|Study Period:||2016 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The snack food market was valued at USD 427.02 billion in 2020, and it is projected to register a CAGR of 3.37% during the forecast period (2021-2026).
With the onset of the COVID-19 pandemic, the snack food market during the first few months has witnessed a reduced demand primarily because of barriers to the movement of goods and the closure of retail outlets. However, as consumers were forced to stay indoors, snacking became a common habit, mostly among the adult and younger population. This has further led to the "buying in bulk" of snack foods, enabling consumers to trim down on sudden hunger. Manufacturers, witnessing the sudden upsurge, have eventually launched products that are enriched with protein, vitamins, and nutrients, giving consumers on-the-go nutrition while snacking.
Over the medium term, snack food may emerge as an alternative to full-fledged meals with the paradigm shift in consumer behavior patterns. The face of snacks is changing, 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 increased consumption, with premiumization spurring innovation and variety in fresh, better-for-you, and functional snacks. Localization is encouraging the use of bold and spicy flavors and exotic ingredients to appeal to international palates, which is driving growth in the regional markets. Convenience is also driving online sales of ready-to-eat snacks, with snack foods being one of the top food categories purchased through the e-commerce channel.
The COVID-19 pandemic resulted in the generation of opportunities for many snack food private players to emerge in the markets to cater to the inflated demand. The demand for innovative snack products is consistently high in the 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 being considered the closest alternative to regular food, which can be consumed any time (such as during breakfast, lunch, or dinner purposes).
Scope of the Report
A snack is a small portion of food eaten between meals. Snacks come in a variety of forms and shapes, including packaged snack foods, and other processed foods.
The global snack food market is segmented by type into frozen snacks, savory snacks, fruit snacks, confectionery snacks, bakery snacks, and other types. By distribution channel, the market is segmented into supermarkets and hypermarkets, convenience stores, online retail stores, and other distribution channels. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. For each segment, market sizing and forecasts have been done on the basis of value (USD million).
|By Distribution Channel|
|Online Retail Stores|
|Other Distrbution Channels|
Key Market Trends
Growing Demand for Convenient and Healthy On-the-go Snacking
Globally, the demand for convenience foods is growing at a faster pace due to changes in social and economic patterns, as well as increased expenditure of food and beverage, awareness about healthy foods, changes in meal patterns and existing food habits, and the desire to taste new products.
The United States is the largest market for convenience foods in the world, and the emerging markets of Asia-Pacific, the Middle East, and Latin America are projected to see future growth for the same.
On-the-go snacking is becoming extremely popular, especially among the working-class people, teenage children, people living in hostels, and bachelors due to their hectic lifestyles. Moreover, the on-the-go snacking concept is closely associated with easy consumption and handling of products, frozen snacks, savory snacks, confectionery snacks, bakery snacks, and other snacks. Thus, the demand for snack products is increasing due to the linked convenience of consumption, aided by disposable packaging that prevents the bars from coming in contact with hands, keeping them clean to work simultaneously.
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Asia-Pacific Holds the Major Share in the Snack Food Market
Snack food products are largely consumed in the developed regions due to high commercialization and urbanization. The market is expected to grow with 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 the increasing demand from the developing countries of India and China. The spread of western eating habits to the developing world and growing urbanization have helped in better market penetration for the global players in the developing nations of Asia-Pacific. The Chinese snack food market registered a stable growth in the study period, and it is expected to improve in the forecast period further.
Moreover, the rising demand for on-the-go snacking with additional nutritional content is driving the demand for meat-based snacks in the market studied. Additionally, the higher protein content and lower fat and carbs of products augment their demand among sports and fitness enthusiasts.
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The competition in the global snack food market is reported to be huge, mostly in the developed countries, where a large number of snack food manufacturing companies are operating to serve the limited population. Some of the major key players in the global 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 a strategy to cater to the increasing demands of the consumers, thereby, gaining a competitive advantage in the market.
- In 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.
- In January 2020, The Frito-Lay and Walkers Crisps maker acquired a majority shareholding of Senselet Food Processing, an Ethiopian potato crisps company founded by Veris Investments in 2015. Senselet had a leading market position in Ethiopia with its Sun Chips brand, which used locally sourced potatoes.
- In December 2019, Pringles launched a special edition at the Super Bowl, Pickle Rick flavor, inspired by the series Rick and Morty. The flavor is expected to be offered in the US market in February 2020.
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
18.104.22.168 United States
22.214.171.124 Rest of North America
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 Rest of Asia-Pacific
5.3.4 South America
220.127.116.11 Rest of South America
5.3.5 Middle-East and Africa
18.104.22.168 South Africa
22.214.171.124 Saudi Arabia
126.96.36.199 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Strategies Adopted by Leading Players
6.2 Most Active Companies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 PepsiCo Inc.
6.4.2 Kellogg Company
6.4.3 Nestle SA
6.4.4 General Mills Inc.
6.4.5 Mondelez International
6.4.6 Conagra Brands Inc.
6.4.7 Link Snacks Inc.
6.4.9 Blue Diamond Growers
6.4.10 Clif Bar & Company
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Snack Food Market market is studied from 2016 - 2026.
What is the growth rate of Snack Food Market?
The Snack Food Market is growing at a CAGR of 3.37% over the next 5 years.
Which region has highest growth rate in Snack Food Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Snack Food Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Snack Food Market?
Unilever Plc, Kellogg's, Pepsico Inc, General Mills, Nestle S.A are the major companies operating in Snack Food Market.