Snack Food Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Snack Food Industry Statistics is Segmented by Type (Frozen Snacks, Savory Snacks, Fruit Snacks, Confectionery Snacks, Bakery Snacks, and Other Types), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail Stores, and Other Distribution Channels), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The report offers market sizes and values in USD million for the abovementioned segments.

Snack Food Market Size

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Snack Food Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 16.89 %
Fastest Growing Market North America
Largest Market Asia-Pacific
Market Concentration Low

Major Players

Snack Food Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Snack Food Market Analysis

The snack food market size is expected to grow from USD 256.26 billion in 2023 to USD 559.26 billion by 2028, at a CAGR of 16.89% during the forecast period (2023-2028).

  • Consumers prefer their food to be easy to carry and quickly accessible, making snack food the best option. Witnessing the sudden upsurge, manufacturers eventually launched products enriched with protein, vitamins, and nutrients, giving consumers on-the-go nutrition while snacking. Healthy alternatives have emerged on the market as a result of consumer desire for options for low-fat, low-sugar, and high-protein snacks. Functional snacking is gaining more importance these days as people are replacing their meals with snacks and need proper nutrition through snacking.
  • According to the 2021 report of Mondelez International about snacking habits, 72% of people look for portion-controlled snacking options, which means they require their nutrition needs to be fulfilled by snacking. The variety of products available on the snack food market, which cater to a variety of tastes and preferences, includes chips, nuts, granola bars, and more. The demand for snacks produced from natural and sustainable ingredients has also increased as plant-based diets and clean-label preferences have grown in popularity.
  • Over the medium term, snack food emerged as an alternative to full-fledged meals with a paradigm shift in consumer behavior patterns. Snacks are evolving to cater to changing demand as empowered consumers increasingly seek tasty, nutritional, and sustainable foods to fuel their on-the-go lifestyles.
  • For instance, 31% of consumers in the United States consumed snack food once a day in May 2023, according to the International Food Information Council. Snacking is on the rise as the demand for convenience and portability fuels consumption, with premiumization spurring innovation and variety in fresh, better-for-you, and functional snacks. Localization encourages the use of bold and spicy flavors and exotic ingredients to appeal to global palates, driving growth in the regional markets. Convenience also drives the online sales of ready-to-eat snacks, with snack foods being one of the top food categories purchased through e-commerce channels.

Snack Food Market Trends

Rising Demand for Convenient Foods Drives the Market

  • Modern consumers frequently need help to sit down for traditional meals, especially those with busy schedules. While on the go, snack foods offer a quick and convenient option to fulfill appetites and control hunger. Many nuclear families live in big cities, and due to both parents working, the kids have a habit of snacking at least once a day instead of having a whole meal.
  • Snacks are often portable and packaged for ease of use, making them appropriate for consumption in a variety of locations, including offices, vehicles, and public transportation. Customers can quickly grab snacks while traveling or in urban areas because of convenience stores and vending machines. More people are moving into cities, which promotes a culture of convenience where snacks can be used as functional meal replacements, driving the snack food market.
  • Many people munch while at work since it is handy and keeps their energy levels up without disrupting their work. Consuming snacks while watching films, sporting events, streaming entertainment, and partying at home is a common practice. For instance, 45% of Indians preferred party and celebration occasions for snack consumption in November 2022, according to the report published by Godrej Yummiez.
  • Customers can browse and order a large variety of snacks online from the comfort of their homes, greatly boosting convenience. According to the Campaign Middle East, snack food is the fastest-growing e-commerce category in the United Arab Emirates, with a growth rate of 855% in 2022.
Snack Food Market: Preferred Occasions for Snacks Consumption (In%), India, November 2022

Asia-Pacific Holds the Largest Market Share

  • Snack food products are largely consumed in developing regions with high commercialization and urbanization. Asia-Pacific represents the largest and fastest-growing market for snack food products owing to increasing demand from developing countries, such as India and China. The spread of Western eating habits to the developing world and growing urbanization have helped improve market penetration for global players entering the developing nations of Asia-Pacific. For instance, the size of the organized Western savory snacks market in India was INR 242 billion in 2022, according to the Associated Chambers of Commerce and Industry of India.
  • The Chinese snack food market registered stable growth in the study period, and it is expected to improve further during the forecast period. Moreover, the rising demand for on-the-go snacking with additional nutritional content is driving the demand for meat-based snacks in the market. Rising numbers of tourists to China and India fuel market expansion. Snacks are a common source of convenient sustenance for tourists and travelers while on trips or while experiencing new places. 
  • Additionally, the higher protein content and lower fat and carb contents of products augment their demand among sports and fitness enthusiasts. Furthermore, Chinese snack manufacturers are focusing on research and development to innovate healthy snack options. For instance, in April 2023, Dongguan, Guangdong province-based snack maker Hsu Fu Chi, collaborated with the South China University of Technology to develop a healthy snack research center to debut new trends in Chinese consumer preferences.
Snack Food Market: Market CAGR (in %) By Region, Global, 2022

Snack Food Industry Overview

The Snack Food market is fragmented, and the competition in the snack food market is high, mostly in developed countries, where a large number of snack food manufacturing companies are operating. Some of the major players in the snack food market are PepsiCo Inc., The Kellogg Company, Unilever Plc, Nestle SA, and General Mills Inc. 

