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.”
Snacks are now used as meal substitutes, energy boosters, and social snacks at parties and events, transcending its traditional use as an indulgence in between meals. The general expansion of the snack sector has been greatly aided by this change in snacking occasions. The emergence of snacks as meal replacements can be attributed to consumers' changing lifestyles and hectic schedules, which have led them to look for handy solutions that can meet their nutritional needs and fulfill their hunger. Snacks are now the standard option for sustaining energy levels during the day.
Segments
Candy Snacks to Rule Because of Their Growing Accessibility
The market is separated into categories such as bakery snacks, confectionary, savory snacks, and others based on the type of product. The market for confectionary snacks is expected to dominate because a wider range of innovative goods are easily accessible. Around the world, the significance of functional candy snacks is growing.
Supermarkets and Hypermarkets Will Make Decisions Because of Various Brands' Availability
The market is divided into supermarkets & hypermarkets, convenience stores, internet retail, and others based on the distribution channel. Supermarkets and hypermarkets are expected to grow at the quickest rate since they offer a variety of brands in one location. Because of the shift in consumer behavior brought on by the pandemic, the internet segment is expected to grow at the quickest rate.
Report Coverage
The study provides a comprehensive summary of the most current advancements as well as the top market categories. It covers the COVID-19 market impact in great detail, together with the industry's enabling and restricting elements. It also examines regional trends and the strategies employed by the market's main rivals.
Drivers and Restraints
Growing Consumer Demand for Allergen-Free and Vegan Foods Will Drive Up Product Sales
The increasing demand for vegan and allergen-free food is expected to fuel the snack food products market's growth. An surge in mold and animal dander-related food allergies is driving consumers toward allergen-free products. Consumers want to eat vegan and allergy-free, and they hope to see a greater selection of plant-based products available. Food and beverage manufacturing companies are increasingly investing in the development of new goods for their clientele.
But it's expected that the health risks associated with snacking could prevent industry growth.
Regional Insights
Since Europe is one of the major producers of snack products, it will lead the market in terms of share.
Europe is expected to lead the market share for snack food goods because it is one of the snacking world's leading producers. Snacking has grown in popularity at social gatherings throughout Europe. It is generally consumed between meals and is thought to be beneficial and useful for a diet that is healthy.
As individuals become more health conscious, there is an increasing need in Asia Pacific for nutritious snack food products. Manufacturers have been expanding their product lines and launching new items.
As millennials choose savory snacks like burgers and bars over other snack foods, North America is anticipated to have the third-largest market.
Competitive Landscape
Introducing New Products by the Major Players to Boost Market Share
Globally, there are a lot of big and small companies in the snack food products market. Market participants have begun rolling out new food options in an effort to meet the increasing demand from customers. In response to the growing national demand for high-end snacks, PepsiCo India launched the premium Lay's Gourmet potato chip brand in August 2022. This new introduction aims to increase the market's consumer base.
Key Industry Development
May 2022- A US-based company called TNT Crust was purchased by General Mills. TNT Crust makes frozen pizza crusts for local and national pizza businesses, supermarkets, and retailers in addition to half-baked, self-rising pizza crusts. General Mills was able to expand its line of frozen bakery snacks thanks to this acquisition.
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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