Product ID: SQSG30I2057
Report ID: SQSG30I2057 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 68 | Figures: 75
Global Snacks Market size was valued at USD 1,450.40 Billion in 2021 and is poised to grow from USD 1489.56 Billion in 2022 to USD 1843.41 Billion by 2030, at a CAGR of 2.70 % during the forecast period (2023-2030).
Snacking has become general habit, especially among adults and younger generations. In order to reduce unexpected hunger, this has further encouraged consumers to "purchase in bulk" of snack items. After seeing the significant increase, manufacturers have ultimately introduced goods that are protein, vitamin, and nutrient-rich, providing consumers with on-the-go nourishment while munching. In the medium future, a paradigm shift in consumer behaviour patterns may cause snack food to replace full-fledged meals. As empowered consumers increasingly look for enjoyable, nourishing, and sustainable meals to support their on-the-go lifestyles, snacks are adapting to meet shifting demand. The desire for portability and convenience is driving an increase in snacking, while premiumization is encouraging innovation and diversity in fresh, healthier, and more useful snacks. To appeal to international palates, localization encourages the use of strong, spicy flavours as well as unusual products, which is boosting regional markets' growth. Ready-to-eat snack sales online are also being driven by convenience, with snacks being one of the most popular food categories bought through e-commerce platforms.
US Snacks Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global snacks market is segmented based on the type, distribution channel, and region. Based on type, global snacks market is segmented frozen & refrigerated, fruit, bakery, savory, confectionery, dairy, others. Based on distribution channel, it is segmented into supermarkets & hypermarkets, convenience stores, online and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Snacks Market Analysis by Type
Frozen and refrigerated dominated the product category in 2021. When scared consumers loaded their freezers with longer-shelf items at the height of the lockdown, frozen foods proved to be a pandemic powerhouse in 2020. Sales of frozen foods are still robust when compared to levels before to the pandemic, despite decreasing consumer anxiety as the number of new COVID-19 cases.
Over the forecast period, savoury snacks are anticipated to have the quickest CAGR. Beef snacks like jerky and dried meat expanded quickly in North America as well as the Middle East and Africa. Manufacturers and producers have been forced to react to consumers' growing interest in health and wellness by providing a variety of low-fat, low-calorie, and gluten-free products.
Snacks Market Analysis by Distribution Channel
In 2021, supermarkets and hypermarkets dominated the global snacks market. Supermarkets and hypermarkets are the main sources of snack food in many high-income nations. Increasing retail infrastructure and the ensuing rise in the number of supermarkets and hypermarkets in metropolitan areas across Asia, the Middle East and Africa are driving market expansion. Furthermore, the availability of a wide variety of product options in hypermarkets and supermarkets is anticipated to fuel the segment's expansion in the coming years.
Online segment is expected to hold a high growth rate during the forecast period. Successful e-commerce companies have begun purchasing or building physical supermarkets recently, such as JD.com in China and Amazon in the United States. To bring some of their digital efficiency to their new brick-and-mortar locations, internet firms are testing out new automation techniques. Brick and mortar stores will need to change as more consumers shop online, especially by making shopping less of a chore and more of a fun pastime. Partnerships between companies that provide online meal delivery services and producers of ready-to-eat foods are also fostering the growth of the snack market.
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Asia Pacific dominated the global snacks market with a share of 34.3% of global value during 2021. Consumers prefer flexibility and convenience when it comes to eating, and packaged snacks are one of the top winners in this area. Snacks that are packaged and ready to eat (RTE) are perfect for grab-and-go consumption. For instance, customers in China, where snacks are frequently consumed as a fast fix for regular meals, are starting to place a higher value on wellbeing. As a result, the market for healthy snack alternatives is growing. Another trend being seen in this area is snacks with clean labels. As the Asia Pacific region becomes increasingly urban with better-developed urban grocery outlets, consumers are switching from dining at home and buying traditional street snacks from food bikes or truck to having packaged snacks easily available.
Due to rising demand from India and China, two emerging nations, the Asia-Pacific region is also home to the fastest-growing snacks market items. Urbanization and the spread of Western eating habits have made it easier for multinational corporations to enter the developing countries of the Asia-Pacific region. Over the research period, the Chinese snack food market had steady expansion, and during the projected period, more growth is anticipated. Furthermore, savoury snacks and other meal-replacing snacks like frozen and refrigerated goods are anticipated to continue popular. Big businesses are drawn to snacking categories and are purchasing smaller snacking companies in order to preserve their competitive edge. Even dairy and staples firms are aiming to capitalise on consumers' snacking habits with products like easy-to-eat and beautifully packaged yoghurts and multi-compartment packs.
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Snacks Market Driver
Snacks Market Restraint
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Global snacks market, due to the existence of international and regional competitors who provide a variety of snacking alternatives adapted to the local palates, the snacks market is fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Key player include Cargill Inc., PepsiCo Inc., Nestlé S.A., Mars Inc., and Tyson Foods. The creation of nutritious snack food products with unique flavours is the main emphasis of major snacks market participants.
Snacks Market Top Player's Company Profiles
Snacks Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global snacks market analysis, the size of the global market for snack food items is expanding significantly as a result of increase in demand, which is being fueled in part by factors including people's busy lifestyles, which encourage them to choose fast or prepared foods. The proportion of independent working women, dual-income households, and nuclear families is rising globally. The demand for convenient meals is multiplied by several due to this demographic trend. The closest substitute for normal food, which may be consumed at any time, is snack food. Additionally, it is anticipated that the introduction of fresh and wholesome snack items by regional and worldwide competitors would favourably impact the estimated growth of the snack market.
|Market size value in 2021||USD 1,450.40 Billion|
|Market size value in 2030||USD 1489.56 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Snacks Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Snacks Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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