Snacks Market Significant Trend Fueling The Industry Is The Increasing Substitution Of Meals With Snacks

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Apr 19

Snacks industry Overview

The global snacks market size was valued at USD 1,450.4 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 2.7% from 2022 to 2030. The pandemic-induced lockdowns coupled with the global adoption of the work-from-home culture have led to the exponential growth of the snack market in the last two years. This trend is expected to sustain during the forecast period, as snack manufacturers are focusing on product innovations such as healthier and organic products. COVID-19 lockdowns prompted an increase in at-home consumption of food products. COVID-19 lockdown implementations and extensions had given snack products a significant role in households all across the globe. Because more people are working from home, the desire for "on-the-go indulgence" has intensified. Over the previous two years, demand for packaged snacks such as cookies, chips, noodles, and macaroni has increased as the pandemic has encouraged consumers to establish new in-home dining circumstances.

Rising health concerns globally, and the shifting lifestyles and dietary patterns, have fueled demand for a variety of snacking options. A significant trend fueling the industry is the increasing substitution of meals with snacks, as well as the rising demand for vegan, allergen-free snacks. International brands have seized this opportunity of increased demand for snacks, by packaging their products in more convenient ways to extend shelf life and promote on-the-go snack consumption. For instance, U.S.-based Kwik Lok Corp. offers its Eco-Lok closure packaging solution, which enables consumers to reclose the package and consume the snacks later. The industry growth is expected to be aided by innovative food products, flexible packaging solutions that meet customer needs, and busy lifestyles.

Gather more insights about the market drivers, restrains and growth of the Global Snacks market

Consumers have switched their focus from taste and more animal protein to a broader range of product attributes as their consumption patterns have gradually but steadily changed. Shoppers are seeking a mix of processed and fresh products to help them maintain a healthy, balanced diet. Functional snacks are becoming more popular, and the expectations and needs of young demographic customers are evolving at a rapid pace.

Consumers all across the world are becoming more conscious of their snacking habits, shifting toward healthier options such as vegetables and fruit chips, and granola bars because of the metabolic benefits they provide. During the forecast period, the growing demand for food items that aid in weight management owing to the widespread prevalence of obesity in developed countries such as the U.S. and the U.K. is expected to propel the market for healthy snacking choices.

As a result of the pandemic, many snack food private businesses have emerged in the market to meet the increased demand. Snacks are a quick and accessible source of nutrition and energy in developed countries, thus demand for novel snack products is always high. The number of independent working women, dual-income families, and nuclear families is already on the rise across the globe. The demand for convenience meals has increased substantially as a result of this demographic shift. Snack food is widely regarded as the most convenient alternative to regular food, as it may be consumed at any time, thereby propelling snack market demand globally.

Browse through Grand View Research's Consumer F&B Industry Research Reports.

Coconut Products Market - The global coconut products market size was valued at USD 20.24 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 8.4% from 2023 to 2030.

Macadamia Nut Market - The global macadamia nut market size was valued at USD 1.58 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 9.3% from 2023 to 2030.

Snacks Market Segmentation

Grand View Research has segmented the global snacks market based on source, distribution channel, and region.

Product Outlook (Revenue, USD Billion; 2017 - 2030)

Frozen & Refrigerated
Fruit
Bakery
Savory
Confectionery
Dairy
Others

Distribution channel Outlook (Revenue, USD Billion; 2017 - 2030)

Supermarkets and Hypermarkets
Convenience Stores
Online
Others

Regional Outlook (Revenue, USD Billion; 2017 - 2030)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Market Share Insights

February 2020: PepsiCo acquired Be & Cheery, one of the largest online snacks companies in China, from Haoxiangni Health Food Co for USD705 million. The acquisition of Be & Cherry marks an important step in the Company's goal to become China's leading consumer-centric food and beverage company.

July 2019: The Ferrero Group and its related companies ("Ferrero"), a global confectionary group, completed its acquisition of the cookie, fruit, and fruit-flavored snack, ice cream cone, and pie crust businesses from The Kellogg Company.

Key Companies profiled:

Some of the key players operating in the snacks market include:

General Mills, Inc.
PepsiCo
The Kraft Heinz Company
Nestlé
The Kellogg Company
Unilever
Calbee
Intersnack Group GmbH & Co. KG
Conagra Brands, Inc.
ITC Limited
Grupo Bimbo
Danone
Mars, Incorporated

Order a free sample PDF of the Snacks Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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