The prominent players are focusing on new product developments, expansions, partnerships, and mergers and acquisitions as strategies to cater to the increasing demand from consumers, thereby gaining a competitive advantage in the market. To strengthen their hold in the market, these companies are innovating their flavors, expanding their target markets, and strengthening their distribution channels. Also, companies compete on different factors, including product offerings, quality, taste, flavors, price, functionality, size, packaging, and marketing activities, to gain a competitive advantage in the market.

Snack Food Market Leaders

  1. General Mills Inc.

  2. PepsiCo Inc.

  3. Kellogg Company

  4. Unilever Plc

  5. Nestle SA

*Disclaimer: Major Players sorted in no particular order

Snack Food Market Concentration
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Snack Food Market News

  • April 2023: PepsiCo's brand Frito-Lay and Quaker announced the opening of its industry-leading Greenhouse Learning Center at its R&D headquarters. The company claims that the establishment will be used to field test, measure, and analyze compostable snack product packaging to speed up the rate of innovation.
  • February 2023: Hostess Holdings launched a new snack brand, Kazbars, a 'first-of-its-kind' innovation within the snack cakes market. The introduction of Kazbars, which is inspired by candy bars, provides a distinctive product to the category of snacks. Hostess is one of the companies in the snacking industry with the fastest growth.
  • March 2022: Mondelez International Inc. acquired Chipta SA, a high-growth key player in the Central and Eastern European croissants and baked snack category.

Snack Food Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

      1. 4.1.1 Rising Demand for Convenient Foods Drives the Market

      2. 4.1.2 Growing Demand for Fortified Snack Food Supports the Market

    2. 4.2 Market Restraints

      1. 4.2.1 Unorganized Snack Sector, Coupled With Marketing And Distribution Challenges

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Frozen Snacks

      2. 5.1.2 Savory Snacks

      3. 5.1.3 Fruit Snacks

      4. 5.1.4 Confectionery Snacks

      5. 5.1.5 Bakery Snacks

      6. 5.1.6 Other Types

    2. 5.2 Distribution Channel

      1. 5.2.1 Supermarkets/Hypermarkets

      2. 5.2.2 Convenience Stores

      3. 5.2.3 Specialty Stores

      4. 5.2.4 Online Retail Stores

      5. 5.2.5 Other Distrbution Channels

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Spain

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 Germany

        4. 5.3.2.4 France

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Russia

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East and Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Strategies Adopted By Leading Players

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 PepsiCo Inc.

      2. 6.3.2 The Kellogg Company

      3. 6.3.3 Nestle SA

      4. 6.3.4 General Mills Inc.

      5. 6.3.5 Mondelēz International, Inc

      6. 6.3.6 Conagra Brands Inc.

      7. 6.3.7 Link Snacks Inc.

      8. 6.3.8 Unilever Plc

      9. 6.3.9 Hunter Foods LLC

      10. 6.3.10 Lundberg Family Farms

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Snack Food Industry Segmentation

A snack is a small portion of food eaten between meals. Snacks come in various forms and shapes, including packaged snack foods and other processed foods. 

The snack food market is segmented by type, distribution channel, and geography. Based on type, the market is segmented into frozen snacks, savory snacks, fruit snacks, confectionery snacks, bakery snacks, and other types. Based on distribution channels, the market is segmented into supermarkets/hypermarkets, convenience stores, specialty stores, online retail stores, and other distribution channels. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. 

The market sizing has been done in value terms in USD for all the abovementioned segments.

Type
Frozen Snacks
Savory Snacks
Fruit Snacks
Confectionery Snacks
Bakery Snacks
Other Types
Distribution Channel
Supermarkets/Hypermarkets
Convenience Stores
Specialty Stores
Online Retail Stores
Other Distrbution Channels
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Spain
United Kingdom
Germany
France
Italy
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
South Africa
Saudi Arabia
Rest of Middle East and Africa
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Snack Food Market Research FAQs

The Snack Food Market is projected to register a CAGR of 16.89% during the forecast period (2024-2029)

General Mills Inc., PepsiCo Inc., Kellogg Company, Unilever Plc and Nestle SA are the major companies operating in the Snack Food Market.

North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Snack Food Market.

The report covers the Snack Food Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Snack Food Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Snack Food Industry Report

The market for snacks like chips, cookies, crackers, popcorn, candy, pretzels, nuts, chocolate, granola bars, and fruit snacks is experiencing a change in consumer habits. More and more, these snacks are replacing full meals due to hectic schedules and the need for easy options. Producers are reacting to this trend by introducing products packed with protein, vitamins, and nutrients, offering nutrition on the move. This trend, known as functional snacking, is becoming more significant as consumers seek out portion-controlled choices that meet their nutritional requirements. Snacks like chips, cookies, and granola bars are also evolving to meet changing demands, with a focus on tasty, nutritious, and sustainable choices. The growth of online shopping has also increased the sales of ready-to-eat snacks like popcorn and pretzels, with snack food being a popular category purchased online. The market is experiencing intense competition, especially in developed countries, with major companies focusing on new product developments, expansions, partnerships, and mergers and acquisitions. For a more comprehensive analysis, a free PDF download of the full report is available.

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Snack Food Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)