Granola is Estimated to Witness High Growth Owing to Increasing Health Consciousness
Granola is a breakfast cereal made from oats, honey, nuts, dried fruit and various other ingredients such as puffed rice, coconut flakes. It is a highly nutritious snack which can also be eaten as part of a breakfast meal. Granola can be eaten directly from the box or mixed into yogurt, milk or added to baked goods. The product is gaining popularity among health conscious consumers due to its low sugar and high protein and fiber content. The global granola market is estimated to be valued at US$ 3,753.4 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The global granola market is estimated to be valued at US$ 3,753.4 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of granola market size is the increasing health consciousness among consumers globally. Granola is considered a healthier alternative to traditional breakfast cereals due to its low sugar and high fiber content. The product helps in weight management and regulation of blood sugar levels. Additionally, the rising cases of diabetes and obesity have encouraged consumers to shift to more nutritious breakfast and snacking options like granola. The health benefits of granola coupled with the increasing focus on fitness is expected to drive the demand over the forecast period.
SWOT Analysis
Strength:
Granola is a popular snack in developed regions such as North America and Europe. It is considered a healthy breakfast option that provides nutrition. Granola contains grains, nuts and dried fruits which are rich in vitamins, minerals and fibre. The ingredients present in Granola aid in maintaining cardiovascular health and managing weight.
Weakness:
Granola has a relatively short shelf life of 6-8 months. Exposure to moisture can reduce its shelf life further. Granola also has a high sugar content if eaten in larger quantities. This makes it less suitable for diabetics and weight watchers. Complex manufacturing process of granola increases production costs.
Opportunity:
Emerging markets in Asia Pacific and Latin America are expected to drive future growth opportunities. Rising health awareness and changing dietary patterns in developing nations will boost demand. Growth of organised retail and e-commerce channels provide new sales avenues. Introduction of organic, low sugar and gluten free variants can attract more consumers.
Threats:
Fluctuations in prices of key ingredients like oats, nuts and dried fruits can impact profit margins. Popularity of other breakfast cereals and muesli poses competition threat. Stringent food safety regulations increase compliance costs for manufacturers.
Key Takeaways
The global granola market is expected to witness high growth over the forecast period supported by increasing health consciousness among consumers. The North American region currently dominates the market owing to high consumption levels in the United States. Changing lifestyles and preference for healthy and convenient food options have augmented granola sales across major markets.
Regional analysis: Europe is the second largest regional market for granola led by countries like Germany, United Kingdom and France. Rising adoption of western food trends and high health awareness is propelling demand growth. Additionally, presence of leading brands and availability across all retail channels boost accessibility.
Key players operating in the granola market are Piezo.com, Microchip Technology Inc., Cypress Semiconductor Corporation, EPeas SA, Texas Instruments Incorporated, EnoCean GmbH, STMicroelectronics NV, ABB Limited, Analog Devices Inc., Powercast Corporation, and Advanced Linear Devices Inc.
Get more insights on this topic: https://www.trendingwebwire.com/granola-market-propelled-by-growing-demand-for-healthy-and-nutritious-breakfast-options/
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