US Healthy Snack Food Industry Trends & Valuation - 1H 2025

Navigating the Dynamic Landscape of the U.S. Healthy Snack Food Industry: A Report for Operators and Investors

I.            Executive Summary

The U.S. healthy snack food industry is experiencing a period of robust growth and dynamic transformation, driven by a fundamental shift in consumer priorities towards health, wellness, and convenience. This report provides a comprehensive analysis of the market, offering critical data and strategic perspectives for industry operators and investors.

The market's current valuation reflects its significant scale, with recent estimates for 2023 and 2024 ranging from approximately $21.47 billion to $35.6 billion.¹ This variation underscores the evolving definition of "healthy" and the diverse product categories included in analyses. Despite these variations, the growth trajectory is unequivocally positive. Projections indicate a strong compound annual growth rate (CAGR), generally ranging from 6.2% to 7.5% over the next several years, with forecasts suggesting the market could reach between $35.34 billion by 2030 and $60.80 billion by 2034.¹

Key consumer trends shaping the industry include an increasing demand for products with low or no sugar, high protein content, and gluten-free claims. Savory snacks and fruit, nuts & seeds segments currently dominate, while online retail channels are exhibiting the fastest growth. Packaging innovations, particularly convenient bags and pouches, also play a crucial role.

The regulatory landscape is undergoing a significant shift with the U.S. Food and Drug Administration's (FDA) finalized new definition of "healthy" for food labeling, set for compliance by February 2028. This change will necessitate product reformulation and relabeling for many, creating both challenges and opportunities.

Mergers and acquisitions (M&A) activity remains vibrant, characterized by large CPG companies acquiring innovative, smaller brands to tap into high-growth health-focused segments. Valuation multiples, particularly for snack brands, remain strong, though they have seen some moderation from recent peaks.

The future outlook for the U.S. healthy snack industry is bright, with continued expansion anticipated. Emerging opportunities lie in personalized nutrition, sustainable practices, further development of plant-based and functional snacks, and the integration of technology to enhance product development and consumer engagement. Navigating this evolving terrain will require a keen understanding of consumer preferences, regulatory changes, and strategic innovation.

II.           U.S. Healthy Snack Food Industry Overview

The U.S. healthy snack food industry stands as a significant and rapidly expanding sector within the broader food and beverage market. Its growth is underpinned by a secular trend towards health consciousness and evolving consumer lifestyles that prioritize both nutrition and convenience.

A.    Current Market Size and Historical Context

The U.S. healthy snacks market has demonstrated substantial scale. In 2023, one estimate placed the market size at $21.47 billion.¹ Other assessments for 2024 suggest a larger market, with figures around $32.64 billion³ and $35.6 billion.² These variations in market size estimations likely reflect differing methodologies, data collection periods, and, crucially, the specific definitions of "healthy snacks" employed by market researchers. As consumer understanding of "healthy" evolves (from a simple focus on low-fat to encompassing attributes like plant-based, functional ingredients, and clean labels) so too does the scope of products included in market analyses. This definitional fluidity is an important characteristic of the current market, highlighting an opportunity for brands to carve out and lead emerging niches. The industry's expansion is not a recent phenomenon but rather an acceleration of a long-term shift. Consumers are increasingly aware of the link between diet and well-being, prompting a move away from traditional, often less nutritious, snack options towards alternatives perceived as "better-for-you".¹ This heightened awareness is a primary force propelling market growth.

B.   Projected Market Growth and CAGR

The outlook for the U.S. healthy snack market is characterized by sustained and robust growth. Projections indicate a strong compound annual growth rate (CAGR) for the foreseeable future. Grandview Research forecasts a CAGR of 7.5% from 2024 to 2030, with the market expected to reach $35.34 billion by 2030.¹ Precedence Research projects a CAGR of 6.42% from 2025 to 2034, anticipating a market value of approximately $60.80 billion by 2034.³ Other sources support this positive outlook, with CAGR estimates generally falling within the 6.2% to 6.5% range for periods extending to 2034 or 2035.² This consistent and strong growth forecast, even amidst varying economic climates, underscores the resilience of the healthy snack sector. The fundamental drivers (health consciousness and the demand for convenience) are deeply entrenched consumer trends. Furthermore, a significant portion of consumers express a willingness to pay a premium for healthier snack options, which can provide a degree of insulation against price sensitivity during economic downturns.⁵ This suggests that the healthy snack industry may offer relatively defensive investment characteristics coupled with strong secular growth, an attractive combination for operators and investors alike.

Table 1: U.S. Healthy Snacks Market Size and Growth Forecasts

Data Source	Base Year & Value ($ Billion)	Forecast Period	Forecast Year & Value ($ Billion)	CAGR (%)
Grandview Research 1	2023: $21.47	2024-2030	2030: $35.34	7.5%
Grandview Research (alt.) 6	2023: $30.27	2023-2030	2030: $45.12	5.9%
Precedence Research 3	2024: $32.64	2025-2034	2034: $60.80	6.42%
Market Research Future 4	2023: $11.87	2025-2035	2035: $25.00	~6.5%
Global Market Insights 2	2024: $35.60 (U.S.)	2025-2034	(Global CAGR)	>6.2%

Note: Variations in market size and CAGR can be attributed to different report scopes, definitions of "healthy snacks," and methodologies. The table presents figures as reported by the sources.

III.          Constituent Parts of the Industry: Market Segmentation Analysis

Understanding the U.S. healthy snack market requires a detailed examination of its constituent parts. Segmentation by product type, health claim, packaging, and distribution channel reveals key areas of consumer demand and growth opportunities.

