Oat-based Snacks Market Trends, Size, Share, Revenue, Demand, Growth Drivers, Challenges, Key Players, CAGR Status and Business Opportunities Till 2033: SPER Market Research
Market Overview and Growth Insights: Oats, a nutrient-rich whole grain, serve as the foundation for oat-based snacks. These snacks offer a convenient and healthy choice for busy individuals. They come in various forms, including granola bars, cookies, crackers, and even savory crisps. The fiber in oats, especially beta-glucan, is believed to aid digestion, promote heart health, and help regulate blood sugar levels. Moreover, oats provide an excellent supply of essential vitamins, minerals, and antioxidants.
According to SPER Market Research, ‘Global Oat-based Snacks Market Size- By Product, By Distribution Channel – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Global Oat-based Snacks Market is estimated to reach USD 35.44 billion by 2033 with a CAGR of 4.68%.
Drivers: The market’s growth is attributed to the increasing consumer demand for healthy snack options, driven by a heightened awareness of the health benefits associated with oats. Because of their high fiber, protein, and antioxidant content, oats make a great snack food that can help people control their weight, manage blood sugar, and minimize their risk of heart disease. Healthy snack demand has increased as a result of the transition to plant-based products and a vegan diet. Wholegrain, multigrain, and organic snacks are among the most popular requests from customers. Oat-based snacks revolutionized the market by being cost-effective to produce while meeting consumer preferences and cravings.
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Restraints: The price volatility of oats, which is affected by weather patterns and disruptions in the global supply chain, is a major obstacle that could lead to changes in production costs. Additionally, even though oats are inherently gluten-free, cross-contamination during processing in facilities that also handle wheat may make them less appealing to people with celiac disease or gluten sensitivity. Other healthy snack options like nuts, seeds, and protein bars pose a severe threat to the company as well because they may provide more obvious perceived advantages in terms of convenience or protein.
Impact of COVID-19: The COVID-19 pandemic had a substantial effect on the supply and demand dynamics of the global oat-based snacks market. On the one hand, as consumers looked for better substitutes for conventional processed snacks, the pandemic’s increased emphasis on immunity and health increased demand for healthy, plant-based, and functional meals. This, in turn, made oat-based snacks more alluring. However, manufacturing and delivery were impacted by workforce shortages, supply chain interruptions, and logistical difficulties during lockdowns, which occasionally resulted in delays and shortages.
Key Players: Additionally, some of the market key players are – Abbott, Bobo’s Oat Bars, Britannia Industries, General Mills Inc., Mondelēz International, Nairn’s Oatcakes Limited.
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