The global Snack Products Market is estimated to be valued at US$ 1524.67 Mn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One key trend driving the growth of the snack products market is increasing product innovations catering to changing consumer preferences. Manufacturers are continuously innovating and launching new products with distinctive flavors and ingredients to attract consumers. They are focusing on developing healthier snacks made using organic and natural ingredients to meet the rising demand for healthy on-the-go snacking options. Introduction of protein-rich, gluten-free and low-calorie snack alternatives made from ingredients like nuts, seeds and dried fruits are gaining popularity among health-conscious consumers. This rising product innovation is expected to boost the sales of snack products over the forecast period.
Segment Analysis
The Global Snack Products Market Analysis is segmented by type, distribution channel, and geography. Based on type, the market is segregated into bakery snacks, savory snacks, confectionery, and nuts and dried fruits. Among these, the bakery snacks segment accounted for the largest market share in 2023 and is expected to maintain its dominance over the forecast period. This is due to changing consumer eating habits and lifestyle leading to high demand for convenient snack products. The savory snacks segment is expected to witness the highest CAGR during the forecast period owing to increasing product launches targeting taste preferences of health-conscious consumers.
Key Takeaways
The global snack products market is expected to witness high growth over the forecast period.
Regional analysis: North America dominated the market in 2023 and is expected to maintain its lead. This can be attributed to busy lifestyle and demand for convenience food products in the region. Key players operating in the snack products market are Pelican BioThermal LLC, Sonoco Thermosafe, Cold Chain Technologies Inc., Cryopak, Sofrigam Company, Intelsius (A DGP Company), Coolpac, Softbox Systems Ltd, Clip-Lok SimPak, and Chill-Pak.
Key players operating in the snack products market are focusing on new product launches catering to evolving consumer demands. For instance, in 2023, PepsiCo launched Quaker Snack Bites, a line of on-the-go snacks targeting health-conscious consumers. Mondelez International is investing in plant-based products to expand its portfolio.
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