A.    By Product Type

The healthy snack market encompasses a diverse array of product categories:

• Savory Snacks: This segment, including items like healthy chips, pretzels, and extruded snacks, dominated the market with a 32.97% share in 2023.¹ The preference for savory options is particularly notable among individuals with long working hours who may use these snacks as convenient meal replacements.¹

• Fruit, Nuts & Seeds: This category was identified as the largest revenue-generating product segment in 2023 by another source, holding a 38.83% share, and is also noted as the fastest-growing segment.⁶ Fruit bars, in particular, are gaining attention for their nutritional value compared to alternatives like cookies and chocolates.¹

• Bakery Snacks: Healthy bakery items, such as nutritious cookies, muffins, and bars, are also significant. This segment is projected to grow at a notable CAGR of 6.42% during the forecast period from 2025 to 2034.³

• Other Segments: Bars & Confectionery, Dairy (e.g., yogurt, cheese snacks), and Frozen & Refrigerated snacks also contribute to the market's breadth.¹

The dominance of savory snacks alongside the rapid growth of fruit, nuts, and seeds points to a consumer desire for both satisfying, traditional snack experiences made healthier and inherently nutritious whole-food options. This creates a landscape where "permissible indulgence" is a powerful driver. Consumers are not necessarily abandoning familiar tastes and textures but are actively seeking versions that align better with their health goals, for example, baked instead of fried savory snacks, or those with reduced sodium or unhealthy fats. This pursuit of healthier iterations of favorite treats signifies a substantial opportunity for innovation in product formulation that bridges taste satisfaction with nutritional benefits.

B.   By Health Claim

Specific health claims are powerful motivators for consumer choice:

• Low/No Sugar: This is the leading claim, commanding a 40.97% market share in 2023¹, and over 40% in 2024 according to another source.³ Zion Market Research also noted its dominance with over 42.5% share in 2022.⁷ This trend is directly linked to the rising prevalence of lifestyle diseases such as obesity and diabetes, and a general consumer focus on reducing sugar intake.¹

• Gluten-Free: The gluten-free snacks segment is poised for strong growth, with a projected CAGR of 8.2% from 2024 to 2030.¹ This demand extends beyond individuals with celiac disease to a broader consumer base adopting gluten-free diets for various health reasons, including those following keto or vegan lifestyles who may also seek gluten-free products.¹

• Other Key Claims: "Organic" is an important factor for 30% of consumers when choosing a snack, followed by "sugar-free" (26%), "non-GMO" (18%), and "plant-based" (7%).⁵ Low/no fat claims also feature in market segmentation.¹

C.    By Packaging Type

Packaging plays a critical role in convenience, product integrity, and consumer appeal:

• Bags & Pouches: This packaging format dominated the market with a 33.36% share in 2023¹ and a 43% share in 2024 according to another report.³ Their popularity stems from convenience, ease of opening, light weight, and effective protection of the snack's taste and freshness. Transparent designs that allow product visibility also positively influence purchase decisions.¹

• Cans: Expected to exhibit the fastest CAGR of 8.1% from 2024 to 2030.¹ Cans are valued for products requiring a longer shelf life, offering sturdy protection and maintaining freshness. They also provide ample surface for branding and appeal to environmentally conscious consumers due to their recyclability and perceived sustainability.¹

• Other Types: Boxes and jars are also common packaging formats for healthy snacks.¹

Packaging choices are evolving beyond mere functionality. They are increasingly becoming strategic communication tools. For instance, transparent pouches can visually convey the "healthiness" and naturalness of the ingredients. Furthermore, the growing consumer emphasis on sustainability means that packaging materials, recyclability, and reduced packaging waste are becoming important differentiators. The projected growth in cans, partly due to "sustainability aspects" ¹, indicates that eco-friendly packaging can be a significant value driver.

D.   By Distribution Channel

Access to products is facilitated through various channels:

• Supermarkets & Hypermarkets: These traditional retail outlets were the market leaders, accounting for 68.95% of sales in 2023.¹ Another source indicates retail stores (including supermarkets) held a 60% market share in 2024², while an earlier report cited a 71% share for supermarkets/hypermarkets in 2022.⁷ Their dominance is attributed to the wide variety of products offered under one roof and their extensive physical presence.¹ Indeed, 84% of consumers report buying snacks at grocery stores.⁵

• Online Retail: This segment is experiencing the most rapid growth, with a projected CAGR of 9.8% from 2024 to 2030.¹ The expansion is fueled by broad product availability, access to consumer reviews, and the convenience of shopping from anywhere.¹

• Convenience Stores: These stores represent another important channel for snack purchases, catering to on-the-go consumption needs.

While online retail is the fastest-growing channel, a consumer survey from 2025 indicated that only 16% of consumers shop for snacks at online retailers like Amazon Fresh or Imperfect Foods.⁵ This apparent discrepancy (high growth rate versus relatively lower current penetration) is not necessarily contradictory. A channel can expand rapidly from a smaller initial base. This situation suggests that while online purchasing of healthy snacks is on a strong upward trajectory, there remains substantial untapped potential. Operators should investigate and address potential barriers to online snack purchases, such as the impulse nature of many snack buys in physical stores, shipping costs for lower-value items, or consumer preference for visually inspecting fresh or perishable snacks. An effective omnichannel strategy that integrates both physical and digital touchpoints will be critical for maximizing market reach.

Table 2: U.S. Healthy Snacks Market Segmentation Highlights (2023/2024)

Segment Category	Leading Sub-segment	Market Share (%) (Year)	Fastest Growing Sub-segment	Projected CAGR (%) (Period)	Source(s)
Product Type	Savory Snacks	32.97% (2023)	Fruit Snacks	N/A (Fastest Growth)	1
	Fruit, Nuts & Seeds	38.83% (2023)	Fruit, Nuts & Seeds	N/A (Fastest Growth)	6
Health Claim	Low/No Sugar	40.97% (2023) / >40% (2024)	Gluten-Free	8.2% (2024-2030)	1
Packaging Type	Bags & Pouches	33.36% (2023) / 43% (2024)	Cans	8.1% (2024-2030)	1
Distribution	Supermarkets/Hypermarkets	68.95% (2023) / 60% (2024)	Online Retail	9.8% (2024-2030)	1

Note: Market shares and CAGRs are based on the primary sources cited for each row. "N/A (Fastest Growth)" indicates the source identified it as fastest growing without providing a specific CAGR for that sub-segment in the snippet.

IV.          Factors Driving Industry Trends

The vigorous growth and evolution of the U.S. healthy snack food industry are propelled by a confluence of interconnected factors, primarily revolving around changing consumer attitudes, product innovation, and shifting lifestyle patterns.

A.    Evolving Consumer Preferences

At the heart of the industry's dynamism is the increasingly sophisticated and health-aware consumer.

• Health and Wellness Focus: This remains the paramount driver. A significant majority of Americans, 71% according to a 2025 survey, are actively choosing healthier snacks.⁵ Consumers are more diligent than ever about examining ingredients and understanding the nutritional benefits of their food choices.¹ There is a clear preference for snacks that contribute positively to their overall well-being.

• Demand for Specific Nutrients: Protein is a highly sought-after nutrient, with 55% of consumers identifying it as the most important factor when selecting a snack.⁵ This is followed by fiber, which 53% of consumers are trying to consume more of, and a desire to reduce sugar intake, a goal for 58% of consumers.⁹ These preferences reflect a "hierarchy of health needs" where consumers prioritize foundational benefits like satiety and energy from protein, followed by digestive health from fiber, and then the reduction of perceived negatives like sugar. Healthy fats and specific vitamins and minerals, while still valued by some (14% each for healthy fats and vitamins/minerals⁵), appear secondary to these primary drivers in the snack selection process. This tiered approach suggests that products delivering high protein and low sugar with a clean label are likely to resonate strongly with a broad consumer base.

• Convenience and On-the-Go Consumption: Modern lifestyles, characterized by busy schedules and frequent commutes, fuel the demand for portable and easy-to-eat snack options.⁴ A substantial 69% of consumers prefer pre-packaged snacks over homemade alternatives, underscoring the importance of convenience.⁵ This creates a tension: consumers desire optimal health benefits but are often unwilling or unable to sacrifice time and effort. Consequently, the most successful healthy snacks are those that deliver maximum perceived health value with minimal consumer effort, placing a significant onus on manufacturers for advanced R&D, formulation, and convenient packaging.

• Specific Dietary Needs and Preferences: There is a burgeoning demand for snacks catering to specific dietary requirements and lifestyle choices, including organic (important to 30% of snack consumers ⁵), gluten-free, plant-based (important to 7%⁵), vegan, and keto-friendly options.¹

• "Better-for-You" Indulgence: Consumers are not entirely abandoning traditional snack pleasures but are increasingly seeking healthier versions of their favorite indulgent treats.⁹ This desire for "permissible indulgence" drives innovation in reformulating familiar snacks with improved nutritional profiles.

• Multi-sensorial Experiences and Flavor Innovation: Consumer interest extends beyond mere taste and nutrition to include engaging textures and even the sounds food makes while being eaten. Spicy flavors, such as Nashville hot and mango habanero, have seen triple-digit increases in interest, indicating a desire for bold and novel taste experiences.⁸

B.   Product Innovation and Technology

Manufacturers are responding to these evolving preferences with significant innovation:

• New Formulations: A primary focus is on reformulating products to reduce sugar content, fortify them with protein and fiber, and incorporate plant-based ingredients.⁹

• Clean Label and Natural Ingredients: There is a growing consumer aversion to artificial additives, leading to a preference for snacks with simple, recognizable, and natural ingredients.³

• Packaging Innovation: Advances in packaging are aimed at enhancing convenience, extending freshness, improving portability, and addressing sustainability concerns.¹

• Role of Technology: Artificial intelligence (AI) is being utilized to analyze market trends and consumer data, which can inform the development of customized food options. The growth of e-commerce platforms also provides consumers with flexible and broad access to a wide variety of healthy snack products.³

C.    Impact of Lifestyle Changes

Shifting daily routines and eating habits are also key drivers:

• "Snackification" Trend: Snacks are increasingly replacing traditional meals, a phenomenon known as "snackification." This is particularly prevalent among individuals with long working hours or those seeking quick, convenient sustenance.¹ Data shows that consumers are integrating snacks into meals more frequently, with usage in no-prep dinners up by 35% over previous years. More than half of consumers use snacks as a key ingredient in such dinners at least once a week.⁸ This blurring of lines between snacks and meals indicates that healthy snacks are progressively expected to deliver more substantial nutritional value, akin to a small meal, offering satiety and balanced macronutrients. This opens avenues for more robust, nutritionally complete snack products.

• Increased Snacking Frequency: Snacking is a regular part of daily life for many. The afternoon is the most popular time for snacking, reported by 46% of consumers, followed closely by the evening at 41%.⁵

These driving factors collectively create a fertile ground for innovation and growth in the U.S. healthy snack market, demanding continuous adaptation from industry players to meet the multifaceted needs of the modern consumer.

V.           SWOT Analysis of the U.S. Healthy Snack Food Industry

A SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis provides a strategic overview of the U.S. healthy snack food industry, highlighting internal capabilities and external factors that can influence its trajectory.

A.    Strengths

• Growing Consumer Demand: The foundational strength of the industry is the persistent and increasing consumer focus on health and wellness, which directly translates into demand for healthier snack options.¹

• Product Innovation: The industry is characterized by continuous innovation in product development, including new flavors, improved formulations (e.g., higher protein, lower sugar), and the creation of alternatives catering to diverse dietary needs.⁸

• Diverse Product Portfolio: A wide array of products, from nuts and seeds to bars, savory snacks, and fruit-based items, caters to a broad spectrum of consumer preferences and snacking occasions.¹¹ This diversity allows the industry to appeal to multiple market segments.

• Expanding Distribution Channels: While traditional retail remains dominant, the rapid growth of online retail and direct-to-consumer models is expanding market reach and accessibility.¹

• Strong Brand Narratives: Companies are increasingly leveraging compelling stories around health, sustainability, and ethical sourcing to build deep connections with consumers and foster brand loyalty.¹²

• Excellent Sourcing Partnerships (for some): Establishing strong relationships with local farmers and trusted suppliers can enhance ingredient quality, support sustainability claims, and build a positive brand image.¹²

B.   Weaknesses

• Higher Price Point: Healthy snacks often come with a premium price tag due to higher ingredient costs and specialized processing. This can be a barrier for price-sensitive consumers, although a significant portion (61%) are willing to pay more for healthier choices.⁵

• Supply Chain Vulnerability: Reliance on global sourcing for key ingredients like nuts, seeds, and dried fruits exposes companies to potential disruptions from geopolitical events, climate change, and transportation issues. This can lead to price volatility and impact operational stability.⁷ The higher cost of unique raw materials for healthier snacks compared to conventional snacks also contributes to this challenge.⁷

• Limited Product Awareness and Brand Recognition for Smaller Players: New and smaller brands often struggle to gain visibility and compete for limited shelf space against established CPG giants, requiring significant marketing investment.¹¹

• Scaling Challenges: Rapid growth, while desirable, can strain supply chains and production capabilities, potentially compromising consistent quality and product availability if not managed effectively.¹²

• Perishability of Some Healthy Snacks: Fresh, minimally processed, or refrigerated healthy snacks often have shorter shelf lives compared to conventional processed snacks, adding complexity to logistics, inventory management, and waste reduction efforts.

