In 2021, the global snack food products market was valued at USD 557.85 billion. It is expected to grow from USD 584.58 billion in 2022 to USD 838.60 billion by 2029, registering a compound annual growth rate (CAGR) of 5.3% throughout the forecast period. Europe led the global market with a 29.49% share in 2021.
Growing consumer interest in premium indulgent snacks, coupled with continuous innovation by major brands, is driving global market expansion. The rising popularity of convenient snacking among millennials, alongside the proliferation of convenience stores, is also boosting demand.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/snack-food-products-market-100259
Impact of COVID-19
Pandemic Boosted Healthy Snacking Trend
The COVID-19 outbreak positively influenced the food and beverage sector. Lockdowns contributed to a surge in demand for processed snacks and beverages due to their flavor, extended shelf life, and broad availability. The pandemic also spurred a shift toward healthier snacking, with consumers favoring products low in sugar and carbohydrates and enriched with functional ingredients.
Market Segmentation
Confectionery Snacks to Dominate Due to Increased Variety and Accessibility
By product type, the market is segmented into bakery snacks, confectionery, savory snacks, and others. Confectionery snacks are projected to dominate due to their wide availability and continual innovation. The appeal of functional confectionery options is gaining global traction.
Supermarkets & Hypermarkets to Lead in Distribution
Based on distribution channels, the market includes supermarkets & hypermarkets, convenience stores, online retail, and others. Supermarkets and hypermarkets are expected to dominate due to their ability to offer a variety of brands under one roof. Meanwhile, online retail is poised to grow rapidly, fueled by shifting purchasing behaviors influenced by the pandemic.
Report Highlights
This report offers an in-depth analysis of key market segments, emerging trends, and the overall impact of the COVID-19 pandemic. It also evaluates regional developments and strategic initiatives taken by leading companies in the industry.
Market Drivers and Challenges
Surging Demand for Vegan and Allergen-Free Snacks
The growing preference for vegan and allergen-free options is a major growth driver. Rising food sensitivities and allergies have shifted consumer choices toward plant-based, allergen-free alternatives. This demand is encouraging food manufacturers to invest in new product innovations catering to these dietary needs.
Health Concerns May Hinder Market Growth
Despite the upward trend, concerns over the health implications of excessive snack consumption could act as a restraint to overall market development.
Regional Analysis
Europe Leads as a Key Snack Producer
Europe holds the largest market share due to its role as a major producer of snack foods. Snacking is commonly integrated into social activities and daily routines, with growing acceptance of snacks as part of a balanced diet.
Asia Pacific Witnesses Rise in Healthy Snack Demand
In Asia Pacific, increasing health consciousness among consumers has elevated the demand for nutritious snack options. Regional manufacturers are expanding and diversifying their offerings to meet this rising interest.
North America Ranks Third in Market Size
North America holds the third-largest share, driven by high demand for diverse snack products like bars, savory items, and convenience foods, especially among millennials.
Competitive Landscape
Product Innovation Key to Competitive Advantage
The snack food industry comprises both global giants and emerging players. Companies are actively launching new products to cater to evolving consumer preferences. For instance, in August 2022, PepsiCo India introduced Lay’s Gourmet, a premium potato chip line aimed at the upscale snack segment in India.
Key Market Players
- 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.)
- Nestlé S.A. (Switzerland)
- J.M. Smucker Co. (U.S.)
- PepsiCo (U.S.)
- Mars, Inc. (Canada)
Tariff Impact Analysis for Snack Food Products Market: https://www.fortunebusinessinsights.com/enquiry/request-sample-us-tariff/snack-food-products-market-100259
Recent Industry Developments
- May 2022: General Mills acquired U.S.-based TNT Crust, a producer of partially baked, self-rising, and frozen pizza crusts. This move strengthens General Mills’ frozen bakery snack portfolio and expands its presence in the prepared food segment.
Comments
0 comment