April 12, 2024

Granola Market is Estimated to Witness High Growth Owing to Advancements in Wireless Power Transfer Technology

It is a tasty, easy-to-carry breakfast option and is gaining popularity among health-conscious consumers. Granola can be eaten on its own as a snack or mixed with yogurt or milk to make a parfait. The global granola market is driven by growing consumer awareness about nutritional benefits associated with granola consumption and their on-the-go lifestyles.

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.

The key opportunities in the granola market include growing demand for healthy snack options, product innovation in flavors and texture, and expanding distribution channels both online and offline. There is potential to launch granola products aimed at specific demographic groups and occasions.

Advancements in wireless power transfer technology is enabling the development of smart packaging for granola bars and packets. This smart packaging can power devices inside through ambient radio waves without the need for batteries. This type of packaging extends shelf life by monitoring product freshness and authenticating genuine products to tackle counterfeiting.

Market drivers

The increasing health consciousness among consumers is a major driver for the granola market. Granola is considered a healthy breakfast choice due to its high fiber and protein content from oats and nuts. The rise of on-the-go lifestyles where people prefer snacking over full meals during the day is also propelling the demand for granola. Product innovation catering to different tastes through varied flavors and formats like crunchy clusters or soft bites is attracting more customers.

Current Challenges in the Granola Market
The granola market is facing challenges due to changing consumer preferences and rising health consciousness. Consumers are increasingly shifting towards organic, non-GMO and natural ingredients based products. Meeting stringent regulatory standards for organic certification is a challenge for small players. Rising raw material prices also pose challenges due to changing global trade policies and climate changes impacting crop yields. Manufacturers need to focus on new product innovation, improved formulations and clean label offerings to meet dynamic consumer demands.

SWOT Analysis
Strength: Granola is considered a healthy snack option. It provides energy, fiber and nutrients. Wide availability in stores and online channels increases access and drives sales.
Weakness: Granola has high calories and sugar content compared to other breakfast cereals. Customization of ingredients increases production complexity and costs.
Opportunity: Growing health and wellness trend drives demand for nutrition-rich on-the-go breakfast products. Emerging markets offer immense growth potential.
Threats: Intense competition from private label brands and substitutes like muesli and trail mixes. Economic slowdowns can impact consumer spending on premium healthy snacks.

North America holds the major share in the granola market in terms of value due to rising popularity of healthy snacking. The U.S accounts for the largest share backed by increasing consumption of convenience and portable breakfast foods. Europe follows North America, driven by health consciousness in countries like Germany, U.K, France and Italy.

Asia Pacific is poised to be the fastest growing regional market for granola due to rising disposable incomes, urbanization and inclination towards Western breakfast habits in countries like India, China, Japan and South Korea. Increasing shelf space allocation by retailers, availability of international brands and expansions by domestic manufacturers will further boost market growth.

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