• Niche Market Focus (for some): While specialization can create a strong identity, an overly narrow niche market focus might limit overall audience reach and growth potential compared to mainstream markets.¹²

C.    Opportunities

• Continued Growth in Health Consciousness: The overarching trend of consumers prioritizing health is expected to persist, continually expanding the target market for healthy snacks.¹¹

• Tapping into Niche Dietary Trends: There are significant opportunities in catering to specific and growing dietary preferences such as keto, vegan, plant-based, allergen-free, and other specialized nutritional plans.¹² This presents a strategic consideration: while a narrow focus can be a weakness, successfully capturing a passionate niche can be a powerful growth driver. Successful strategies may involve a deep, authentic connection with a specific niche that can later be scaled or serve as a foundation for broader appeal, or for larger companies, a portfolio approach covering multiple niches.

• E-commerce Expansion: The ongoing growth of online shopping and direct-to-consumer (DTC) models offers avenues to reach a wider audience, bypass traditional retail gatekeepers, and build direct customer relationships.¹

• Strategic Partnerships: Collaborations with fitness centers, wellness influencers, healthcare providers, and health-focused subscription services can provide targeted marketing channels and enhance brand credibility.¹²

• Innovation in Sustainable Packaging and Practices: Growing consumer concern for the environment creates demand for snacks with eco-friendly packaging, sustainable sourcing, and reduced carbon footprints.¹

• Personalized Nutrition: Advances in technology and data analytics are paving the way for personalized snack options tailored to individual health needs, preferences, and even genetic profiles.³

• Government Support and Incentives: Programs promoting healthy eating or local food production could provide indirect support or partnership opportunities.¹²

D.   Threats

• Intense Market Competition: The healthy snack market is highly competitive, with pressure from large, established CPG companies, agile startups, and private label brands all vying for market share.⁷

• Changing Consumer Preferences and Fad Diets: Consumer dietary trends can shift rapidly. Products aligned with a current fad may become obsolete if consumer interest wanes, requiring companies to be agile and adaptable.¹²

• Economic Fluctuations: During economic downturns, some consumers may prioritize price over health benefits, potentially leading to a trade-down to cheaper, less healthy snack alternatives, thereby impacting sales of premium healthy snacks.¹²

• Regulatory Changes: Evolving food labeling laws (such as the FDA's new "healthy" definition¹⁴), restrictions on certain ingredients, or new marketing guidelines can impose significant compliance costs and necessitate product reformulation.

• Negative Press and Misinformation: Unfavorable media coverage or the spread of misinformation regarding specific ingredients, health claims, or production practices can quickly erode consumer trust and damage brand reputation.¹² This is particularly challenging for new entrants who face a "trust deficit." Consumers are increasingly discerning but are also exposed to a vast amount of information, making it difficult for new, genuinely healthy brands to establish credibility against established players or misleading claims. Building trust for these entrants requires robust strategies beyond traditional advertising, such as third-party certifications, full transparency in sourcing and ingredients, and authentic influencer collaborations.

• Supply Chain Disruptions: Beyond cost volatility, actual disruptions to the supply of key healthy ingredients due to climate events, geopolitical instability, or logistical failures pose an ongoing threat to production and availability. Securing a resilient, cost-effective, and transparent supply chain for high-quality healthy ingredients is thus becoming a critical competitive advantage and a focal point for strategic planning and investment.

VI.          Mergers & Acquisitions (M&A) Landscape

The mergers and acquisitions landscape in the U.S. food and beverage sector, with a particular focus on healthy snacks, is dynamic and reflects key strategic imperatives. Larger companies are actively seeking to enhance their portfolios with brands that align with evolving consumer preferences for health and wellness, while smaller, innovative companies often see acquisition as a viable path for growth and scale.

A.    Recent M&A Activity and Key Transactions

Overall M&A activity in the broader food and beverage industry saw an increase in the latter half of 2024 compared to previous periods. For instance, H2 2024 recorded 165 deals, up from 147 in H1 2024 and 131 in H2 2023.¹⁵ The total deal volume for the food and beverage sector in 2024 reached approximately $149.9 billion across 412 transactions.¹⁶ The fourth quarter of 2023 alone saw 62 deals announced in the space.¹⁸ A significant driver of this activity is the strategy of larger players divesting non-core assets while simultaneously acquiring smaller companies that offer innovative and healthy product lines.¹⁵ Strategic buyers, including private equity-owned companies, have been dominant, accounting for approximately 78% of total deal volume in the trailing twelve months ending December 31, 2023.¹⁸

Several notable transactions highlight these trends:

• Mars' acquisition of Kellanova (formerly Kellogg Company's snacks division): This mega-deal, valued at $36 billion and completed in August 2024, significantly impacted overall M&A value figures and underscores the strategic importance of established snack portfolios.¹⁵

• PepsiCo's announced acquisition of Siete Family Foods: Valued at $1.2 billion, this deal brings a prominent "better-for-you" brand specializing in grain-free Mexican-American food products into PepsiCo's portfolio.¹⁷

• Citation Capital's acquisition of a majority stake in Cibo Vita: In January 2024, this $480 million transaction involved a producer of natural and organic nuts, dried fruits, and trail mixes, indicating private equity interest in the healthy snacking space.¹⁹

• Mars' earlier acquisition of KIND Snacks: Valued at $5 billion, this strategic move followed an initial minority stake and brought a leading healthy snack bar brand fully into the Mars fold. Based on KIND's reported 2020 revenue of $1.6 billion, this implies an enterprise value-to-revenue (EV/Revenue) multiple of 3.13x.¹⁹

• The Hershey Company's acquisition of Dot's Pretzels: For $894 million, Hershey acquired this rapidly growing pretzel brand, known for its unique flavor profile. This transaction yielded an EV/Revenue multiple of 5.59x.¹⁹

