Snack Market Size to grow by USD 332.5 billion between 2024-2028
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 2028 published by Technavio, the market size is estimated to grow by USD 332.5 billion, at a CAGR of 6.79% during the forecast period. The global economy has witnessed a significant increase in disposable income, as evidenced by the US Bureau of Economic Analysis (BEA) reporting a 0.5% rise, or USD89.7 billion, in disposable personal income (DPI) in March 2022. This trend is not exclusive 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 income, per capita income, and employment growth have contributed to this global income expansion. The anticipated surge in consumer spending and purchasing power resulting from this income growth is expected to positively impact various industries, including the snack market..
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 2028. Download Free Sample
By Product, the Bakery products segment is projected to dominate the market size in 2024
The bakery products sector in the global snack market is experiencing significant growth due to rising disposable incomes and shifting consumer preferences in emerging economies. Consumers in these markets are adopting higher standards of living and are increasingly conscious about their health, leading to a demand for healthier baked goods, such as gluten-free, low-carb, and high-fiber options. Furthermore, the bakery products segment is witnessing an influx of new product launches to cater to this demand, expanding purchase options for consumers. This trend is anticipated to continue, with strong support from a robust distribution network encompassing retailers, supermarkets and hypermarkets, food service centers, and e-commerce platforms, throughout the forecast period.
By Distribution Channel, Offline segment is expected to hold the largest market size for the year 2024
In the offline market, supermarkets and hypermarkets serve as the primary distribution channels for snacks due to their ability to offer a vast selection of products and an appealing shopping experience. Consumers are attracted to these retail outlets due to the convenience of finding a diverse range of snacks in one location, as well as the added benefits of discounts and attractive shelf displays. Moreover, supermarkets and hypermarkets possess significant buying power, enabling them to price their products competitively through discounts. This advantage is crucial, as it allows consumers to secure snacks at reduced costs, which may be challenging for competitors to match.
APAC is forecasted to hold the largest market size by region in 2024
In the dynamic snack market, businesses must stay agile to meet evolving consumer preferences. Utilizing innovative product development and strategic marketing, companies can differentiate themselves and capture market share. Trends such as clean labeling, natural ingredients, and convenience continue to shape the industry. By staying informed and adaptive, businesses can thrive in this competitive landscape.
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:
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Research Analysis Overview
Title: Snack Market: Meal Replacements and Healthier Choices for Busy Lives The snack market is evolving to cater to changing lifestyles and health concerns. Meal replacements, including meal replacement drinks, have gained popularity among consumers looking for convenience and nutrition-rich diet options. Cultural diversity is driving innovation, with savory snacks from around the world gracing retail shelves. Retail channels, from convenience stores to supermarkets, are adapting to meet the demand for healthier snacking choices. Functional snacking, with high-protein, low-sugar, and low-fat options, is a growing trend. Consumers are seeking nutrient-dense snacks, rich in vitamins, minerals, and essential nutrients like protein. Busy schedules and changing lifestyles have fueled the demand for snacks that offer both taste and health benefits. Frozen snacks, such as vegetable-based options, are gaining traction as a convenient, nutritious choice. As health becomes a top priority, the snack market continues to innovate, offering consumers a wide range of options to support their active, on-the-go lifestyles.
Market Research Overview
Title: Navigating the Snack Market: Work, Weight Management, and Variety in a Changing World The snack market is undergoing a paradigm shift as modern consumers adapt to shifting lifestyles, health concerns, and cultural diversity. Work and weight management are top priorities, leading to an increased demand for vitamin-rich, protein-packed, and calorie-focused snacks. Vending machines, retail stores, and e-stores offer a variety of products, from savory snacks and ready-to-eat meals to vegan, plant-based, and organic options. Traditional meals are being replaced by functional snacking, including meal replacement meals and drinks, granola bars, and protein-rich content. Sporting events, social snacks, and snacking occasions call for energy boosters, low-sugar, and low-fat options. Snack manufacturers cater to this demand with portion-controlled snacking options, refrigerated snack bars, and long-shelf-life seafood snacks. Customers seek convenience, clean-label preferences, and healthier alternatives. Nuts, seeds, and dried fruits are popular choices, while exotic ingredients and functional snacks add excitement. Packaging solutions ensure portability and allergen-free options. The snack market caters to various dietary patterns, including veganism and plant-based diets. Savory snacks, frozen snacks, and fresh snacks provide a wide range of choices. As consumers prioritize nutrition, nutrition-rich diets, and metabolic benefits, the snack market continues to evolve. Brands like Godrej Yummiez offer a range of better-for-you snacks, including chips, nuts, and meal replacement drinks, catering to the diverse needs of modern consumers.
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