Market Size of North America Snack Food Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.79 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Snack Food Market Analysis
The North American Snack Food market is projected to register a CAGR of 3.79% during the forecast period, 2022-2027.
As a result of the COVID-19 pandemic, many private snack food players emerged in the markets to meet the increased demand. During the lockdown, there was a rise in the demand for packaged and reliable snack food brands, which will probably have a positive effect on the market's expansion. As a result of the coronavirus outbreak in the United States, 27% said they were snacking more (as per Food Insight). For instance, in February 2021, the American Frozen Food Institute (AFFI) reported that the sales of frozen meals such as seafood, and poultry were 21.0% higher than in the year 2019 with double-digit sales of all types of frigid/chilled meals. In continuation, retail demand for the above-mentioned products throughout the pandemic has been 15-20% higher than usual.
Over the medium term, the high snack consumption in Canada, coupled with the increasing demand for on-the-go snack options, is majorly driving the market growth. Moreover, consumers prefer fruits and fruit-based snacks bar, followed by nuts. Thus, manufacturers are continuously launching innovative new flavors and expanding into the Canadian market to meet the rising demands for all the variants of snack bars.
The rising product variety, local Mexican flavors, changing consumer lifestyles, and rapid growth in modern distribution channels are major factors contributing to the increasing sales of snack food products across the region.
