LONDON--(BUSINESS WIRE)--The global fig snacks market is expected to grow at a CAGR of more than 7% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global fig snacks market by product that includes fig rolls and fig bars. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: changing taste preferences of consumers
The changing taste preferences of the consumers is one of the growth drivers, which will help the global fig snacks market to grow during the forecast period. The taste preference of the consumers for snacks is changing, particularly the younger consumers. They are eager to experiment with new products and flavors and are on the lookout for new and innovative products and flavors. The players in the market strive to meet this demand through various measures such as brand extension, product innovation, and the introduction of new brands.
According to a senior analyst at Technavio for food research, “Continuous product development and innovation are crucial for the sustainability of any market. The players in the market are investing in research and development to come up with products containing innovative ingredients. The millennial consumers form an important consumer segment as their spending power is expected to increase during the forecast period. The players in regions such as the Americas and Europe are formulating products, which cater to the changing demand from these consumers.”
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Market trend: rising global vegan population
Veganism is termed as the practice of abstaining from the use of animal products, especially in diet. The people who follow veganism are known as vegans. The increasing global vegan population can positively influence the growth of the global fig snacks market during the forecast period. People are adopting a vegan diet due to the health benefits associated with it. The number of people opting for vegan diets has increased by about 300% over the previous decade. The foodservice outlets are also including vegan products on their menu to attract vegan customers. For instance, veggie cheese, vegetarian burger, and vegetarian beverages are some of the food offerings available at such eateries.
Market challenge: increasing competition from other snack products
The increasing competition from other snack products such as savory snacks, cereal bars, frozen yogurt is one of the challenges to the growth of the global fig snacks market during the forecast period. An extensive variety of snacking options are available in the market. Thus, consumers can easily switch between products. Besides, most of the consumers are price-sensitive and are not brand loyal. The substitute products such as cereal bars are gaining popularity mainly because of their high nutritional value.
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