Authored By: Sarah
11 Jul 2024

 Snack Market Size to grow by USD 300.56 billion between 2023-2027

According to a research report “ Snack Market” by Product (Bakery products, Chocolate, Savory snacks, Frozen snacks, Others) Distribution Channel (Offline, Online) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 300.56 billion, at a CAGR of almost 6.51% during the forecast period. The global economy has experienced a significant uptick in disposable income, as evidenced by a 0.5% increase, or USD89.7 billion, in the US's disposable personal income (DPI) as reported by the US Bureau of Economic Analysis (BEA) in March 2022. This trend is not limited to developed economies, as the Organization for Economic Co-operation and Development (OECD) reports an increase in household disposable income across all member countries since 2021. Factors such as the rise in dual household incomes, per capita income, and a robust employment rate have fueled this global income growth. The anticipated increase in consumer spending and purchasing power resulting from this income expansion is a positive sign for businesses in the snack market and beyond.

Browse market data tables, figures, and in-depth TOC on “Snack Market” by Product (Bakery products, Chocolate, Savory snacks, Frozen snacks, Others) Distribution Channel (Offline, Online) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2027. Download Free Sample

 

By Product, the Bakery products segment is projected to dominate the market size in 2024

In the snack market, supermarkets and hypermarkets serve as the primary distribution channels due to their ability to provide a vast selection of products and an appealing shopping experience. Consumers are drawn to these retail outlets due to enticing discounts and attractive shelf displays. Moreover, supermarkets and hypermarkets possess significant buying power, enabling them to price products competitively through discounts. This advantage is not easily replicable by competitors, resulting in consumers securing snacks at reduced prices.

By Distribution Channel, Offline  segment is expected to hold the largest market size for the year 2024

The bakery market is experiencing significant growth due to the rising disposable incomes and improving standards of living in emerging economies. Consumers in these markets are shifting towards baked goods such as bread, rolls, cookies, pies, pastries, and muffins, among others. This trend is driven by cultural changes and increasing consumer awareness towards healthier options. The bakery products segment is witnessing a surge in demand for gluten-free, low-carb, and high-fiber baked goods. New product launches are also on the rise, with companies like RSPL Group Pvt. Ltd. entering the market and introducing new offerings to cater to this growing demand.

APAC is forecasted to hold the largest market size by region in 2024

The burgeoning food retail sector in Asia Pacific's developing nations, particularly China, India, Thailand, and Japan, is fueling the growth of the snack market. This region's ongoing economic development is driving retail industry expansion, thereby capturing consumers' attention towards novel snack offerings. Packaged snacks, in particular, are experiencing significant gains due to their convenience and flexibility, making them ideal for the mobile and ready-to-eat (RTE) lifestyles of modern consumers. In China, for instance, the snacking trend is on the rise as an alternative to traditional meals, further boosting demand for snacks.

The Snack Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Agthia Group PJSC
  • B and G Foods Inc.
  • Calbee Inc.
  • Conagra Brands Inc.
  • Cooperatie Koninklijke Cosun UA
  • Deco Food Service
  • Ferrero International S.A.
  • General Mills Inc.
  • Happytizers Pvt Ltd
  • Harvest Almond Snacks
  • Hormel Foods Corp.
  • J and J Snack Foods Corp.
  • Kellogg Co.
  • Kind LLC
  • McCain Foods Ltd.
  • Mondelez International Inc.
  • Nestle SA
  • NutriAsia Inc.
  • PepsiCo Inc.
  • Popcorn Shed Ltd.
  • Rich Products Corp.
  • Sargento Foods Inc.
  • The Hain Celestial Group Inc.
  • The Hershey Co.
  • The Kraft Heinz Co.
  • Tyson Foods Inc.
.

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Research Analysis Overview

Title: The Booming Snack Market: Meal Replacements, Healthier Choices, and Cultural Diversity The snack market is experiencing a significant shift as consumers prioritize healthier snacking choices over traditional options. Meal replacements, such as meal replacement drinks and high-protein snacks, have gained popularity among those with busy schedules and changing lifestyles. Snacking occasions are no longer limited to between meals. Functional snacking, which includes nutrient-rich, vitamin-packed options, has become a preferred choice for those seeking healthier alternatives. Cultural diversity has also influenced the snack market, with an increase in demand for savory snacks from different parts of the world. Retail channels, including convenience stores, have responded to these trends by expanding their offerings. Health concerns and lifestyle changes have led to a rise in demand for low-sugar, low-fat, and frozen snacks. Nutrition, vitamins, protein, and other essential nutrients are now key considerations for consumers when making snacking choices. The snack market continues to evolve, offering a wide range of options for those seeking convenient, healthy, and culturally diverse snacking experiences. Whether it's a quick meal replacement or a savory snack, consumers can now make informed choices that support their nutrition-rich diet.

Market Research Overview

Title: The Evolution of Snacking: From Traditional Meals to Functional, Vegan, and Portable Options The snack market is witnessing a paradigm shift, with consumers prioritizing healthier alternatives and convenience. Work culture and shifting lifestyles have led to an increase in snacking occasions, making it essential for snack manufacturers to cater to various dietary needs and preferences. Vending machines, convenience stores, retail channels, and e-stores are some retail outlets that offer a variety of products, including vitamin-rich, protein-packed, and low-sugar snacks. Savory snacks like chips, nuts, and granola bars are popular choices, while vegan and plant-based options are gaining traction among modern consumers. Functional snacking, with its focus on nutrition, energy levels, and metabolic benefits, is a growing trend. Snack manufacturers are innovating with exotic ingredients, portion-controlled snacking options, and packaging solutions to cater to this demand. Organic food, ready-to-eat snacks, and meal replacement meals/drinks are also in high demand. Social snacks, like those enjoyed during sporting events or film nights, are driving sales of savory, high-protein snacks. Convenience, portability, and clean-label preferences are key factors influencing consumer behavior patterns. Regional markets offer unique opportunities, with refrigerated snack bars, long-shelf-life seafood snacks, and calorie-focused snacks catering to diverse tastes and dietary needs. The snack industry is constantly evolving to meet the demands of health-conscious, busy consumers.

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Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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