Global Snack Food Market - 2023-2030

Global Snack Food Market - 2023-2030

The Global Snack Food Market reached US$ 485.4 million in 2022 and is expected to reach US$ 659.2 million by 2030 and is expected to grow with a CAGR of 3.9% during the forecast period 2023-2030. One prevailing trend in the snack food market is the surge of functional snacks that offer additional health benefits beyond basic nutrition. This trend is the rise of protein-packed snacks like protein bars and protein chips, which provide a convenient and satisfying way to meet daily protein intake.

The snack food market is a dynamic and thriving industry, driven by evolving consumer preferences and lifestyles. With an increasing focus on convenience, health, and indulgence, the market offers a wide array of snack options, to cater to diverse tastes. Snack food sales continue to grow globally, fueled by factors such as busy schedules, on-the-go consumption, and the desire for quick and satisfying snack solutions.

The convenience factor is a driving force in the snack food market. According to the market analysis, 92% of consumers consider convenience an important factor when choosing snacks. This has led to the rise of grab-and-go snack options, single-serve packaging, and portable snack formats to cater to the needs of busy, on-the-go lifestyles.

Market Dynamics

Growing Demand for Ready-to-Eat Snacks and Diverse Savory and Sweet Options is Driving the Growth of the Market

The snack food market trend is driven by the increasing demand for ready-to-eat snacks that offer convenience and satisfy cravings. Ready-to-eat snacks, such as pre-packaged chips, cookies, and bars, cater to busy lifestyles and on-the-go consumption. Additionally, the market is fueled by the popularity of savory snacks, including chips, popcorn, and pretzels, which provide a satisfying and savory flavor experience.

Sweet snacks, such as chocolates, candies, and pastries, also play a significant role in driving market growth, offering indulgence and gratifying consumers' sweet tooth. These drivers contribute to the continuous expansion and diversification of the snack food market.

Shifting Consumer Focus toward Healthy Snacks, Convenience, and Sustainable Packaging Driving the Market Growth

The snack food market is experiencing a shift in consumer preferences toward healthier snack options. There is a growing demand for snacks that are not only tasty but also offer nutritional value and promote overall well-being. Healthy snacks, including organic, natural, and low-sugar alternatives, are gaining popularity as consumers become more health-conscious.

Convenience is another driver, as busy lifestyles and on-the-go consumption habits drive the need for easy-to-eat and portable snack options. Furthermore, there is increasing awareness and concern about sustainable packaging, prompting the market to adopt eco-friendly and recyclable packaging solutions to reduce environmental impact.

The Snack Food Market Facing Challenges in Meeting Consumer Expectations for Snack Flavors, Ingredients, and Manufacturing Processes

One key restraint of the snack market lies in the challenge of balancing the demand for diverse snack flavors and varieties, snack ingredients, and snack manufacturing processes. While consumers crave a wide range of options, meeting these demands poses challenges for manufacturers. Developing and introducing new flavors and varieties requires significant investment in research and development, as well as potential risks associated with consumer acceptance.

Similarly, sourcing high-quality snack ingredients and ensuring their availability in sufficient quantities can be a constraint. Moreover, optimizing snack manufacturing processes to maintain quality, efficiency, and cost-effectiveness presents additional hurdles. Overcoming these restraints requires continuous innovation, supply chain management, and operational excellence to deliver the desired snack experience to consumers.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global Snack Food market has been segmented by type, distribution channel, and region.

Traditional Retail And Online Channels Dominate Snack Food Market Distribution

Approximately 40% of snack food sales in the market are distributed through traditional retail channels, such as supermarkets, hypermarkets, and convenience stores. Online channels, including e-commerce platforms, contribute to around 30% of the distribution, experiencing significant growth in recent years. Foodservice channels, such as restaurants, cafes, and food stalls, account for approximately 15% of the market share.

Direct-to-consumer models, including subscription services and meal kit delivery, make up around 5% of snack food distribution. Specialty stores, such as gourmet shops and health food stores, contribute to about 5% of the market. Finally, vending machines and other automated retail channels hold a share of roughly 3%. Please note that these figures are approximate and can vary depending on the region and market conditions.

Geographical Analysis

Expansive Opportunities and Growing Demand Drive Asia Pacific Snack Food Market

By region, the global snack food market is segmented into North America, South America, Europe, Asia-Pacific, Middle-east, and Africa.

The Asia Pacific snack food market is regarded as fastest growing region in the global snack food industry. The snack food market size is estimated to be in the range of billions of dollars, it presents a lucrative opportunity for snack food manufacturers. The market is witnessing a growing preference for better-for-you snacks, including organic, low-sugar, and functional options, which account for around 20-25% of the overall snack food market share.

Online retail channels, such as e-commerce platforms, contribute approximately 15-20% of total snack food sales in the Asia Pacific region, reflecting the increasing influence of digital platforms. Notably, countries like China, India, and Japan play a pivotal role, collectively contributing to around 50-60% of the snack food market share. These statistics highlight the region's dominance in the snack food industry and the emerging trends that shape consumer choices in the market.

Competitive Landscape

The major global players in the market include PepsiCo, Nestlé, General Mills Inc, Mondelez International, Mars, Incorporated, Kellogg Company, The Hershey Company, Kraft Heinz Company, Campbell Soup Company, and Conagra Brands.

Why Purchase the Report?
• To visualize the global snack food market segmentation based on type, distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of Snack Food market-level with all segments.
• The PDF report consists of a cogently put-together market analysis after exhaustive qualitative interviews and an in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The global snack food market report would provide approximately 53 tables, 49 figures, and 190 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies