Market Size of Snack Food Industry
| 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
*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.
