Specialty Snacks Market Size

Specialty Snacks Market Analysis

The Specialty Snacks Market size is estimated at USD 87.23 billion in 2024, and is expected to reach USD 119.22 billion by 2029, growing at a CAGR of 6.45% during the forecast period (2024-2029).

• Over the medium term, snack food is expected to emerge as an alternative to full-fledged meals with a 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 rising as the demand for convenience and portability has fueled increased consumption, with premiumization spurring innovation and variety in fresh, better-for-you, and available snacks.
• Due to the growing interest in healthy lifestyles, modern consumers are seeking simpler and healthier formulations, flavors, and diet formats, significantly contributing to the market's growth. Nuts and seeds have a healthy reputation for delivering both high protein and energy content. An increasing number of brands that offer nut- and seed-based snacks are engaging in product innovation by integrating seeds and nuts as ingredients in their product lines.
• Consumers are increasingly opting for healthier ingredients, such as snacks high in fiber, protein, and whole grains. To cater to consumer demand, manufacturers are focusing on fat reduction in their snacks and are even offering trans-free snacks.
• Therefore, there has been a significant rise in the percentage of the population shifting toward nutritional food products, such as snack bars, biscuits, protein bars, energy bars, and fruit-based snacks. This has resulted because of the growing interest in convenient nutritional products that can be potential alternatives for savory snacks like potato chips and extruded snacks, among others. Additionally, baked products like biscuits, cookies, crackers, and biscuit wafers, among others, have a significant amount of calories. This factor makes consumers shift to healthy alternative products like fruit snacks, granola bars, energy bars, and confectioneries. Moreover, consumers are witnessing ill effects on health due to fried and baked products, resulting in the rise of obesity and diabetes among adults and children across the globe. Hence, there is high potential for a specialty snacks market globally.