Fruit Snack Market size is estimated to reach $3,700 million by 2026, growing at a CAGR of 6.1% over 2021-2026. Fruits snacks are kind of processed fruits that are produced in the food and beverage industry and contains a more nutritional value. Sweet confectionery snacks are considered as fruit snacks and are very similar to gummies. Fruit snacks contain refined sugar and are extracted from concentrated white grape juice. Fruit snack are manufactured by using corn syrup, sugar, fruit concentrate, water, gelatin and various natural and artificial flavors. Growing demand for convenience and processed foods among consumers and rising consciousness about health is the major factor driving the growth of this market. Furthermore, increasing research and development activities in food and beverage industry and rising advancement in technology is set to further enhance the overall market demand for Fruit Extract Market for the period 2021-2026.
Fruit Snack Segment Analysis – By Product
The Fruit Snack Market based on Product can be further segmented into Sweet and Savory, Fresh Cuts and Slices, Candies and Bars, Dairy Based, and Others. The Sweet and Savory segment is the major segment generating revenue in 2020. This is mainly owing to the increasing consumption of sweet and savory products owing to rising consumer preference for convenience foods that are increasing the growth of this market. The Candies and Bars segment is estimated to register the fastest CAGR of 1.05% for the period 2021-2026. This is mainly owing to changing pattern of consumption among consumers and rising trends of consumption among children and are increasing the growth of this segment.
Fruit Snack Segment Analysis – By Fruit Type
The Fruit Snack Market based on Fruit Type can be further segmented into Apple, Mango, Banana, Pineapple, Berries, Mixed, and Others. The Mixed segment registers for the highest Fruit Snack market share in 2020. This is owing to mixed flavors helps to increase the taste of food products that increases the demand of sweet confectionery and are rising the growth of this market. The apple Industry segment is forecasted to register the fastest CAGR of 2% over 2021-2026. This is mainly owing to rising benefits of health such as maintaining blood sugar and reducing cholesterol that increases the demand of fruity snacks and are rising the growth of this market.
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Fruit Snack Segment Analysis – By Geography
North America dominated the Market with major share of 40% in 2020. This is owing to increasing demand of ready-to-eat foods among people and rising intake of snacks in order to satisfy the hungriness. According to U.S. Department of Agriculture, the consumption of snacks increases by 40% among adults in 2020 that increases the intake of fruit snacks and are increasing the growth of this market.
However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 3.05% during the forecast period 2021-2026 owing to rising research and development activities and increasing development in food and beverage industry.
Fruit Snack Market Drivers
Growing Demand for Convenience and Processed Food
Increasing demand of convenience and processed foods and the growing demand of healthy food products increasing the growth of the Market. Moreover, busy lifestyle of people increases the consumption of ready-to-eat snacks that contains refined sugar and are increasing the growth of the Fruit Snack Market over 2021-2026.
Rising Consciousness About Health
Increasing awareness about the benefits of health and rising consciousness about the quality of food products among consumers increases the growth of this Market. Moreover, rising geriatric population and strict regulation regarding the products are also increasing the growth of Fruit Snack Market over 2021-2026.
Covid-19 Impact:
COVID-19 pandemic had greatly impacted the growth of Fruit Snack Market. During pandemic, people are getting consciousness about health that increases the need of fruit snacks products as it helps to provide fruit benefits that increases the demand of fruit snack and are positively impacted the growth of this market.
Fruit Snack Market Challenges
High Cost of Production
The factors that is set to impede the growth of the Fruit Snack Market are the rising cost of production of fruit snack and rising health problems owing to excessive consumption is set to create hurdles for the Fruit Snack Market.
Fruit Snack Landscape
Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Fruit Snack Market. Fruit Snack top 10 companies are Sunkist Growers Inc., SunOpta, General Mills, Inc., Welch’s, Kellogg Co., Bare Foods Co., Crunchies Natural Food Company, LLC, Crispy Green Inc., Flaper SA, and Mount Franklin Foods, LLC.
Developments
In 2020, Mount Franklin Foods, LLC acquired Arro Corporation that helps to expand and develop its products.
In 2020, Welch’s launched its new three-ounce Easter Egg, which included six fun-sized pouches of fruit snacks.
Key Takeaways
Geographically, in 2020, North America dominated the Fruit Snack Market owing to increasing demand of ready-to-eat foods among people and rising intake of snacks in order to satisfy the hungriness.
Growing demand for convenience and processed foods among consumers and rising consciousness about health are likely to aid in the market growth of the Fruit Snack.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Fruit Snack Market report.
High cost of production of fruit snacks and increasing side effects is set to create hurdles for the Fruit Snack Market.
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B. Fruit And Vegetable Ingredients Market
https://www.industryarc.com/Report/15230/fruit-vegetable-ingredients-market.html
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