Snacks Market
Report ID: SQMIG30I2354
Snacks Market Size, Share, Growth Analysis, By Type(Frozen & Refrigerated, Fruit, Bakery, Savory), By Distribution channel(Supermarkets & Hypermarkets, Convenience Stores, Online, others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2354 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|Tables:
68
|Figures:
75
Snacks Market Insights
Global Snacks Market size was valued at USD 1,450.40 Billion in 2019 and is poised to grow from USD 1489.56 Billion in 2023 to USD 1843.41 Billion by 2031, at a CAGR of 2.70 % during the forecast period (2024-2031).
Snacking has become general habit, especially among adults and younger generations. In order to reduce unexpected hunger, this has further encouraged consumers to "purchase in bulk" of snack items. After seeing the significant increase, manufacturers have ultimately introduced goods that are protein, vitamin, and nutrient-rich, providing consumers with on-the-go nourishment while munching. In the medium future, a paradigm shift in consumer behaviour patterns may cause snack food to replace full-fledged meals. As empowered consumers increasingly look for enjoyable, nourishing, and sustainable meals to support their on-the-go lifestyles, snacks are adapting to meet shifting demand. The desire for portability and convenience is driving an increase in snacking, while premiumization is encouraging innovation and diversity in fresh, healthier, and more useful snacks. To appeal to international palates, localization encourages the use of strong, spicy flavours as well as unusual products, which is boosting regional markets' growth. Ready-to-eat snack sales online are also being driven by convenience, with snacks being one of the most popular food categories bought through e-commerce platforms.
US Snacks Market is poised to grow at a sustainable CAGR for the next forecast year.
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Snacks Market Segmental Analysis
Global snacks market is segmented based on the type, distribution channel, and region. Based on type, global snacks market is segmented frozen & refrigerated, fruit, bakery, savory, confectionery, dairy, others. Based on distribution channel, it is segmented into supermarkets & hypermarkets, convenience stores, online and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Snacks Market Analysis by Type
Frozen and refrigerated dominated the product category in 2021. When scared consumers loaded their freezers with longer-shelf items at the height of the lockdown, frozen foods proved to be a pandemic powerhouse in 2020. Sales of frozen foods are still robust when compared to levels before to the pandemic, despite decreasing consumer anxiety as the number of new COVID-19 cases.
Over the forecast period, savoury snacks are anticipated to have the quickest CAGR. Beef snacks like jerky and dried meat expanded quickly in North America as well as the Middle East and Africa. Manufacturers and producers have been forced to react to consumers' growing interest in health and wellness by providing a variety of low-fat, low-calorie, and gluten-free products.
Snacks Market Analysis by Distribution Channel
In 2021, supermarkets and hypermarkets dominated the global snacks market. Supermarkets and hypermarkets are the main sources of snack food in many high-income nations. Increasing retail infrastructure and the ensuing rise in the number of supermarkets and hypermarkets in metropolitan areas across Asia, the Middle East and Africa are driving market expansion. Furthermore, the availability of a wide variety of product options in hypermarkets and supermarkets is anticipated to fuel the segment's expansion in the coming years.
Online segment is expected to hold a high growth rate during the forecast period. Successful e-commerce companies have begun purchasing or building physical supermarkets recently, such as JD.com in China and Amazon in the United States. To bring some of their digital efficiency to their new brick-and-mortar locations, internet firms are testing out new automation techniques. Brick and mortar stores will need to change as more consumers shop online, especially by making shopping less of a chore and more of a fun pastime. Partnerships between companies that provide online meal delivery services and producers of ready-to-eat foods are also fostering the growth of the snack market.
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Snacks Market Regional Insights
Asia Pacific dominated the global snacks market with a share of 34.3% of global value during 2021. Consumers prefer flexibility and convenience when it comes to eating, and packaged snacks are one of the top winners in this area. Snacks that are packaged and ready to eat (RTE) are perfect for grab-and-go consumption. For instance, customers in China, where snacks are frequently consumed as a fast fix for regular meals, are starting to place a higher value on wellbeing. As a result, the market for healthy snack alternatives is growing. Another trend being seen in this area is snacks with clean labels. As the Asia Pacific region becomes increasingly urban with better-developed urban grocery outlets, consumers are switching from dining at home and buying traditional street snacks from food bikes or truck to having packaged snacks easily available.
Due to rising demand from India and China, two emerging nations, the Asia-Pacific region is also home to the fastest-growing snacks market items. Urbanization and the spread of Western eating habits have made it easier for multinational corporations to enter the developing countries of the Asia-Pacific region. Over the research period, the Chinese snack food market had steady expansion, and during the projected period, more growth is anticipated. Furthermore, savoury snacks and other meal-replacing snacks like frozen and refrigerated goods are anticipated to continue popular. Big businesses are drawn to snacking categories and are purchasing smaller snacking companies in order to preserve their competitive edge. Even dairy and staples firms are aiming to capitalise on consumers' snacking habits with products like easy-to-eat and beautifully packaged yoghurts and multi-compartment packs.
