The granola market is estimated to be valued at US$ 3,753.3 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Granola is a breakfast food made from rolled oats, nuts, honey or other sweeteners and spices that are baked until crisp and crunchy. It is popular among consumers due to its nutritional value and health benefits. Granola can be eaten directly or with milk, yogurt or fruits. It is often used as topping for baked goods as well. Granola has become popular among health conscious consumers due to presence of fiber, proteins and other important nutrients.
The key drivers propelling growth of the granola market are rising health consciousness and adoption of on-the-go breakfast options among consumers. Granola is considered a healthy breakfast choice due to presence of rolled oats, nuts and seeds which makes it high in fiber and protein content. The portability and easy availability of granola bars and snacks allows consumers to consume it on the go. Growing awareness about several health benefits of granola such as keeping stomach full for longer duration, controlling blood sugar levels and promotion of gut health is fueling its demand. Furthermore, product innovations with focus on all-natural and organic ingredients catering to preferences of health conscious consumers are also supporting market growth.
Strength: Granola is a healthy breakfast option that provides sustained energy. It contains nutrients like fiber, vitamins and minerals. The do-it-yourself nature of granola allows consumers to customize it as per their tastes and dietary requirements.
Weakness: Granola has a high sugar and calorie content which makes it less preferable for diabetics and weight watchers. The ingredients and preparation process of traditional granola makes it more expensive than cereal.
Opportunity: Growing health-consciousness and preference for nutritional food among consumers presents an opportunity for product innovation and new flavors in the granola market. Rise in disposable income allows room for premiumization of granola products.
Threats: Fluctuation in prices of key raw materials like oats increases production costs. Introduction of low-calorie, low-sugar substitute snack products.
The global granola market is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing health awareness and preference for healthy breakfast options. Granola fits well with the on-the-go lifestyles as it provides sustained energy and is portable.
Regional analysis: North America dominates the global granola market accounting for over 35% of revenue share in 2023. U.S. is the largest consumer market owing to trend of healthy breakfast and snacking. Europe is the second largest region led by UK, Germany, and France. Asia Pacific is expected to be the fastest growing region during the forecast period led by countries like India and China. Rising incomes and shifting dietary patterns support market growth.
Key players operating in the granola market are Kellogg Corners, Kraft Foods Inc., Sunnycrunch, ConAgra foods, Clif Bar & Coand, General Mills, Nestle, Nature Valley, Slim-Fast Food Co. These companies are focusing on new product development, acquisitions, and penetration into developing countries for geographical expansion.