Global Low Calorie Snacks Market - 2023-2030

Global Low Calorie Snacks Market - 2023-2030

Market Overview

Low calorie snack foods are aiding in more specific roles as customers continue to look for ways to balance nutrient-dense, healthy, and purposeful snacking with the aim for emotionally satisfying and indulgent snacks, especially when indulgent snacks are of higher quality. Low calorie snacks have the potential to offer several health benefits without impacting health as it is prepared from natural and free from ingredients.

Moreover, the increase in demand for and consumption of snack food in the emerging markets of Asia-Pacific, such as India and China, has significantly fueled the growth of the global low calorie snacks market. Furthermore, a rise in disposable income and a change in lifestyle and food habits will further boost the snack market's growth. In addition, an increase in inclination for ready-made and convenient food products, an increase in the spending capacity of people, and growth in demand for organic and conventional snacks increase the demand for low calorie snacks, thereby accelerating the low calorie snacks market growth.

The global low calorie snacks market was valued at USD YY million in 2022. It is forecasted to reach USD YY million by 2030, growing at a CAGR of 9.46% during the forecast period (2023-2030).

Market DynamicsThe upsurge in health awareness and increasing demand for convenience foods is driving the market

Over time, people have become more aware of the significance of eating. The sharp increase in chronic health problems brings it on. Consumers nowadays have embraced special diet plans to address health issues and even changed their lifestyles to stay in shape. The use of low-calorie snack products is one of the significant developments associated with this trend. Low calorie snacks are becoming more popular because they do not include additives and are less likely to be nutritionally complete because they have many fewer calories than are required to maintain a healthy weight. Additionally, there has been a steady rise in the demand for convenience foods over time, with the trend being particularly pronounced in developing regions. For consumers who work in the corporate sector, convenient food has established itself as a reliable source of nourishment. It enhances the market uptake of these items. Since low calorie snacks are also seen as convenience foods, the market for low calorie snacks will benefit from the expansion and popularity of convenience foods.

The key manufacturers are also launching new products, which is expected to drive market growth. For instance, on December 2, 2022, Kellogg’s launched two low-calorie products for breakfast and snack time. Krave Double Chocolate Brownie Batter Cereal and Froot Loops with Marshmallow Jumbo Snax are new products.

However, taste is a major factor that decreases the consumption of low-calorie snacks. Furthermore, the high cost of low-calorie snacks is also anticipated to hinder market growth in the forecast period. Ready-to-eat to have few potential health threats that are processed food claims to have few potential health threats that will likely obstruct market growth over the forecast period. Also, artificial preservatives in low calorie snacks are anticipated to be a major challenge for the market.

Market Segmentation: The savory snacks segment accounted for the highest global low calorie snacks market share

The savory snack segment held the largest revenue share in 2022. Rapid urbanization and rising population consumption both have a significant impact on the market expansion of the food and beverage industry. A considerable element driving the growth of the low-calorie snack market is the leading trend in the food and beverage sector toward snacking products. During the projection period, the market for low calorie snacks would increase due to rising consumer spending on food products and rising demand for savory snacks during movie times in malls and the multiplex sector. The key manufacturers are also launching new products, which are expected to drive market growth. For instance, on March 24, 2021, Bikano launched several new savory snacks in the market to capture more consumers in Northern India. In packaged format, regional flavors and local snacking options are quite popular among Indian households. It also helps that in-home consumption of foods drove sales of packaged convenience foods, cookies, and salty snacks in the country last year.

Geographical Penetration: Europe is the dominant region during the forecast period

In 2022, Europe dominated the market, accounting for the largest proportion of the low-calorie snacks industry. Retail channels have grown and spread across Europe. With the growing internet penetration and the availability of online food delivery, the market for snacks has grown dramatically, fueling the consumption of such food and beverages in this region. Furthermore, the development of the tourism sector in this region allows roadside businesses to sell snack products that can be conveniently sold and carried at cheap selling and storage costs. Moreover, the increasing demand for low calorie snacks among the population is increasing the concentration of big manufacturers towards launching such innovative offerings. The major players are concentrating on developing a product portfolio of low-calorie snacks. For instance, in April 2022, Nestlé’s brand DiGiorno launched the latest stuffed pizza bites snack, its flagship pizza with loaded cheese.

Competitive Landscape

The key players in the market are General Mills, Inc., Conagra Brands, Inc., Cargill, Incorporated, Eat Natural, Maple Leaf Foods, Quorn, Oumph!, Upton's Natural, Hilary's Drink Eat Well, LLC, and ZELLE ORGANIC. Players in the low-calorie snacks market have adopted business expansion and product launch as their key developmental strategies to expand their market share, increase profitability, and remain competitive. For instance, on October 15, 2021, Kooky introduced fruity snacks. A new product offers deliciously healthy snacks for the whole family. A new product features a range of super fruits, including freeze-dried, light, and crispy jackfruit, mango, and mangosteen, and gently dried, soft, and chewy banana and dragon fruit.

COVID-19 Impact: Positive impact on the global low calorie snacks market

The demand for and sale of snacks has experienced a sudden slump due to the outbreak of the COVID-19 pandemic. In the initial stages of the lockdown, consumers' panic buying of food supplies contributed to the rapid sale of ready-to-eat food in retail distribution channels. According to the U.S. Department of Agriculture, grocery store sales rose to 99% in the middle of March and 25% higher on April 1st, 2020, compared to the last year. The trend of consuming nutrient-enriched products to maintain overall health and immunity in the current pandemic has been expected to create enormous opportunities for healthy food manufacturers in the forthcoming years. Moreover, the COVID-19 pandemic has fueled the online distribution channel and is expected to be the fastest-growing sector during the forecast period. The collaboration of food delivery platforms with grocery chains is a trend that is gaining momentum. For instance, in October 2021, Tesco, the U.K.'s largest supermarket chain, partnered with German delivery group Gorillas to deliver their products in 10 minutes. The deal is expected to aid Tesco in entering the rapidly growing fast-track delivery sector, which has emerged as lockdowns and working from home have accelerated the transition to online shopping.

The global low calorie snacks market report would provide an access to approximately 53 market data tables, 50 figures and 200 pages