The global pretzel market is expected to grow at a CAGR of close to 3% during the forecast period, 2017-2021.
Technavio has announced its latest market research report on the global pretzel market, under its food portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Conagra Brands, Intersnack, Mars, Pepsico, and Snyder’s-Lance.
According to Manjunath Reddy, a lead analyst for food research at Technavio, “Continuous development and innovation of products is essential for the sustainability of the market. Most manufacturers target the millennials, a growing health-conscious consumer segment, especially in Europe and the Americas.”
Manufacturers in the market space are focusing on launching several product varieties in terms of ingredients and flavors. Ben’s Soft Pretzels, a key player in the US pretzel market, launched jalapeno cheese and Dutch almond jumbo soft pretzels, while Good Health Natural Products launched two pretzel variants such as Gluten Free Pretzels and Veggie Pretzels in 2016.
Packaging innovations increase shelf life
Manufacturers are focusing their marketing activities on the packaging of the products. Good packaging offers a longer shelf life of a product, and therefore, companies are focusing on better packaging methods. Manufacturers are also emphasizing on portion control as there is a growing concern about obesity among consumers globally. For instance, Pretzels, a company that offers pretzel variants such as seasonal, traditional, flavored, components and filled, invented a packaging method for pretzel rods. The packaging is portable, convenient, and consists of a single serve five pack
Increasing focus on organic and non-GMO ingredients based pretzels
Manufacturers in the market space are expanding their production capacity to cater to the rising demand for pretzels among consumers. Snyder’s of Hanover brand, which includes pretzel minis, sticks, poppers, and sandwiches is very popular among families as kids are fond of pretzels. To provide allergen-free snacks, the company has come up with a peanut-free production facility in 2016. The nut-free production of pretzels will help to reduce the chances of cross-contamination.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
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