives to traditional snacks. With a focus on natural ingredients, reduced sugar, and functional benefits, these snacks cater to diverse dietary preferences. The market’s expansion is fueled by rising awareness of wellness and the demand for guilt-free indulgence.
Better for You Snacks Market Outlook:
Better-for-you snacks are expected to have a global market worth US$ 38,372.3 million in 2023 and grow at a CAGR of 3.3% through 2033. This is a result of consumers’ rising health consciousness and growing awareness of the benefits of a healthier diet. Growing worries about obesity and chronic heart conditions are adding to this.
Together, these reasons are causing an explosion of new, healthier snack options on the market, including those that are high in protein, low in sugar, low in calories, and gluten free. Given the vast range of dietary choices and health-related restrictions that contemporary clients are known to have, FMI has reason to believe that this ultimately satisfies them.
Better for You Snacks Market Outlook:
Better-for-you snacks are expected to have a global market worth US$ 38,372.3 million in 2023 and grow at a CAGR of 3.3% through 2033. This is a result of consumers’ rising health consciousness and growing awareness of the benefits of a healthier diet. Growing worries about obesity and chronic heart conditions are adding to this.
Together, these reasons are causing an explosion of new, healthier snack options on the market, including those that are high in protein, low in sugar, low in calories, and gluten free. Given the vast range of dietary choices and health-related restrictions that contemporary clients are known to have, FMI has reason to believe that this ultimately satisfies them.
Key Takeaways:
- Market Valuation: The alternative protein market is estimated to reach a valuation of US$ 423 billion by 2033, with a projected CAGR of 19% during the forecast period.
- Global Presence: The United States is expected to capture a share of 13.4%, while Japan, Germany, and Australia are set to secure shares of 2.9%, 2.7%, and 2.6%, respectively, in the global market by 2033. China is registering a CAGR of 5.3% during the forecast period.
The alternative protein market is witnessing remarkable growth as consumers increasingly prioritize sustainable and ethical food choices. Advancements in plant-based proteins, cultured meat, and insect-based products are driving this expansion, addressing the rising global demand for protein sources while promoting resource conservation.
Key Points:
- Plant-Based Meat: Companies like Impossible Foods and Beyond Meat are driving innovation in plant-based meat substitutes, offering alternatives with texture, taste, and cooking methods reminiscent of traditional animal-based meat.
- Plant-Based Dairy: Innovations in plant-based dairy by companies like Califia Farms, Oatly, and Miyoko’s Creamery include a variety of products such as cheese, milk, yogurt, and ice cream, appealing to consumers with added flavor.
- Cultured Meat: Advancements in cultured meat production by companies like JUST, Memphis Meats, and Mosa Meat are reducing environmental impact and addressing concerns about animal welfare.
- Alternative Seafood: Companies like New Wave Foods, Good Catch, and BlueNalu are meeting the demand for sustainable seafood alternatives, providing crab, fish, and shrimp through traditional food methods.
Market Segmentation:
- By Source: Insect-based, Microbial-based, Plant-based Alternative Protein (including Soy Protein Isolates, Soy Protein Concentrates, Fermented Soy Protein, Duckweed Protein, and Others), and Other Alternative Protein Sources.
- By Application: Food & Beverage, Cattle, Aquaculture, Animal Feed, Pet Food, Equine, and Other Applications.
- By Region: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
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Key Takeaways from the Market:
- The United States market showed an astonishingly high CAGR of 20.7% through 2033. This could be due to the rising awareness of obesity within the consumer group.
- FMI calculated that the market in Germany rose at a CAGR of 6.4% in 2022.
- The Japanese market rose at a comparatively lower CAGR of 2.3% in 2022.
- In 2022, the better for you snacks market in Australia expanded at a CAGR of 2.4%.
- The market in China progressed at a CAGR of 6.5% during 2022.
- Indian better for you snacks market swelled at a steady CAGR of 7.0% during 2022.
- During 2022, the market in the United Kingdom augmented by a CAGR of 6.6%.
Competitive Landscape:
The key companies in the better for you snack market are focusing mainly on launching new healthier snack options in order to be on par with its exorbitant consumer demand. The companies are also bringing attractive packaging and extended shelf life to their attention while simultaneously striving to source from sustainable and environment-friendly resources. Many companies are coming up with ways to rebrand and present themselves in unique and appealing ways. These products can improve the consumer’s health and are convenient, flavorful, and enjoyable to eat.
Companies are also targeting a certain product price range so that consumers from all income groups can afford to buy them. Leading brands in this competition are:
- Unilever
Unilever has started an initiative called Positive Nutrition, which involved reformulating their products to have less salt, sugar, and overall calories. They are also aiming for 70% of their portfolio to meet WHO-aligned nutritional standards.
They are also aiming to provide plant-based meat and dairy alternatives while tackling the issues of food loss and waste.
- The Kellogg Company
Kellogg’s is adding fuel to the single-serve snacks category by enhancing its recipes and bettering its existing range of Better For You Snacks. The Better for You range, including Special K, Special K Protein, Nutri-Grain, Cereal and Milk Bars, and Nuts and More bars, supports retailers in meeting the needs of shoppers looking for more nutritious on-the-go products than a simple chocolate bar or other kinds of confectionery snacks.
Nutri-Grain is also relaunching as a wholesome snack to grab on the go, seeing its filling condensed from 17 ingredients down to seven, and a rebrand on packaging to showcase its improved flavor.
- Danone
Danone has been partnering with entrepreneurs who are also aiming for a healthy and sustainable future for food. They are enhancing their business model, creating mobile apps for their products, and making flavorful, healthy food more accessible.
Recent Developments:
- In 2021, Royal DSM NV completed the acquisition of Vestkorn Miling, expanding its alternative protein portfolio in Europe.
Key Players’ Strategies:
Key competitors are adopting strategic innovations, investing in R&D projects, and implementing marketing strategies such as mergers, collaborations, product launches, and agreements to meet consumer demands and drive market growth.
Better for You Snacks Market Outlook by Category
By Type:
- Bakery Snacks
- Candy
- Confectionery
- Sweet Frozen Treats
- Fruit Snacks
- Savory Snacks
By Sales Channel:
- Offline Sales Channel
- Supermarkets/Hypermarkets
- Departmental Stores
- Convenience Store
- Other Sales Channel
- Online Sales Channel
- Company Website
- E-commerce Platform
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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