The global oat-based snacks market size is expected to reach USD 23.45 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 4.3% during the forecast period. Changing dietary preferences and awareness regarding healthy eating habits are the key factors driving the growth. High nutritional properties of oats including high content of carbs, minerals, vitamins, and antioxidants make them an effective snacking option, which in turn is projected to fuel the demand.
Oats help reduce cholesterol and blood sugar levels and promote healthy weight loss and growth of good bacteria owing to the high antioxidant content. These health benefits encourage snack manufacturers to add healthy oat-based snacks in their product portfolio. In June 2017, Nestlé and General Mills entered into a joint venture in Germany. The company had a wide range of breakfast cereal bars with three variants, namely, crispy chocolate, almond, and pumpkin seeds focusing the young adult consumers looking for on-the-go and nutritious snacks. This product launch improved the product visibility.
Asia Pacific is projected to witness the fastest CAGR of 4.6% from 2019 to 2025. Over the past few years, major foreign investors have adopted business strategies such as new product launches and mergers and acquisitions to cater to the increasing demand for the healthy oat snacks. For instance, in May 2018, Britannia Industries launched NutriChoice Oats Chocolate & Almond cookies in India to cater to the increasing demand for healthy snacks in the region.
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Further key findings from the report suggest:
- In terms of revenue,Asia Pacific is projected to witness the fastest CAGR of 5.1% from 2019 to 2025
- Oat-based savory product segment is expected to witness the fastest CAGR of 4.4% over the forecast period
- Europe accounted for the largest oat-based snacks market share of approximately 33.5% in terms of revenue in 2018
- Key players operating in the oat-based snacs market include General Mills, Kellogg, Mondelez International, Nairn’s Oatcakes, Quaker Oats Company, Bobo’s Oat Bars, Britannia Industries, Curate Snacks, Pamela’s Products, and Seamild
Grand View Research has segmented the global oat-based snacks market on the basis of product, distribution channel, and region:
Oat-based Snacks Product Outlook (Revenue, USD Million, 2015–2025)
- Oat-based Bakery and Bars
- Oat-based Savory
Oat-based Snacks Distribution Channel Outlook (Revenue, USD Million, 2015–2025)