• Other relevant activities: Kellanova (formerly Kellogg) collaborated with Maria Menounos on ManifX protein bars in 2023.³ Healthy snacking startup Farmley raised $6.7 million in pre-series B funding in December 2023.³ Danone launched its GetPRO high-protein dairy snack in 2023.³ Zydus Wellness announced its intent to acquire Naturell India, maker of Ritebite protein snacks, for $42.3 million (transaction timing noted as October 2024, potentially a typo in the source for 2023 or a future-dated report).² Clayton, Dubilier & Rice agreed to acquire Shearer's Foods, a major contract manufacturer and private-label snack supplier, for approximately $3.0 billion in December 2023.¹⁸ J.M. Smucker divested its Voortman cookie brand to Second Nature Brands for $305 million.¹⁷

These transactions illustrate a clear pattern: established food and beverage giants are strategically acquiring brands that are well-positioned in high-growth, health-oriented segments. This M&A activity is not merely about adding revenue streams but often involves acquiring innovation capabilities, speed-to-market agility, and authentic brand narratives that resonate with contemporary consumers— qualities that smaller, focused brands often cultivate more effectively than large corporations can internally. This "acqui-hire" of innovation and authenticity is a key theme.

Furthermore, the M&A market is characterized by strategic portfolio management. Large companies are not only acquiring but also divesting non-core assets or legacy brands that do not align with the future growth trajectory focused on health and wellness.¹⁵ This creates a dynamic market with opportunities for both buyers and sellers, as capital is reallocated towards brands with stronger growth prospects in the healthy snack sector.

B.   Analysis of M&A Valuations and Multiples (EV/Revenue, EV/EBITDA)

Valuation multiples in the healthy snack sector reflect investor confidence, growth expectations, and the strategic importance of these assets. Generally, most transaction enterprise values (EV) fall between $10 million and $100 million, with EV/Revenue and EV/EBITDA multiples typically orienting around 1x and 10x, respectively.¹⁹ However, significant outliers exist, particularly in large-scale transactions or for brands with exceptional market positioning or unique assets. For example, two major outliers in the broader food sector showed EV/EBITDA multiples of approximately 19x and 23x.¹⁹ Specifically within snacks, the acquisition of KIND by Mars at an implied 3.13x EV/Revenue and Dot's Pretzels by Hershey at 5.59x EV/Revenue demonstrate robust valuations.¹⁹ These multiples suggest that companies successfully carving out a strong, scalable niche in the healthy snack market—whether through unique flavor profiles, strong health branding, or catering to specific "better-for-you" demands—can command premium valuations. The perceived uniqueness and the acquirer's ability to leverage its scale to further grow the target brand are significant drivers of these higher multiples. Beverage and snack brands consistently demonstrate the strongest multiples across food and beverage subsectors.¹⁵ While EV/EBITDA multiples saw a downward trend in the latter half of 2024 from the highs of 2022/2023, EV/Revenue multiples showed signs of a rebound, though they remained below the peaks observed in 2020/2021.¹⁵ This slight moderation may reflect broader macroeconomic conditions, increased interest rates, or a more discerning approach from buyers.

C.    Strategic Drivers for M&A

The impetus behind M&A in the healthy snack sector is multifaceted:

• Acquisition of Innovation and Capabilities: Large CPG companies acquire smaller, agile brands to quickly gain access to innovative products, unique formulations, and expertise in "better-for-you" categories.¹⁷

• Expansion into High-Growth Segments: M&A allows companies to enter or strengthen their presence in rapidly growing market segments, such as plant-based, gluten-free, or high-protein snacks, and diversify their overall product portfolios.¹⁹

• Market Share Accretion and Economies of Scale: Acquisitions can be a swift route to increasing market share, leveraging existing distribution networks, and achieving operational synergies.¹⁹

• Response to Shifting Consumer Preferences: The fundamental shift towards health and wellness is a primary driver, compelling companies to adapt their offerings to meet new consumer demands.¹⁵

• Accessing Authenticity and Agility: Smaller brands are often perceived by consumers as more authentic, trustworthy, and aligned with their values. Their nimble nature and ability to innovate rapidly make them attractive targets for larger players seeking to inject these qualities into their own operations.¹⁷

Table 3: Summary of Key M&A Transactions in the U.S. Healthy Snack and Related Industries (Recent)

Date (Announced/Closed)	Acquirer	Target	Deal Value ($, Approx.)	Implied Multiples (if available)	Key Rationale/Strategic Fit	Source(s)
Aug 2024 (Closed)	Mars, Incorporated	Kellanova (Snacks Division)	$ 36 Billion	N/A	Acquisition of major snack portfolio.	15
2024 (Announced)	PepsiCo	Siete Family Foods	$2 Billion	N/A	Expansion into "better-for-you" Mexican-American food segment.	17
Jan 2024	Citation Capital	Cibo Vita (Majority Stake)	$ 480 Million	N/A	Investment in natural/organic nuts, dried fruits, trail mixes producer.	19
Prior (e.g., 2020 deal)	Mars, Incorporated	KIND Snacks	$ 5 Billion	EV/Revenue: 3.13x	Full acquisition of leading healthy snack bar brand; expansion in health & wellness.	19
Prior	The Hershey Company	Dot's Pretzels	$ 894 Million	EV/Revenue: 5.59x	Acquisition of fast-growing, uniquely flavored pretzel brand.	19
Dec 2023 (Agreed)	Clayton, Dubilier & Rice	Shearer's Foods	$ 3 Billion	N/A	Acquisition of leading contract manufacturer and private label snack supplier.	18
2024 (Deal)	J.M. Smucker (Seller)	Second Nature Brands (Acquirer)	Voortman (Cookie Brand)	$ 305 Million	Divestment of non-core asset by Smucker; acquisition of established brand by Second Nature.	17
Oct 2024 (Announced)*	Zydus Wellness	Naturell India (Ritebite protein snacks)	$ 42.3 Million	N/A	Entry into protein-rich snack segment.	2

Note: The "Oct 2024" date for Zydus/Naturell from ² may be a typo in the source or refer to a future-dated report; M&A announcements are typically for past or imminent deals. N/A indicates data not readily available in the provided snippets.

Table 4: Indicative M&A Valuation Multiples in the Healthy Snack Sector

Metric	Reported Range/Average (General Food & Bev/Snacks)	Specific Deal Examples (Healthy Snack Focus)	Notes on Drivers	Source(s)
EV/Revenue	1x - 3x (most transactions $ 10M-$100M EV)	KIND Snacks: 3.13x Dot's Pretzels: 5.59x	Higher multiples for strong brands, high growth, unique products, scalability, significant market share in a niche.	19
EV/EBITDA	5x - 10x (most transactions $ 10M-$100M EV)	Two large outliers (broader food) at ~19x and ~23x. Snack names show strongest multiples.	Profitability, growth trajectory, brand equity, synergies for acquirer. Multiples trended down in H2 2024 from 2022/23 highs.	15

VII.         Regulatory and Tax Landscape (Federal Level)

The U.S. healthy snack food industry operates within a complex regulatory and tax framework, primarily governed by federal agencies like the Food and Drug Administration (FDA) and federal tax laws. Recent and anticipated changes, particularly in food labeling, are set to significantly influence market dynamics.

A.    Regulatory Environment

The FDA plays a central role in overseeing the safety, labeling, and marketing of food products, including healthy snacks.

• FDA's Definition of "Healthy": New Rules and Implications for Labeling A landmark development is the FDA's final rule, announced on December 19, 2024, and published in the Federal Register on December 27, 2024, which updates the definition of the nutrient content claim "healthy" on food labels.¹⁴ The compliance date for the industry is February 25, 2028, giving manufacturers a three-year window to adapt.¹⁴ This new definition aims to align food labeling with current nutrition science and the Dietary Guidelines for Americans.¹⁴ Key changes include:

  1.     Focus on Food Groups and Nutrients to Limit: To bear a "healthy" claim, a food product must contain a specified amount of at least one food group or subgroup (e.g., fruits, vegetables, grains, dairy, protein) and adhere to specific limits for saturated fat, sodium, and added sugars.¹⁴

  2.     Revised Nutrient Criteria: The rule removes the previous criteria related to total fat and cholesterol but introduces limits for added sugars, a nutrient of significant public health concern.¹⁴ Limits on saturated fat and sodium are retained but may be updated.

  3.     Inherent Health of Certain Foods: Certain nutrient-dense foods, such as raw, whole fruits and vegetables, nuts, seeds, eggs, beans, peas, lentils, lean meat, and seafood (like salmon), automatically qualify for the "healthy" claim if they have no added ingredients that would push them over the limits for saturated fat, sodium, or added sugars (except water).²¹ This means foods like avocados and nuts, previously potentially excluded due to their natural fat content, can now be labeled "healthy".²²

  4.     Inclusion of Certain Beverages: Water, unsweetened tea, and unsweetened coffee with five calories or fewer per serving can also be labeled "healthy" without meeting other criteria.¹⁴

  5.     Impact on Existing Products: Some products that previously qualified as "healthy" under the 1994 definition, such as certain fortified white breads, highly sweetened yogurts, and some breakfast cereals, may no longer meet the updated criteria due to higher levels of added sugar or sodium, or insufficient contribution from desired food groups.²¹

  6.     Record-Keeping: Manufacturers will be required to make and keep written records to verify that any food promoted with a "healthy" claim meets the Food Group Equivalent (FGE) requirements.¹⁴

  7.     Potential "Healthy" Symbol: The FDA is also exploring the development of a standardized front-of-package symbol that manufacturers could voluntarily use to denote products meeting the "healthy" criteria, though this has not yet been finalized.¹⁴

This regulatory overhaul will act as a significant market disruptor. It presents an opportunity for brands whose products already align with or can be reformulated to meet the new, more stringent definition. These companies may gain a competitive advantage and enhanced consumer trust. Conversely, brands relying on the outdated definition for their "healthy" claims face substantial challenges, including the need for potentially costly and complex product reformulations and complete packaging redesigns. The three-year compliance period provides a window for adaptation, but proactive planning and investment will be crucial. For smaller businesses, the compliance burden, both administrative and financial, could be particularly challenging, potentially leading to increased M&A interest from larger players who can better manage the transition or create opportunities for specialized consultants.

Table 5: Comparison of Old vs. New FDA "Healthy" Claim Criteria (Simplified Overview)

Nutrient / Component	Old Rule Criteria (General)	New Rule Criteria (General)	Key Implications for Snack Products
Total Fat	Limits existed for most foods.	No specific limit on total fat; focus shifts to type of fat (saturated).	Snacks high in healthy unsaturated fats (e.g., nuts, seeds, avocado-based) are more likely to qualify if other criteria are met.
Saturated Fat	Limits existed.	Specific limits based on food type/group.	Many snacks will need to meet stricter saturated fat thresholds.
Cholesterol	Limits existed.	No specific limit on cholesterol.	Less of a concern for snacks unless contributing to high saturated fat.
Sodium	Limits existed.	Specific limits based on food type/group, generally aiming for lower levels.	Significant impact on savory snacks, which often rely on sodium for flavor. Reformulation to reduce sodium will be key.
Added Sugars	Not explicitly limited in the old definition for the "healthy" claim itself.	Specific limits based on food type/group (e.g., no more than 2.5g for some individual products, 5g for some dairy/grain products, %DV for others).	Major impact on sweetened snacks like some yogurts, bars, and fruit snacks. Products will need to significantly reduce or eliminate added sugars.
Beneficial Nutrients	Required at least 10% DV of one or more of: Vitamin A, C, Iron, Calcium, Protein, or Fiber.	Focus shifts to meaningful contribution from a food group (fruit, vegetable, grain, dairy, protein).	Snacks must now be based on or contain significant amounts of these core food groups, not just fortified with isolated nutrients. Empty-calorie snacks, even if fortified, may not qualify.
Food Group Contribution	Not a primary criterion in the same way.	Must contain a minimum Food Group Equivalent (FGE) from at least one of the recommended food groups (e.g., 3/4 oz whole-grain, 1/2 cup vegetable/fruit).	This fundamentally changes the basis of the claim, emphasizing whole food components. Snack composition will need to prioritize these food groups.

Sources: Synthesized from 14, 21, 22, 23. This table provides a general overview; specific thresholds vary by food category and are detailed in the FDA's final rule.

• Other Relevant FDA Regulations: Beyond the "healthy" claim, operators must comply with a host of other FDA regulations. These include general food labeling requirements (e.g., Nutrition Facts panel, ingredient lists, allergen declarations), Good Manufacturing Practices (GMPs) to ensure food safety, and provisions under the Food Safety Modernization Act (FSMA), which focuses on preventing foodborne illnesses.

