Fruit Snacks market research study in brief
The business intelligence study for the Fruit Snacks market provides an extensive synopsis of essential aspects involving the product classification, important definitions, and other industry-specific parameters. The report also covers the key factors associated with the current events such as alliances, mergers & acquisitions, and new product launches.
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Additionally, the Fruit Snacks market study puts forth a rigid basis for collecting a cluster of insights that potential customers can use to enhance their revenues and reduce costs. The illustration of data on Fruit Snacks market segmentation by type, application, and geography offers a critical viewpoint of, what manufacturers are eyeing for the stipulated timeframe.
The global fruit snacks market is poised to grow at an impressive CAGR of over 8.5% and is estimated to reach a value pool of over US$ 9 Bn by the end of the forecast period (2019-2027). Although breakfast foods and energy drinks have gained precedence among the masses, fruit snacks are becoming popular and their consumption will continue to grow at a steady clip. Health foods are no longer a niche group, as they are starting to incorporate more mainstream food trends.
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Key Takeaways of Fruit Snacks Market
- When it comes to heightened global sales of fruit snacks, consumer awareness and preferences are further accompanied by an increasing number of government initiatives
- North America had an overall market share of more than 25%. Increasing millennial propensity for convenience foods with a high nutritional quotient will drive the fruit snacks market in this area
- Asia Pacific will be the most lucrative region for the fruit snacks market during the forecast period with a growth rate of over 5.5%. Growing fears about high sugar intake, artificial ingredients and dissatisfaction with daily indulgence is causing Asian consumers to shift towards fruit snacks
Global fruit snacks Market: In-Depth Assessment on Key Segments
The global fruit snacks market is segmented on the basis of nature, product type, distribution channel and region.
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Product Innovation Fuelling Sales Growth
The global fruit snacks market is consolidated in nature with a few major food companies such as Kellogg Co and General Mills acquiring the top shares. Manufacturers are implementing state-of-the-art manufacturing and packaging techniques to fulfill customer expectations for GMO-free food products and other unhealthy artificial ingredients. Companies operating on the fruit snacks market are paving the way for product innovation by investing enormous amounts in product development programs to meet the needs of current and potential customers as well. For example, companies like SunOpta invested enormous amounts to launch new products to expand their market presence and also reach potential and untapped markets.
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