Granola is a breakfast cereal made from oats, roasted nuts, honey or other sweeteners bind together into a granular cluster. Granola offers various health advantages as it contains a good amount of fiber, protein and antioxidants that help maintain optimal health. It is widely popular among health conscious consumers as a healthier breakfast alternative to sugary cereals.
The global GLP-1 receptor agonist market is estimated to be valued at US$ 16,496.47 billion in 2024 and is expected to exhibit a CAGR of 17.0% over the forecast period of 2024-2031.
Key Takeaways
Key players operating in the Granola Market Size are Piezo.com, Microchip Technology Inc., Cypress Semiconductor Corporation, EPeas SA, Texas Instruments Incorporated, EnoCean GmbH, STMicroelectronics NV, ABB Limited, Analog Devices Inc., Powercast Corporation, and Advanced Linear Devices Inc. These players are focusing on innovations and new product launches catering to evolving consumer preferences.
The growing demand for organic, non-GMO and gluten-free products presents significant growth opportunities for granola manufacturers. Manufacturers are offering innovative flavors and ingredients to attract health-conscious millennials. The market is also witnessing introduction of protein-fortified and low-sugar varieties.
North America accounts for a major share of the global granola market currently. However, Asia Pacific region is expected to witness fastest growth owing to rising disposable incomes, health awareness and western influence in countries like China and India. Major players are expanding their product portfolio and distribution networks in emerging countries to tap the growth potential.
Market Drivers
Rising health consciousness among consumers is a key driver for the granola market. Changing lifestyles and busy schedules have prompted consumers to opt for convenient, healthy snack options. Granola is gaining popularity as a snack that provides energy and keeps one full for long. Growing preference for plant-based, clean label foods without artificial ingredients is also propelling the demand.
Market Restrains
High sugar content in flavored granola varieties is a major concern for health-conscious consumers. Sugar content varies significantly across brands which confuses consumers. Furthermore, granola has a relatively short shelf life of 4-6 months which increases production and supply chain costs. Issues related to granola spoilage due to moisture can negatively impact the market growth.
Segment Analysis
The granola market can be segmented based on product, distribution channel, and region. The oats segment dominates the market as oats are a major ingredient in granola and known for its nutritional benefits like fiber, proteins, vitamins and minerals. Oats help lower cholesterol, control blood sugar levels and keep one full for long. Hence, oats dominate as an ingredient in granola recipes.
Global Analysis
North America region holds the major share in the granola market owing to increasing health consciousness among consumers. People in the US and Canada prefer granola for breakfast over traditional cereals due to benefits like low glycemic index and high fiber content. Moreover, growth of natural and organic food industry in the region is driving the granola market. Europe is the second largest market and growing fastest due to increasing demand for on-the-go breakfast snacks. Factors such as changing lifestyle, rise in disposable income are fueling sales of granola bars in countries like UK, Germany and France. Asia Pacific region is expected to witness highest growth during forecast period with India and China being emerging markets on back of growing awareness about benefits of high fiber diet. Rising urbanization, increasing population of health-conscious middle class are factors supporting granola market growth in Asia Pacific.
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