The global snack food products market size was valued at USD 557.85 billion in 2021 and USD 584.58 billion in 2022. The market is expected to reach USD 838.60 billion by 2029 with a CAGR of 5.3% during the forecast period. Introduction of novel and unique flavors in snack products is expected to propel the market course in a growing direction. The trend for consuming healthy foods due to various health-related issues such as high blood pressure, obesity, and diabetes among consumers is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled “Snack Food Products Market, 2022-2029.”
List of Key Players Profiled in the Report
- Kellogg Company (U.S.)
- General Mills (U.S.)
- Tyson Foods (U.K.)
- Kraft Heinz Company (U.S.)
- ConAgra Brands. (U.S.)
- Unilever Group(U.K.)
- Nestle S.A. (Switzerland)
- M. Smucker Co (U.S.)
- PepsiCo (U.S.)
- Mars, Inc. (Canada)
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Increasing Demand for Processed Foods During Pandemic Helped in Market Growth
The COVID-19 pandemic impacted the food and beverage industry positively. Lockdown restrictions have been creating profitable opportunities for the processed foods and beverages sector owing to its demand for taste, high shelf life, and attractive availability of waste products. The trend for healthy snacking also evolved due to the elimination of foods such as sugar and carbohydrates with functional ingredients.
Confectionary Snacksto Dictate Due to a Wide Range of Products
Based on product, the market is divided into bakery snacks, confectionary snacks, savory snacks, and others. Confectionary snacks segment is anticipated to lead due to a wide product range such as functional, organic, and nut-based flavors. Consumers are getting aware of the relationship between well-being and diet.
Supermarkets & Hypermarketsto Dictate Due to the Presence of Different brands
Based on distribution channel, the market is categorized into supermarkets & hypermarkets, convenience stores, online retail, and others. Supermarkets & hypermarkets segment is set to be the fastest part of the segment due to the availability of different brands in a single place. The online segment is set to be the fastest part of the segment due to changes in purchasing habits during the pandemic.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Increasing Trend for New Snack Flavors to Surge Product Demand
An increasing trend for introducing new snack flavors is anticipated to drive the snack food products market growth. Rising popularity of fusion flavors where two or more flavors are merged has led to the generation of new flavors. In the snack food market, floral flavors are one of the biggest snack flavor trends. These botanical flavors have often been paired with fruit to create innovative products, complex tastes, and new dimensions in food and beverage. Hence, these new floral flavors increase the demand for snack food products in the market.
However, health risks associated with the consumption of snacks are expected to impede market growth.
Europeto Lead Market Share as it is a Prominent Consumer of Snack Products
Europe is expected to lead the snack food products market share as it is one of the prominent consumers of snacks. It has become one of the common food preferences in the region. They are considered as beneficial and valuable for a healthy diet and can be consumed between meals.
Asia Pacific is increasingly set to have noteworthy growth due to diverse tastes and interests and like to experiment with a distinguished variety of products. Moreover, the growth of healthy living trends in China and Japan increases the demand for gluten-free bakery snacks products.
North America is set to have the growth due to demand for different snack products, such as burgers, bars, savory snacks, and similar products, are trendy among millennial consumers.
Partnership Strategies by Key Players to Improve Market Headway
The global market has various small and large snack food products players. Market players have been adopting new product launches to meet the rising consumer demand. In September 2021, Unilever partnered with Italian-based food group Barilla to increase its presence in the Italian market for ice cream and snack products. This will help the company in expanding its consumer base and geographical presence.
Key Industry Development
September 2022- The Kellogg Company partnered with Mackie Foods Corporation for the introduction of Kellogg's Little Debbie Nutty Buddy Cereal. The new granola features chocolate and lightly toasted peanut butter flavors with fudge-covered granola chunks. This partnership will help the company to increase its product portfolio in the market.