• Anticipated Changes: The regulatory landscape remains fluid. The FDA has also proposed a rule for mandatory front-of-package (FOP) nutrition labeling, with stakeholder comments due by May 16, 2025.²¹ If implemented, this would provide consumers with quick, at-a-glance nutritional information, potentially further influencing purchasing decisions for healthy snacks. There is also ongoing scrutiny of various food additives and processing methods.

B.   Tax Environment

Food and beverage operators, including healthy snack manufacturers, are subject to federal corporate income taxes and a variety of other state and local taxes. However, several federal tax credits and incentives can be leveraged to reduce tax liabilities and encourage specific business activities.

• Key Federal Corporate Tax Considerations:

  • Businesses are subject to the prevailing federal corporate income tax rates. The structure of the business (e.g., C-corporation, S-corporation, LLC) affects how income is taxed, with pass-through entities potentially benefiting from provisions like the Section 199A Qualified Business Income (QBI) deduction.²⁴

  • Standard business expenses, such as the Cost of Goods Sold (COGS), rent, utilities, marketing, and employee wages, are generally deductible.²⁵ The Tax Cuts and Jobs Act (TCJA) allows for a 50% deduction for the cost of business meals if the taxpayer or an employee is present and the food/beverages are not lavish.²⁴

  • The TCJA also introduced new limits on the deduction for business interest expenses, generally limiting it to business interest income plus 30% of the business's adjusted taxable income for businesses with average annual gross receipts above $25 million (threshold indexed for inflation).²⁴

  • State and local taxes, including sales tax on food items (which varies significantly, with many states exempting grocery items) and payroll taxes, also represent significant financial considerations.²⁵

• Relevant Tax Credits and Incentives:

  • Research and Development (R&D) Tax Credit: This credit is particularly relevant for the healthy snack industry. It can be applied to qualified activities such as recipe and formulation development aimed at improving taste, extending shelf life, or enhancing nutritional content (e.g., reducing sugar, adding protein).²⁶ For eligible small businesses (less than $5 million in gross receipts and no gross receipts prior to the preceding five-year period), this credit can be used to offset up to $500,000 of payroll taxes (Social Security and Medicare liabilities) annually, with any excess carried forward.²⁶

  • Work Opportunity Tax Credit (WOTC): This credit provides employers with an incentive to hire individuals from certain targeted groups who have historically faced significant barriers to employment, such as veterans, long-term unemployed individuals, and recipients of SNAP (food stamps) or other federal assistance. The credit can be up to $9,600 per qualifying employee and is especially valuable in the food and beverage industry, which often experiences high employee turnover.²⁶

  • Interest Charge Domestic International Sales Corporation (IC-DISC): For healthy snack companies that export their products, the IC-DISC offers a significant tax benefit. It allows exporters to effectively convert a portion of their ordinary income from export sales into qualified dividend income for shareholders, which is typically taxed at a lower rate.²⁶

  • Qualified Small Business Stock (QSBS) Exclusion (Section 1202): This provision can offer substantial tax benefits to investors in qualified small businesses, including those in the food and beverage industry. Eligible shareholders who hold QSBS for more than five years may be able to exclude up to 100% of the capital gains from federal income tax upon the sale or exchange of that stock, up to the greater of $10 million or 10 times the investment's adjusted basis.²⁶ State conformity with federal QSBS rules varies.

These tax incentives can play a crucial role in supporting the innovation required to meet evolving consumer demands and regulatory standards, such as the new "healthy" definition. The R&D tax credit, for instance, can directly help fund the reformulation efforts needed to reduce sugar or sodium or to incorporate more whole food ingredients. Similarly, the WOTC can help manage labor costs while promoting social goals.

• Demand-Side Incentives (e.g., SNAP/GusNIP Impact): While not direct taxes or credits for producers, federal programs like the Supplemental Nutrition Assistance Program (SNAP) Healthy Incentives initiatives, including the Gus Schumacher Nutrition Incentive Program (GusNIP) and Healthy Fluid Milk Incentive (HFMI) projects, influence the demand side of the market.¹³ These programs provide SNAP recipients with additional financial incentives (e.g., coupons, discounts, extra EBT funds) when they purchase eligible healthy foods, primarily fruits, vegetables, whole grains, and dairy products.¹³ Retailers, including supermarkets and farmers markets, partner with federal, state, or private funding entities to offer these incentives.¹³ By making healthy foods more affordable for low-income households, these programs can increase the consumption of qualifying products, thereby creating market opportunities for retailers and their suppliers who stock and promote these items. This indirectly supports the healthy food ecosystem by boosting demand for the very types of foods encouraged by the Dietary Guidelines and the FDA's new "healthy" definition.

VIII.       Future Outlook and Strategic Considerations

The U.S. healthy snack food industry is poised for continued expansion, driven by enduring consumer trends and ongoing innovation. However, navigating the future will require strategic foresight to capitalize on emerging opportunities and mitigate potential challenges.

A.    Projected Industry Trajectory and Emerging Opportunities

The fundamental drivers of health and wellness, convenience, and product innovation are expected to sustain strong growth in the healthy snack market.¹ Several key opportunities are likely to shape the industry's future:

• Personalization and Customization: A significant trend will be the move towards snacks tailored to individual dietary needs, health goals, taste preferences, and even genetic predispositions. Advances in data analytics and artificial intelligence will enable companies to develop and market more personalized snacking solutions.³

• Sustainability as a Core Value Proposition: Consumer expectations regarding sustainability will intensify, extending beyond recyclable packaging to encompass ethical sourcing of ingredients, reduced carbon footprints in production and distribution, and support for regenerative agriculture. Brands that authentically embed sustainability into their core operations and messaging will resonate strongly, particularly with Millennial and Gen Z consumers.¹ This convergence of health, sustainability, and ethics is becoming a non-negotiable trio for many consumers. Future success will increasingly hinge on a holistic approach where snacks are not just "healthy" but also perceived as sustainably and ethically produced.

• Expansion and Sophistication of Plant-Based Options: The plant-based trend will continue to mature, with ongoing innovation leading to a wider variety of more sophisticated and nutritionally dense plant-based snacks that appeal to a broader consumer base beyond vegans and vegetarians.

