Packaged Pretzels Market Overview
Global Packaged Pretzels Market Size is projected to reach USD 2.4 billion by 2026, at a CAGR of 3.2% from 2020 to 2026.
Market Dynamics
In recent years, the global packaged pretzels market has experienced moderate expansion. Consumers have moved away from the conventional three-course meal a day and toward snacking or various small meals during the day in recent years. The demand for packaged pretzels has increased as the number of consumer stores has increased, brand awareness has increased, and consumer eating preferences have changed. Consumers’ preference for convenience snacking is driving up demand for canned pretzels.
To remain ahead of the market, pretzel manufacturers are selling innovatively packed pretzels. The growing need for gluten-free goods from consumers around the world is generating opportunities for players who provide gluten-free pretzel alternatives to customers. Market companies are focused on the introduction of new products such as gluten-free and creative flavours to appeal to changing customer needs. Furthermore, manufacturers have implemented creative and special packaging technologies that help to maintain the product’s freshness and shelf life.
However, the high cost of packaged pretzels market and the availability of alternatives can limit their development. Despite this, there are opportunities for business players to invest in this market due to the exponential growth of the food manufacturing industry and online retail chain.
The global pandemic of COVID-19 has put enormous strain on supermarkets and hypermarkets, grocery shops, and food supplies. As a result, shoppers are stockpiling shelf-stable ingredients in their pantry, which has led to a spike in the selling of snack foods like frozen pretzels. The stockpiling activity has resulted in a sharp increase in the retail share of global packed pretzels in 2020, which will normalise after the epidemic is over. Consumers are being placed on lockdown because of the coronavirus pandemic, with some countries issuing stay-at-home orders. This is hastening the shift to electronic commerce.
Segmental Analysis
By shape, the market has been segmented into twists, minis, sticks, and others. In 2019, the twists segment held the largest market share, and it is expected to grow at a moderate rate over the forecast period. Consumer demand for twist-shaped packaged pretzels is expected to be driven by the wide availability of products from various manufacturers.
By category, the market has been segmented into gluten free and conventional. In 2019, the Gluten-Free segment had the smallest market share, but it is expected to grow at the fastest rate during the forecast period. The rise of the gluten-free segment can be attributed to the growing number of celiac disease sufferers around the world. In addition, rising rates of obesity, diabetes, and other food intolerances are driving demand for gluten-free products, such as gluten-free packaged pretzels.
By distribution channel, the market has been segmented into store-based and non-store-based. The store-based segment has been further divided into supermarkets and hypermarkets, convenience stores, and others. The largest sub-segment is expected to be supermarkets and hypermarkets, as these channels account for most packaged pretzel sales. The distribution of packaged pretzels is also heavily influenced by convenience stores.
Regional Analysis
In 2019, North America dominated the global packaged pretzels market, and it is expected to continue to do so throughout the forecast period. The market for packaged pretzels is expected to grow in response to consumer preferences for intermediate snacking. Furthermore, the expanding food industry, as well as a wide range of products from various manufacturers, are propelling the packaged pretzels market forward.
During the forecast period, Asia-Pacific is expected to grow at a moderate rate. Consumers’ increasingly hectic lifestyles, combined with the popularity of convenient food products in emerging economies, are major factors driving up demand for packaged pretzels. The presence of a variety of players, particularly private labs, has also resulted in the emergence of a new and diverse range of product brands in the region.
Competitive Landscape
The major players of the market are Conagra Brands, Inc. (US), Auntie Anne’s, Inc. (US), PepsiCo (US), Herr Foods Inc. (UK), J&J SNACK FOODS CORP (US), Mars, Incorporated (US), Nestle S.A. (Switzerland), Pretzels (US), and Pretzels, Inc. (US), Snyder’s-Lance, Inc. (US) and others
Product launches, product approvals, and other growth strategies such as patents and events are all being prioritised by various companies. Acquisitions, partnership & collaborations, and acquisitions were some of the growth strategies seen in the market. These actions have paved the way for market players to expand their business and customer base. With the increasing demand for packaged pretzels in the global market, market players in the packaged pretzels market can expect lucrative growth opportunities in the future.
Industry Updates
February 2021: Snyder’s of Hanover added three new Twisted Pretzel Stick flavours to its lineup: Seasoned, Sour Cream & Onion, and Jalapeno Ranch.
September 2020: H.K. Anderson peanut butter-filled pretzels were acquired by Utz Brands from Conagra Brands. The purchase will be funded with cash on hand, according to Utz, and will cost less than USD 10 million.
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