Sweet Snacks Market to Grow by USD 82.4 Billion from 2024-2028, Driven by Rising Consumer Purchasing Power and AI Impact on Market Trends- Technavio Report

NEW YORK, Sept. 12, 2024 /PRNewswire/ -- Report with the AI impact on market trends- The global sweet snacks market size is estimated to grow by USD 82.4 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.21%  during the forecast period. Rising purchasing power of individuals is driving market growth, with a trend towards rising popularity of organic chocolates. However, stringent government regulations related to food products  poses a challenge. Key market players include Arca Continental S.A.B. De C.V., Blue Diamond Growers, Calbee Inc., Campbell Soup Co., Chocoladefabriken Lindt and Sprungli AG, Conagra Brands Inc., Ferrero International S.A., General Mills Inc., Haldiram Foods International Pvt. Ltd., HARIBO GmbH and Co. KG, Jelly Belly Candy Co., Kellogg Co., Mars Inc., Mondelez International Inc., Nestle SA, Palmer Candy Co., PepsiCo Inc., The Hain Celestial Group Inc., The Hershey Co., Unilever PLC, and Universal Robina Corp..

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Market Driver

Organic chocolate is a segment of the sweet snacks market made from certified organic ingredients, free from pesticides, herbicides, synthetic fertilizers, GMOs, artificial ingredients, and preservatives. The demand for healthier snacking options has risen due to increasing health awareness, driving the popularity of organic snacks, including organic chocolate. Major chocolate manufacturers like Mars, Nestle, Mondelez, and Hershey are responding to this trend by increasing production of organic chocolate. This growth in organic chocolate is particularly appealing to Millennials and is expected to boost the global sweet snacks market significantly during the forecast period. 

The Sweet Snacks Market is experiencing significant growth due to increasing consumer preference for convenient, tasty, and healthier options. Macro indicators like obesity and diabetes are driving the demand for snacks that are low in calories, carbohydrates, and sugar. Raw materials like dried fruits, dark chocolate, nuts, seeds, and dates are popular choices for organic snacks. Convenience stores and online distribution channels are key sales channels. Organic certifications, gut health, and immune system boost are major trends. Ingredients like whole foods, natural flavors, and high protein are in demand. Frozen, dried, and fresh snacks, including smoothies, crisps and chips, extruded snacks, and flakes, cater to various consumer preferences. Protein snack bars are a popular choice for health-conscious individuals. Diabetic patients prefer sugar-free and low sugar options. Portable, resealable packaging is essential for convenience. 

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Market Challenges

• The global sweet snacks market is experiencing notable shifts due to increasing regulatory measures aimed at addressing health concerns linked to sugar consumption. Governments worldwide are implementing stricter guidelines, including sugar taxes and nutritional labeling regulations. For instance, the UK's Soft Drinks Industry Levy imposes a tax on beverages with high sugar content, compelling manufacturers to reformulate their products or face increased costs. Similarly, Malaysia's sugar tax was raised by 25% in Budget 2024. In the US, the FDA mandates clearer labeling, requiring manufacturers to disclose added sugars and provide detailed nutritional information. The European Union requires front-of-pack nutrition labels, such as the Nutri-Score. Regulatory bodies also scrutinize health claims to prevent misleading information. These changes compel companies to adjust their product formulations and marketing strategies, driving innovation and adaptation to maintain market competitiveness. Overall, stringent government regulations pose a significant challenge to the growth of the global sweet snacks market.
• The sweet snacks market faces several challenges in today's health-conscious consumer landscape. Whole foods, such as nuts, seeds, dates, and coconut, are popular choices due to their natural ingredients and nutritional benefits. However, these snacks often come with higher calorie and carbohydrate counts, making it essential for manufacturers to offer low sugar, sugar-free, and diabetic-friendly options. Competing with conventional snacks like crisps and chips, extruded snacks, flakes, and protein snack bars require innovative flavors and natural certifications to attract health-conscious consumers. As consumers prioritize gut health, high protein, and vitamin-rich snacks, manufacturers must focus on boosting immunity and catering to various dietary preferences. Online retail has disrupted the market, making snacks more accessible than ever. However, ensuring food safety and eco-friendly packaging are crucial to meet consumer demands. Frozen and refrigerated snacks offer longer shelf life and convenience, while portable, resealable packaging is essential for on-the-go snacking. Manufacturers must cater to diverse snack preferences, including gluten-free, low sugar, and meal replacement bars. Emerging trends include Crunchy Poppers, Whisps, and snacks made from recyclable materials. Adapting to these challenges will be key to thriving in the sweet snacks market.

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Segment Overview 

This sweet snacks market report extensively covers market segmentation by

1. Product 
• 1.1 Cakes
• 1.2 Cookies
• 1.3 Others
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Cakes-  The sweet snacks market is a significant sector in the food industry, showcasing continuous growth. Various types of sweet snacks, including chocolates, candies, pastries, and baked goods, cater to diverse consumer preferences. Companies focus on innovation, using high-quality ingredients and unique flavors to attract customers. Competition is fierce, requiring effective marketing strategies and competitive pricing to maintain market share. Consumer trends, such as healthier options and convenience, influence product development. The market's future looks bright, with increasing demand for sweet treats in various settings, from homes to workplaces and beyond.

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Research Analysis

The sweet snacks market is experiencing significant growth due to the increasing trend of snacking between meals. Macro indicators such as busy lifestyles, convenience, and health-conscious consumers are driving the demand for sweet snacks. However, obesity is a concern, leading to a growing preference for healthier options. Raw materials like organic fruits, dried fruit, nuts, seeds, and dark chocolate are popular choices for making organic snacks. Convenience stores and online distribution channels are key sales channels for these snacks. Ingredients like dates, coconut, and natural flavors add to the appeal. Consumers are also opting for fresh, whole foods, and low-calorie, low-sugar options such as smoothies, protein snack bars, and potato crisps with natural flavors like "All Dressed." Overall, the market for sweet snacks is diverse, with offerings ranging from fresh and frozen to dried and packaged, catering to various dietary preferences and lifestyles.

Market Research Overview

The sweet snacks market is experiencing significant growth due to the increasing trend of snacking between meals. Macro indicators such as busy lifestyles, changing demographics, and a shift towards healthier eating habits are driving this growth. Snacking preferences vary from fresh fruits, dried fruits, nuts, seeds, and dates, to frozen snacks, smoothies, and even protein snack bars. Raw materials used in sweet snacks production include coconut, dark chocolate, and various grains. Organic snacks made from whole foods like nuts, seeds, and dried fruits are gaining popularity due to their health benefits and organic certifications. Convenience stores and online distribution channels are major sales outlets for sweet snacks. Health-conscious consumers prefer low sugar, natural ingredient snacks, while diabetic patients opt for sugar-free and low carbohydrate options. The market caters to various dietary preferences, including gluten-free, vegan, and vegetarian. Food safety, eco-friendly packaging, and snack variety are key considerations for consumers. Innovative snack offerings include Crunchy Poppers, Whisps, and Meal replacement bars. Frozen and refrigerated snacks are also gaining traction, as they offer extended shelf life and convenience. Flavors and ingredients continue to evolve, with a focus on boosting immunity, improving gut health, and providing high protein content. The market is expected to grow further, as consumers continue to seek convenient, portable, and nutritious snack options.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Cakes
• Cookies
• Others
• Distribution Channel
• Offline
• Online
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio