Increasing Snack Consumption is anticipated to openup the new avenue for Snack Products Market

 

Snack Products Market 

Snack products include savory and sweet snacks that are consumed between meals. Savory snacks include potato chips, puffs, extruded snacks etc. while sweet snacks include cookies, biscuits, chocolate and confectionery. Changing lifestyle, urbanization and increasing disposable incomes are driving the demand for snack products globally. Innovation in flavors and packaging is further enhancing the demand. Health consciousness is also pushing the demand for healthy snack products.

The global Snack Products Market is estimated to be valued at US$ 1,524.67 Mn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing out of home consumption: With changing lifestyle and dual income households, there is increasing preference for ready-to-eat snack products that can be consumed on-the-go or outside home. This is pushing sales through retail stores and food service channels.

Increasing prominence of natural and organic products: Consumers are increasingly preferring products with clean label and organic ingredients owing to rising health concerns. This provides opportunities for manufacturers to launch natural and organic variant products.

Segment Analysis

The snack products market is segmented into salty snacks, bakery snacks, confectionery, and nuts & dried fruits. Among these, salty snacks dominate the market and account for nearly 40% share as they are the most popular snack options across countries. Potato chips and extruded snacks are the major revenue generating sub-segments within salty snacks owing to their indulgent taste and long shelf life.

PEST Analysis

Political: The food safety regulations imposed by regulatory bodies have a significant impact on the snack products market. Various agencies focus on aspects like usage of ingredients, packaging, and labeling norms.
Economic: The rising disposable incomes and spending capabilities on food products, especially in developing nations is fueling the adoption of premium and foreign snack brands. Moreover, economic growth has increased the demand for convenient snack options.
Social: Changing lifestyles and busy schedules have led to increased consumption of snack products for on-the-go nutrition. The boost in nuclear families and working women population further supports the demand.
Technological: Manufacturers are investing in new technologies to develop innovative product types with custom flavors, better taste and nutritional profiles. Packaging innovations help extend shelf life and improve portability of snack items.

Key Takeaways

The Global Snack Products Market Size is expected to witness high growth, exhibiting CAGR of 2.8% over the forecast period, due to increasing demand for indulgent and on-the-go snack options. The market size for 2023 is estimated at US$ 1,524.67 Mn.

Regional analysis: North America dominates the global market and holds over 30% share owing to frequent snacking habits and launch of new flavored products by regional players. Asia Pacific exhibits the fastest growth led by countries like China and India. Changing diets and rising disposable incomes encourage the adoption of Western snack foods.

Key players:The Kraft Heinz Company leads the salty snacks segment with brands like Lays and Cheetos. Nestlé has a strong presence across bakery, chocolate and confectionery snacks with KitKat and Smarties. Kellogg's is a major player in cereal and granola bars. Unilever offers tea biscuits, noodles and soups. Calbee excels in potato and corn snacks in Asian markets. Intersnack supplies potato chips, peanuts and crackers across Europe.

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