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Snacks Market Dynamics
Snacks Market Driver
- The need for a range of snacking alternatives has increased due to rising health concerns throughout the world as well as changing lifestyles and eating habits. Increasing displacement of meals with snacks and the rise in demand for vegan and allergen-free snacks are also key trends driving the business.
- As consumers' consumption patterns have gradually but steadily altered, they have shifted their attention away from flavour and more animal protein and toward a wider range of product qualities. To maintain a healthy, balanced diet, consumers are looking for a combination of processed and fresh goods. The demand for functional snacks is rising, and young demographic customers' requirements and expectations are changing quickly.
- Due to the metabolic advantages of healthy products like granola bars and veggies and fruit chips, consumers all over the world are becoming more aware of their snacking behaviours. The market for healthy snack options is anticipated to see growth over the course of the forecast period as a result of the rising demand for foods that support weight management as a result of the widespread incidence of obesity.
Snacks Market Restraint
- Fluctuating and rising raw material costs of essential snack food components, such as cocoa powder, butter, milk powder, and others, are anticipated to restrain the market expansion. Increasing consumer health awareness can impede the development of high-carb snack items.
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Snacks Market Competitive Landscape
Global snacks market, due to the existence of international and regional competitors who provide a variety of snacking alternatives adapted to the local palates, the snacks market is fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Key player include Cargill Inc., PepsiCo Inc., Nestlé S.A., Mars Inc., and Tyson Foods. The creation of nutritious snack food products with unique flavours is the main emphasis of major snacks market participants.
Snacks Market Top Player's Company Profiles
- PepsiCo (US)
- Nestlé SA (Switzerland)
- Mondelez International (US)
- Kellogg's Company (US)
- Mars, Incorporated (US)
- General Mills (US)
- The Kraft Heinz Company (US)
- Unilever (UK/Netherlands)
- Conagra Brands, Inc. (US)
- Ferrero Group (Italy)
- The Hershey Company (US)
- Grupo Bimbo (Mexico)
- Campbell Soup Company (US)
- Lotte Group (South Korea)
- Suntory Holdings Limited (Japan)
- JBS S.A. (Brazil)
- Ting Hsin International Group (Taiwan)
- Orkla ASA (Norway)
- Yamazaki Baking Co., Ltd. (Japan)
- Intersnack Group GmbH & Co. KG (Germany)
Snacks Market Recent Developments
- In September 2022, Chubby Snacks, the creator of cloud-shaped superfood peanut butter and jelly sandwiches with the tagline "cutting crusts, not corners," to prepare for its planned statewide launch, has acquired $3.25 million in funding from a group of CPG founders and institutions. Recently, the firm streamlined its production procedure through complete automation, which would enable it to greatly increase its profits and efficiency.
- In September 2022, NBA All-Star and professional basketball player Chris Paul has formally introduced his new range of vegan snacks in collaboration with Gopuff. With snacks like Nacho Cheeze Tortilla Chips and Classic BBQ Porkless Rinds, the snack brand Good Eat'n is marketed as being "surprisingly plant-based." The Gopuff app is the only place where the seven various snacks in the Good Eat'n line could be bought; however, when the snacks hit the stores, they won't be found in the speciality aisle since the line is made to stand out among the sea of colourful bags in the chip aisle.
Snacks Key Market Trends
- Fruit snacks are a type of processed fruit made in the food and beverage sector that is higher in nutrients. Gummies and other sweet confectionary nibbles are both classified as fruit snacks. Fruit snacks made from concentrated white grape juice also include refined sugar. Corn syrup, sugar, fruit concentrate, water, gelatin, and a variety of real and fake flavours are used to make fruit snacks. The main factors influencing the growth of this type of snacks are increased health consciousness among consumers and growing demand for convenience and processed meals. Further boosting the fruit snacks demand for fruit extract are increased research and development efforts in the food and beverage sector and rapid technological innovation.
Snacks Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global snacks market analysis, the size of the global market for snack food items is expanding significantly as a result of increase in demand, which is being fueled in part by factors including people's busy lifestyles, which encourage them to choose fast or prepared foods. The proportion of independent working women, dual-income households, and nuclear families is rising globally. The demand for convenient meals is multiplied by several due to this demographic trend. The closest substitute for normal food, which may be consumed at any time, is snack food. Additionally, it is anticipated that the introduction of fresh and wholesome snack items by regional and worldwide competitors would favourably impact the estimated growth of the snack market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1,450.40 Billion |
| Market size value in 2031 | USD 1843.41 Billion |
| Growth Rate | 2.70% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Snacks Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Snacks Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Snacks Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Snacks Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Snacks Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Snacks Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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