July 25, 2024
Granola Market

Growth of Granola Market to Reach US$ 3,753.3 Billion by 2023

The global Granola Market is estimated to be valued at US$ 3,753.3 billion in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period of 2023-2033, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Granola is a popular breakfast and snack food made from rolled oats, nuts, honey, and dried fruits. It offers several health benefits, including low cholesterol levels, high fiber content, and a good source of vitamins and minerals. The growing consumer preference for healthy and nutritious food options is driving the demand for granola products. Furthermore, the rising trend of on-the-go breakfast and the increasing popularity of organic and gluten-free products are also contributing to the market growth. The granola market presents lucrative opportunities for manufacturers to introduce innovative flavors and packaging formats to attract a wider consumer base.

Market key trends:
One key trend in the Granola Market Size is the rising demand for plant-based and vegan granola products. With the growing awareness about the environmental impact of animal agriculture and the increasing number of consumers adopting a vegan lifestyle, the demand for plant-based food products is on the rise. Plant-based granola offers a healthy and sustainable alternative to traditional granola made with animal-derived ingredients. Manufacturers are introducing new varieties of vegan granola, incorporating ingredients like nuts, seeds, and dried fruits, to cater to the growing demand from health-conscious and environmentally aware consumers. This trend is expected to drive the growth of the granola market in the coming years.
Segment Analysis:

The granola market can be segmented based on product type, distribution channel, and region. In terms of product type, the market can be classified into bars, bites, clusters, and others. Among these, bars dominate the market owing to their convenience and portability. Granola bars are widely consumed as on-the-go snacks and are available in various flavors, catering to different consumer preferences. The demand for bars is further supported by their long shelf life and availability in single-serve packaging, making it a preferred choice for busy individuals.

In terms of distribution channel, the granola market can be divided into supermarkets/hypermarkets, convenience stores, online retail, and others. Supermarkets/hypermarkets hold the largest market share as they offer a wide range of granola products from different brands. These stores provide a one-stop solution for consumers looking to purchase groceries and other household items. Convenience stores also play a significant role in the distribution of granola products, especially for impulse purchases and immediate consumption.

Key Takeaways:

Market Size: The global granola market is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period. This growth can be attributed to the increasing consumer preference for healthier snacking options. The rising awareness about the benefits of granola, such as high fiber content and low-fat content, is driving its demand among health-conscious individuals. Additionally, the introduction of innovative flavors and packaging formats by key players is further fueling market growth.

Regional Analysis: North America dominates the granola market, accounting for the largest market share. This can be attributed to the increasing health consciousness among consumers in the region. The United States is a major market for granola, with a significant consumer base seeking nutritious and convenient snacking options. Europe is also a prominent market for granola, driven by the growing demand for organic and gluten-free products. The Asia Pacific region is expected to witness substantial growth in the granola market due to the rising disposable income, changing dietary preferences, and increasing awareness about healthy eating habits.

Key Players: The key players operating in the granola market include Sunnycrunch, Kellogg Corners, General Mills, Nature Valley, Kraft Foods Inc., ConAgra Foods, Nestlé, Slim-Fast Food Co., Clif Bar & Co, and others. These players focus on product innovations, strategic partnerships, and mergers & acquisitions to maintain their market presence and expand their customer base. For instance, General Mills offers a wide range of granola products under its Nature Valley brand and constantly introduces new flavors to cater to different consumer preferences.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it