Market Size of Premium Snacks Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Premium Snacks Market Analysis
The Global Premium Snacks market is projected to register a CAGR of 4.8% during the forecast period, 2022-2027.
Low sales volumes brought on by the COVID-19 epidemic, along with supply-side problems related to certification and quality, had an effect on the premium snack market. The majority of employed people eat upscale snacks. However, as consumers were forced to stay indoors, snacking became a common habit, mostly among the adult and younger populations, and it affected the snack food market.
Rapid urbanization and industrialization in the first part of the 20th century, and growth in inheritance have led to an increase in disposable income for millennials, who make up a significant portion of the market for premium products. The aforementioned elements, along with others like product quality, are the factors driving the premium snack market. The expansion of online retailers is boosting sales of premium snacks. E-commerce makes it simple to purchase products made in remote locations. In turn, this has considerably aided in the expansion of the market for premium snacks worldwide. On the other hand, offline store contributions have dropped significantly. This is a result of internet retailers competing with one another. For instance, in February 2020, PepsiCo acquired Be & Cheery, one of the biggest online snack businesses in China, from Haoxiangni Health Food Co. The purchase of Be & Cherry is a significant step toward the Company's objective of becoming the top consumer-focused food and beverage company in China.
A paradigm shift in consumer behavior patterns may lead to the emergence of a premium snack food as a replacement for full-fledged meals. As empowered consumers increasingly look for enjoyable, nourishing, and sustainable foods to support their on-the-go lifestyles, premium snacks are evolving to meet changing demands. The demand for portability and convenience is driving an increase in snacking, and premiumization is encouraging innovation and diversity in fresh, healthier, and more efficient snacks. To appeal to international palates, localization encourages the use of strong, spicy flavors as well as exotic products, which is boosting regional markets' growth.
