Snacks Market Insights, Trends, Opportunity & Forecast (Includes Business Impact of COVID-19)

Snacks evidently play a very crucial role, as they provide useful nutrients for increasingly on-the-go lifestyles. Snacks come in a variety of forms worldwide including packaged snack foods and other processed foods, as well as items made from fresh ingredients at home.

Traditionally, snacks can be prepared from ingredients commonly available at home without much of preparation. Cold cuts, fruits, leftovers, nuts, sandwiches, and sweets are used as snacks, generally. With the spread of departmental, packaged snack foods are being heavily consumed because of their easy availability.

Snacks are typically designed to be portable, quick, and satisfying. Processed snack foods, as one form of convenience food, are designed to be less perishable, more durable, and more portable than prepared foods. They often contain substantial amounts of sweeteners, preservatives, and appealing ingredients such as chocolate, peanuts, and also specially-designed flavors.

Global snacks market is anticipated to witness growth at a significant CAGR over the years to come.

MARKET DRIVERS:

The growth of this market is majorly attributed towards factors including the increasing disposal incomes and increasing population, evolving consumer consciousness towards convenient and on-the-go foods, improving consumer lifestyle, lack of time to cook at home as a result of rapid urbanization, high consumer acceptance of snack foods, innovative products in functional ingredients, rapidly growing organic foods and advancement in areas of packaging technology etc.

Moreover, with busy lifestyles, late retirements, and less leisure time, consumers are looking for eating foods that are less messy, convenient, yet nutritional. For many consumers, snacks have become an essential part of their lives. More and more consumers are turning to indulgent snacks that remind them of old times and make them stress-free.

Furthermore, snack food has emerged as an alternative to full-fledged meals with massive shifts in the consumer behavior patterns. This has led to a monumental rise in the demand for snacks globally which in turn has propelled the growth of the overall market.

Globally, the number of independent working women, double-income families and nuclear families are increasing. This demographic change increases the demand for convenience food drastically. Snack foods are considered as the closest alternative to regular food, which can be consumed any time (such as, during breakfast, lunch of dinner purpose). This, thereby enhances the market growth which, in turn, prevents the market from slowing down.

SNACKS MARKET SEGMENTATION:

By Type:

• Extruded
• Non-extruded

By Extruded Snacks Products:

• Potato
• Corn
• Rice
• Tapioca
• Mixed Grains
• Others

By Non-extruded Snacks Products:

• Salty Snacks
  • Crisp & Chips
  • Nut-Based Snacks
  • Popcorn
  • Others
• Snack Bars
• Refrigerated Snacks
• Vegetable & Fruit Snacks
• Bakery Snacks
• Others

By Distribution Channel:

• Supermarkets & Hypermarkets
• Convenience Stores
• Specialty Food Stores
• Online Retailers
• Others

REGIONAL INSIGHT:

Snack food products are largely consumed in the developed regions due to high commercialization and urbanization. The market is expected to growth with a high CAGR in developing countries across the globe.

Europe represents the largest market for snack food products and is projected for significant growth owing to the rapidly growing appetite of consumers, most notably for savory snacks in the region.

The Asia Pacific region is expected to grow at the highest rate in the coming years. This is because of the presence of a large consumer base in countries such as China, Japan, and India.  Additionally, the region encourages the entry of new players owing to factors such as easy availability of raw materials and cheap labor which in turn enhances the market in the region.

North America holds nearly about 1/3rd share in the global snack market in terms of revenue. This can be attributed to the outrageously changing traditional snack consumption patterns in the region, incremented disposal incomes, increasing population and growing obesity concerns in the region etc. The United States is the major contributor in the snacks market in this region.

FEW KEY PLAYERS IN SNACKS MARKET:

• Tyson Foods
• McCain Foods
• Aviko
• General Mills
• Pepsico
• Other Players

RECENT DEVELOPMENTS:

• In November 2020, Fabcon Food Systems (FFS) appointed SM Food Engineering as its official representative in India, with the Indore-based company set to play a key role in growing’s the manufacturer’s presence in the Indian Snacks Market by adding FFS products to its existing range.
• In November 2020, Snacks producer Utz Brands Inc. was said to be buying tortilla chips maker On The Borderfrom Insignia Capital Group for $480 million to expand its presence in the snacks category.
• In November 2020, GeeFree Foods, a leading frozen food innovator in the gluten-free industry was reportedly acquired by premier New Jersey food manufacturer, The Fillo Factory, Inc. Founded in 2013 by Susan Hougui and Steven Leyva, GeeFree Foods has been known for its industry disrupting, gluten-free puff pastry sheets. 

Timeline Considered for Analysis:

- 2019: Base Year

- 2020: Estimated Year

- 2020 to 2025: Forecast Period

Research Scope and Deliverables

Overview & Executive Summary

Market Drivers, Trends, Challenges and Opportunities

Market Size and Forecast Projections

Macroeconomic Indicators of Various Countries Impacting the Growth of the Market

Extensive Coverage of Industry Players including Recent Product Launches and Market Activities

Porter’s Five Force Analysis

Market Segmentation Analysis:

Industry report analyses the global snacks market by the following segments:

- Type

- Extruded Snacks Products

- Non-extruded Snacks Products

- Distribution Channel

Customization: We also offer customization’s in the industry report as per the company’s specific needs.

Key Questions Answered in the Global Snacks Industry Report

• What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2020-2025?
• Which region would have high demand for product in the upcoming years?
• What are the factors driving the growth of the market?
• Which sub-market will make the most significant contribution to the market?
• What are the market opportunities for existing and entry-level players?
• What are various long-term and short-term strategies adopted by the market players?