Snack Food Market Size
|Study Period||2018 - 2028|
|Market Size (2023)||USD 456.29 Million|
|Market Size (2028)||USD 538.53 Million|
|CAGR (2023 - 2028)||3.37 %|
|Fastest Growing Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Snack Food Market Analysis
The Snack Food Market size is estimated at USD 456.29 million in 2023, and is expected to reach USD 538.53 million by 2028, growing at a CAGR of 3.37% during the forecast period (2023-2028).
These days, 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. 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.
Over the medium term, snack food may emerge 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. 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.
The COVID-19 pandemic created opportunities for private snack food players to emerge in the markets and cater to the inflated demand. The demand for innovative snack products is consistently high in developed countries because snacks are a quick and convenient source of nutrition and energy. Globally, the number of independent working women, double-income families, and nuclear families is increasing. This demographic change increases the demand for convenience food by many folds. Snack food is considered the closest alternative to regular food, which can be consumed anytime.
Snack Food Market Trends
This section covers the major market trends shaping the Snack Food Market according to our research experts:
Increasing Replacement of Meals with Snacks
Globally, people are replacing their meals with snacks, as there is very less time for them to have a proper meal because of their busy work schedules. 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. The bachelors who live away from their homes for their jobs may not know how to cook for themselves, so that they may shift to healthy snacking options. According to the Glanbia Nutritional Survey of Healthy Snacking trends 2022, the five latest trends for healthy snacking include less sugar, high protein, clean snacking, new formats, and functional nutrition. According to the same report, people have been snacking out of stress from their work and personal lives. In the United Kingdom, 46% of women and 26% of men consume snacks to reduce frustration. Because of stress eating, the appetite for meals is lost, and snacks seem to replace meals over the long-term period.
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Asia-Pacific Holds the Largest Market Share
Snack food products are largely consumed in developed regions with high commercialization and urbanization. The market is expected to record a high CAGR in developing countries across the world. Asia-Pacific represents the largest and fastest-growing market for snack food products, followed by North America in size, 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. 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. Additionally, the higher protein content and lower fat and carb contents of products augment their demand among sports and fitness enthusiasts.
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Snack Food Industry Overview
The competition in the snack food market is high, mostly in developed countries, where a large number of snack food manufacturing companies are operating to serve a limited population. Some of the major players in the snack food market are PepsiCo Inc., Kellogg Company, Nestle SA, and General Mills Inc., among others. 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. In order to strengthen their hold in the market, these companies are innovating their flavors, expanding their target markets, and strengthening their distribution channels.
Snack Food Market Leaders
*Disclaimer: Major Players sorted in no particular order
Snack Food Market News
- March 2022: Mondelez International Inc. announced an agreement to acquire Chipta SA, a high-growth key player in the Central and Eastern European croissants and baked snack category.
- March 2021: Kellogg Co. introduced two cracker versions that are thinner and crispier under the Club and Town House brands. The company introduced Club Crisps in Sea Salt and Ranch flavor and Town House Dipping Thins in Sea Salt and Black Pepper.
- January 2021: Kellogg Co., under its Special K brand, launched a new line of Special K keto-friendly snack bars. The product is available in chocolate almond fudge and peanut butter fudge flavors, and the bars contain 160 calories, 12 grams of fat, 7 grams of protein, 2 grams of net carbs, and 1 gram of sugar each.
Snack Food Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Frozen Snacks
5.1.2 Savory Snacks
5.1.3 Fruit Snacks
5.1.4 Confectionery Snacks
5.1.5 Bakery Snacks
5.1.6 Other Types
5.2 By Distribution Channel
5.2.2 Convenience Stores
5.2.3 Specialty Stores
5.2.4 Online Retail Stores
5.2.5 Other Distrbution Channels
5.3 By Geography
5.3.1 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
5.3.4 South America
188.8.131.52 Rest of South America
5.3.5 Middle East and Africa
184.108.40.206 South Africa
220.127.116.11 Saudi Arabia
18.104.22.168 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 PepsiCo Inc.
6.3.2 Kellogg Company
6.3.3 Nestle SA
6.3.4 General Mills Inc.
6.3.5 Mondelez International
6.3.6 Conagra Brands Inc.
6.3.7 Link Snacks Inc.
6.3.9 Blue Diamond Growers
6.3.10 Clif Bar & Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Snack Food Market Research FAQs
How big is the Snack Food Market?
The Snack Food Market size is expected to reach USD 456.29 million in 2023 and grow at a CAGR of 3.37% to reach USD 538.53 million by 2028.
What is the current Snack Food Market size?
In 2023, the Snack Food Market size is expected to reach USD 456.29 million.
Who are the key players in Snack Food Market?
Unilever Plc, Kellogg's, Pepsico Inc, General Mills and Nestle S.A are the major companies operating in the Snack Food Market.
Which is the fastest growing region in Snack Food Market?
North America is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Snack Food Market?
In 2023, the Asia-Pacific accounts for the largest market share in the Snack Food Market.
Snack Food Industry Report
Statistics for the 2023 Snack Food market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Snack Food analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.