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The Granola Market is estimated to be valued at US$ 3,753.3 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Granola is a cereal made from oats, honey, nuts, puffed rice, and puffed quinoa grains. It is very versatile and can be eaten as a snack or mixed with yogurt. Granola comes in many flavors such as apple cinnamon, coconut, chocolate, vanilla, etc. It is a popular alternative for breakfast as it is convenient and easy to prepare. Granola also provides many health benefits as it is a good source of fiber, protein, vitamins, and minerals. With the rising demand for healthy on-the-go breakfast options, the granola market is growing significantly.
Market Dynamics:
The demand for granola is driven by two main factors – changing lifestyles and focus on health and wellness. Due to busy schedules, more people are opting for quick and easy breakfast options like granola bars and granola cereals, which is contributing to the growth of this market. Consumers are also becoming more health-conscious and prefer food products that offer nutritional benefits. Granola contains no artificial ingredients and is gluten-free. Therefore, it caters to the needs of many health-focused customers. Furthermore, granola tastes quite delicious when mixed with fruits and yogurt. The wide variety of flavors and formats in which granola is available make it very appealing as well. Innovations like organic, sugar-free and plant-based granola options are further fueling market expansion over the forecast period.
Segment Analysis
The granola market is dominated by the organic sub-segment. The demand for organic granola is rising significantly owing to increasing health consciousness among consumers. Organic granola contains no preservatives, artificial colors or flavors. It is made using organic grains, nuts and dried fruits. Consumers are willing to pay premium prices for organic granola due to associated health benefits.
PEST Analysis
Political: The granola market is positively impacted by regulations supporting organic and natural foods. Various government initiatives promote consumption of healthy snacks.
Economic: Rising disposable incomes and changing lifestyles have increased on-the-go breakfast consumption. Busy schedules leave lesser time for home-cooked meals encouraging granola as a convenient snack.
Social: Health trends influencing food choices and focus on nutritional value are driving demand. Granola is perceived as a healthy snack rich in fibers, vitamins and minerals.
Technological: Advances in processing aid production of innovative granola varieties. Technologies preserving nutrients during baking improve the nutritional profile.
Key Takeaways
The global granola market is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing preference for healthy on-the-go snacks. North America dominates the market owing to high awareness about health benefits. The U.S. accounts for over 30% market share led by food innovations and busy lifestyles. Changing dietary patterns and rising health consciousness in Asia Pacific is fueling market growth at a rapid pace in the region.
Regional analysis
Europe is the second largest regional market for granola. Countries like Germany, France and the U.K. are major consumers driven by vegan trends and demand for gluten-free foods. Organic variants have strong demand owing to environmental and sustainability priorities of European consumers.
Key players
Key players operating in the granola market are Kellogg Corners,Kraft Foods Inc.,Sunnycrunch,ConAgra foods,Clif Bar & Coand,General Mills,Nestle,Nature Valley,Slim-Fast Food Co. Kellogg dominates with its brands like Kellogg and Kashi offering different granola flavors. General Mills entered into strategic partnership with Barbara’s Bakery LLC to further strengthen its presence.
