Global Fig Snacks Market - 2022-2029

Global Fig Snacks Market - 2022-2029

Market Overview

Fig Snacks Market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 6.89% during the forecast period (2022-2029)

The global fig snacks market is expected to grow in the forecast period due to consumers' increased taste preferences. The changing taste preferences of the consumers are one of the growth drivers, which will help the global fig snacks market to grow during the forecast period. The taste preference of consumers for snacks is changing, particularly the younger consumers. They are eager to experiment with new products and flavors. As a result, they are constantly on the lookout for new and innovative products and flavors. The players in the market strive to meet this demand through various measures such as brand extension, product innovation, and the introduction of new brands. Continuous product development and innovation are crucial for the sustainability of any market. The players in the market are investing in research and development to produce products containing innovative ingredients.

Market Dynamics: Growing health consciousness among the consumers drives market expansion

One of the key factors driving demand for fig snacks is the rise in health issues brought on by the consumption of synthetic products, which has altered consumer perception of plant-based, organic, and healthful fig snack products. Consumption of fig snacks has multiple health benefits, such as reduce high blood pressure, improve digestion, and increase bone density leads to market expansion in the forecast period. The demand for healthier snack options, like figs snacks, is rising as snacking becomes more and more common. This presents a growth opportunity for the sales of fig snacks.

The practice of not using animal products, particularly in the diet, is known as veganism. Vegans are those who adhere to the vegan lifestyle. During the forecast period, the rising number of vegans worldwide may favor the market for fig snacks. A vegan diet is becoming more popular because of its positive effects on health. The number of persons choosing vegan diets has surged by nearly 300% during the preceding ten years. The food service establishments also put vegan options on their menu to lure vegan customers. For instance, one of the meal options at these restaurants is vegan cheese. There are also vegetarian burgers and drinks available.

On the other hand, during the projection period, one of the barriers to the growth of the worldwide fig snacks market will be the escalating rivalry from other snack products such as savory snacks, cereal bars, and frozen yogurt. Market vendors offer a wide range of options for snacks. As a result, customers may quickly swap between products. In addition, most customers are not brand loyal and are price sensitive. Because of their great nutritional content, alternative items like cereal bars are becoming more popular, hampers the market expansion.

Market Segmentation: Fig bars segment accounted for the highest share in global fig snacks market

Fig bars have low sodium, added sugar, and fat content and are made entirely of whole grains. They also don't have hydrogenated oils or refined sugar. Figs contain significant fiber, potassium, magnesium, calcium, and antioxidants. Fig Bars are a nutritious substitute for candy and cookies because they are made with thoughtful ingredients, are Non-GMO Project Verified and Vegan Certified, and don't contain high fructose corn syrup, trans fats, or cholesterol. As people are health conscious, the demand for fig bars is rising in the market and expects to grow in the forecast period.

On the other hand, figs cookies are popular for their high fiber content, which aids in digestion, as well as their high protein content and range of vitamins and minerals. As there are multiple health benefits to consuming fig cookies, the demand for this segment increasingly growing for a couple of years. Health benefits include killing cancer cells, managing blood fat and blood sugar levels, improving digestion and reducing constipation.

Geographical Penetration: The North America is the dominating region during the forecast period

North America had the highest revenue share in 2021, with almost YY%. The region has a thriving supermarket and hypermarket industry, where the demand for wholesome foods is rising. Americans prefer to eat nutrient-dense foods, primarily natural goods, free of additives and chemicals. Additionally, due to an increase in illnesses and infections, more health-conscious consumers are in the United States. This makes it possible for consumers to demand natural and healthy food items like fig snacks, which ultimately aids in the market's expansion.

Competitive Landscape

There are several established participants in the industry and local manufacturers; hence, the market is fragmented. Some major key players include Sunshine Snacks, Newtons, Pamela's Products, Nature's Bakery, Mondelez International, SURE KETO, Made In Nature, Gerben, Little Duck Organics and Fruit Bliss. Companies in the segment focus on mergers and acquisitions and investing in regional expansion to increase their global prominence. For instance, On 2nd September 2022, Nature's Bakery launched Pumpkin Spice Fig Bars. These Fig bars are made with whole-wheat flour, real pumpkin puree, nutmeg, ginger, and cinnamon. The bars are plant-based, vegan-certified, dairy-free, Non-GMO Project Verified, do not contain high fructose corn syrup and are sold on Amazon. Additionally, on March 14, 2017, The Nature's Bakery, revamping its branding, introduced a gluten-free version of its original fig bar, an organic honey and oat bar, and a soft-baked organic brownie. On January 7th, 2020, Ancient Harvest's plant-based food brand's parent company, Quinoa Corporation, acquired Pamela's brand. The acquisition strengthens Quinoa Corporation's capacity to increase its retail presence, doubles the company's revenue, and combines the knowledge of both brands' supplier networks and gluten-free formulations.

COVID-19 Impact Negative impact on the global fig snacks market

Covid-19 has affected every industry in the world. Due to lockdowns, business closures, and travel bans caused by the COVID-19 pandemic. One of the major sectors affected by severe disruptions was the food and beverage industry. Warehouse plants were shut down, and the supply chain was restricted. Additionally, the entire supply chain has been disrupted by the shutdown of various countries' businesses, factories, and production facilities. Manufacturing processes, delivery schedules, and sales of various goods have all suffered as a result. Numerous businesses have already warned of potential delivery delays and a drop in future product sales. Furthermore, trade restrictions imposed by governments in North America, Asia, and Europe, as well as price increases due to those restrictions, are impacting business collaboration, partnership opportunities, and geographical expansion. As a result, these factors hamper the market expansion for fig snacks in the food and beverage sector.

The global fig snacks market report would provide an access to approximately 61 market data tables, 57 figures and 170 pages