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. Rising demand for snacks among the millennial population is expected to propel the market course in a growing direction. An increasing trend for flavor trends in the snack industry is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled “Snack Food Products Market, 2022-2029.”
COVID-19 Impact:
Trend for Healthy Snacking During Pandemic Helped in Market Growth
Positive effects of the COVID-19 epidemic were seen in the food and beverage sector. The processed food and beverage industry has been benefiting financially from the tight limitations because of its high need for taste, long shelf life, and appealing availability of waste products. The elimination of foods high in sugar and carbohydrates and low in nutritious elements also contributed to the evolution of the trend of healthy snacking.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/snack-food-products-market-100259
Segments
Confectionary Snacksto Dictate Due to Increasing Accessibility
On the basis of product, the market is divided into bakery snacks, confectionary, savory snacks, and others. Confectionary snacks segment is anticipated to lead due to accessibility to a greater variety and novelty of products. The importance of functional confectionery snacks is intensifying globally.
Supermarkets & Hypermarkets to Dictate Due to Availability 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 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.
Report Coverage
The research offers a thorough overview of the leading market categories and the most recent developments. It goes into great detail on the market effect of COVID-19 as well as the factors that are driving and limiting the industry. It also looks at regional developments and the tactics used by the major competitors in the market.
Drivers and Restraints
Rising Demand for Vegan and Allergen-free Foods to Surge Product Demand
The market expansion for snack food products is projected to be driven by the growing demand for vegan and allergen-free cuisine. Consumers are moving toward allergen-free goods as a result of an increase in food allergy cases related to mold and animal dander. Customers would rather follow vegan and allergy-free diets, and they anticipate seeing a wider range of plant-based goods available. Manufacturing enterprises of food and beverages are investing more and more in the creation of novel products for their customers.
However, it is anticipated that the health hazards connected to snacking may obstruct market expansion.
Regional Insights
Europeto Lead Market Share as it is One of the Prominent Producers of Snack Products
Since Europe is one of the major producers of snack items, it is anticipated to lead the market share for snack food products. In Europe, snacking has become more popular at social events. It is typically ingested in between meals and is regarded as helpful and advantageous for a healthy diet.
There is a growing demand for healthy snack food products in Asia Pacific as people become more health conscious. Producers have been introducing new products and extending their range of offerings.
Because millennial consumers are increasingly choosing savory snacks like burgers and bars over other snack goods, North America is expected to rank third in terms of market size.
Competitive Landscape
Offering New Products by the Key Players to Improve Market Standings
There are numerous small and large participants in the snack food products market worldwide. To keep up with the growing demand from consumers, market players have started introducing new snack offerings. To address the rising demand for upscale snacks in the nation, PepsiCo India introduced the premium potato chip brand Lay's Gourmet in August 2022. The goal of this new launch is to expand the market's customer base.
Key Industry Development
May 2022- General Mills acquired TNT Crust, a U.S.-based company. TNT Crust manufactures half-baked, self-rising pizza crusts, and produces frozen pizza crusts for regional and national pizza chains, grocery stores, and retailers. This acquisition helped General Mills' in increasing its existing portfolio of frozen bakery snacks products.
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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