• Growth of Functional Foods: Snacks offering specific, science-backed health benefits beyond basic nutrition (such as improved cognitive function, stress reduction, enhanced gut health, or immune support) will gain prominence.¹⁰ This "functional snacking" blurs the lines between food and supplements, with consumers seeking targeted benefits in convenient and palatable forms. This requires advanced formulation expertise and the ability to substantiate health claims effectively.

• Upcycled Ingredients and Circular Economy: The use of upcycled ingredients (byproducts from food manufacturing processes that are transformed into new, value-added snack products) will likely grow. This approach appeals to environmentally conscious consumers and addresses food waste concerns, aligning with circular economic principles.

• "Snack-Tech" Integration: Technology will transition from a supporting role to a central strategic enabler. This includes leveraging AI and data analytics for R&D, precise consumer targeting, and personalized product recommendations; optimizing e-commerce platforms and supply chains; increasing automation in manufacturing to address labor challenges³; and potentially utilizing biotechnology for developing novel ingredients or enhancing the nutritional profiles of existing ones. Companies that effectively integrate "snack-tech" will gain a significant competitive edge.

B.   Potential Challenges and Mitigation Strategies

Despite the positive outlook, the industry faces several challenges:

• Intensifying Competition: The market is crowded, with pressure from established CPG giants, nimble startups, and expanding private label offerings.

  • Mitigation: Focus on strong brand differentiation through unique value propositions, continuous product innovation, building customer loyalty, and securing efficient supply chains.

• Supply Chain Volatility and Inflationary Pressures: Ongoing risks related to ingredient costs, availability, and transportation can impact profitability and operational stability.

  • Mitigation: Diversify sourcing strategies, cultivate long-term strategic partnerships with suppliers, explore hedging mechanisms where appropriate, and invest in technologies that enhance supply chain visibility and resilience.

• Evolving Regulatory Scrutiny: Beyond the current "healthy" claim update, the industry may face increased regulation concerning marketing practices (especially to children), food additives, health claims substantiation, and environmental impact claims.

  • Mitigation: Maintain proactive compliance programs, invest in robust scientific substantiation for claims, engage in constructive industry advocacy, and prioritize transparency with consumers.

• Rising Consumer Skepticism: Consumers are becoming more discerning and wary of unsubstantiated health claims or "greenwashing."

  • Mitigation: Build brand trust through authenticity, transparent labeling, clear communication of sourcing and production practices, and obtaining credible third-party certifications.

• Labor Shortages and Increasing Labor Costs: Attracting and retaining skilled labor in manufacturing, logistics, and R&D can be challenging and costly.

  • Mitigation: Invest in automation and technology to improve efficiency and reduce reliance on manual labor where feasible¹⁷, implement competitive employee compensation and benefits packages, and foster a positive work environment to improve retention.

C.    Recommendations for Industry Operators and Investors

To thrive in this dynamic environment, stakeholders should consider the following strategic actions:

• For Industry Operators:

  • Prioritize Agile R&D: Continuously invest in research and development to create products that align with the new FDA "healthy" definition, meet key consumer demands (e.g., high protein, low sugar, plant-based, functional benefits), and offer unique taste and texture experiences.

  • Build Resilient and Transparent Supply Chains: Secure reliable sources for key ingredients, focusing on quality, sustainability, and cost-effectiveness. Enhance supply chain transparency to build consumer trust.

  • Embrace an Omnichannel Strategy: Optimize presence and performance across all relevant distribution channels, strengthening both online D2C capabilities and partnerships with traditional brick-and-mortar retailers.

  • Cultivate Authentic Brand Narratives: Clearly communicate health benefits, sustainability initiatives, and ethical sourcing practices. Engage with consumers authentically to build lasting loyalty.

  • Explore Strategic Alliances: Consider partnerships for innovation, market access, or technology acquisition to accelerate growth and enhance competitive positioning.

• For Investors:

  • Target Innovators and Differentiators: Seek out companies with strong innovation pipelines, clear product differentiation, and a proven ability to meet evolving consumer needs in high-growth niches.

  • Assess Regulatory Preparedness: Conduct thorough due diligence on companies' strategies and capabilities for adapting to regulatory changes, particularly the new FDA "healthy" definition and potential future FOP labeling requirements.

  • Evaluate Supply Chain Robustness: Scrutinize companies' supply chain management practices, their ability to mitigate input cost volatility, and their commitment to sustainable and ethical sourcing.

  • Look for Strong Brand Equity and Consumer Engagement: Invest in brands that have cultivated deep consumer loyalty, demonstrate authentic engagement, and possess a strong, positive reputation.

  • Consider Enabling Technologies and Services: Explore investment opportunities in companies providing critical technologies or services that support the healthy snack industry, such as advanced food processing, sustainable packaging solutions, personalized nutrition platforms, or supply chain optimization tools.

IX.          Conclusion

The U.S. healthy snack food industry is navigating a period of profound evolution, marked by robust growth, shifting consumer paradigms, and significant regulatory adjustments. The sustained demand for snacks that are not only convenient but also align with health, wellness, and increasingly, sustainability goals, creates a fertile landscape for innovation and market expansion.

Key market segments, such as low/no sugar, high protein, and plant-based options, are expected to continue their upward trajectory. The dominance of convenient packaging like bags and pouches persists, while the online retail channel is set to capture an increasing share of sales. However, the industry must also contend with challenges, including intense competition, supply chain vulnerabilities, and the imperative to adapt to the FDA's new, more stringent definition of "healthy." This regulatory shift, in particular, will serve as a catalyst for widespread product reformulation and strategic repositioning, favoring companies that can proactively align their portfolios.

M&A activity will likely remain a key feature of the industry, as larger players seek to acquire innovative brands and capabilities, and smaller companies look for pathways to scale. Valuations for attractive assets in the healthy snack space are expected to remain strong, driven by their growth potential and strategic importance.

Looking ahead, the future of healthy snacking will be shaped by personalization, the integration of functional benefits, a deepening commitment to sustainability and ethical practices, and the transformative impact of technology across the value chain. Success for both operators and investors will hinge on agility, a deep understanding of consumer motivations, a commitment to authentic innovation, and the ability to navigate an increasingly complex operational and regulatory environment. The U.S. healthy snack market offers substantial opportunities for those prepared to meet the demands of the health-conscious, convenience-seeking, and ethically aware consumer of tomorrow.

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