Growing consumer preference for convenience foods and on-the-go snacking habits due to changing lifestyles has been driving the demand for snack products globally. Advantages of snack products include portability, easy availability and that they satisfy hunger between meals. The COVID-19 pandemic has also boosted sales of packaged snacks as people are opting for retail therapies and comfort eating while staying indoors.
The Global snack products market is estimated to be valued at US$ 1756.42 Bn in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Global Snack Market Size 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. These players are investing in new product launches and capacity expansions to penetrate untapped markets.
The snack products market offers significant opportunities for product innovation and portfolio diversification. Growing demand for healthier snack options has encouraged manufacturers to introduce snacks made from organic, vegan and gluten-free ingredients. Companies are also tailoring their offerings to local preferences and tastes in different regions.
Globally, the snack products market is witnessing strong growth in developing economies of Asia Pacific and Latin America led by changing consumption patterns and rising incomes. Major players are expanding their manufacturing footprints in these high-potential markets through joint ventures, acquisitions and greenfield projects to gain a larger share.
Market Drivers
Changing lifestyles - Busy work schedules and hectic lifestyles have increased the demand for convenient snack items that can be eaten on-the-go. This is a major growth driver for the snack products market.
Increased marketing and product innovation - Companies are developing new product varieties, flavors and packaging formats to attract consumer interest. Extensive promotions through digital channels also boost sales.
Market Restrain
Health conscious consumers - With growing health awareness, many people prefer homemade or fresh snacks over packaged and processed snacks due to concerns over high sugar, fat and calorie content in the latter. This acts as a restraint for the snack products market.
Segment Analysis
Snacks are divided into different segments based on their ingredients and taste. The salty snacks segment accounts for the largest share in the global snack products market. Salty snacks include potato chips, corn chips, nuts, extruded snacks, and tortilla chips. The salty taste and crispiness are the unique selling points of these snacks. Due to hectic and fast-paced lifestyle, consumers prefer easy-to-eat on-the-go snacks over elaborate meals. This has significantly boosted the sale of chips, extruded snacks, and nuts. Hence, the salty snacks segment dominates the global snack products market.
Global Analysis
On the regional front, North America leads the global snack products market and is expected to continue its dominance during the forecast period as well. Several factors such as busy working hours, hectic lifestyle, preference for convenience foods, and influence of western food culture have propelled the demand for snacks in North America. Another major factor is the presence of large snack food players in the region. However, Asia Pacific is emerging as the fastest growing market for snack products due to increasing disposable income, urbanization, and rising influence of western culture among Asian consumers.
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