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

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).

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. '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)'

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.

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.

Asia Pacific dominated the snacks market with a share of 34.3% of 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.