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
The COVID-19 pandemic impacted the food and beverage industry positively. The 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.
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 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
Rising Demand for Vegan and Allergen-free Foods to Surge Product Demand
Rising demand for vegan and allergen-free foods is anticipated to drive the snack food products market growth. Rising food allergy cases among consumers, such as animal dander and mold, have shifted consumers toward allergen-free foods. Consumers have a preference for adopting vegan and allergen-free diets and are looking forward to more variety in the form of plant-based products. There are a growing number of investments from food and beverage manufacturing companies for the development of innovative product offerings for consumers.
However, health risks associated with the consumption of snacks are expected to impede market growth.
Regional Insights
Europeto Lead Market Share as it is One of the Prominent Producers of Snack Products
Europe is expected to lead the snack food products market share as it is one of the prominent producers for snack products. Snacking has become more common on social occasions in Europe. It is considered valuable and beneficial for a healthy diet and is usually consumed between meals.
Asia Pacific is increasingly becoming more and more health conscious which has increased the demand for healthy snack food products. Manufacturers have been innovating and expanding their product portfolio.
North America is set to be the third largest market due to increasing preference for different snack products, such as burgers, bars, savory snacks, and similar products, which are trendy among millennial consumers.
Competitive Landscape
Offering New Products by the Key Players to Improve Market Standings
The global market has various small and large snack food products players. Market players have been adopting new snack launches to meet the rising consumer demand. In August 2022, PepsiCo India launched premium potato chips brand Lay’s Gourmet in India to meet the growing demand for premium snacks in the country. This new launch is set to create a new consumer base for the market.
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)
