Global Snack Food Market Size Grows Steadily at a CAGR of 3.75%

Introduction

Snacks are food portions that are often smaller than meals and are typically eaten in between meals. Snacks are frequently prepared with ingredients that are lying around the house. Leftovers, cold-cut sandwiches, almonds, fruit, and the like are typical snacks. Snack foods have replaced full meals due to the paradigm shift in consumer behavior. Customers also select snacks that meet their dietary needs, such as kosher-certified, lactose-free, fat-free, gluten-free, and vegan-certified.

Market Dynamics

Growing Demand for Convenient and Healthy on-the-go Snacking Drives the Global Market

Due to changing lifestyles, consumers are selecting quick-to-eat foods to consume on the go, which affects per capita spending on savory snack goods. Due to more extended workdays and busier lifestyles, customers are switching from pricey luncheons and meals to packaged foods and desk snacks, increasing snack sales. Savory snack spending per individual is rising in wealthy economies like the United States and the United Kingdom. Customers are also motivated to purchase savory snack goods due to the large variety of easily accessible snack items and the expanding power of major corporations' global distribution networks. Introducing "low-sodium" healthy chips and those baked rather than fried increases their appeal to health-conscious consumers. This demonstrates how a broader consumer base can increase the consumption of savory snacks.

Increasing Demand for Dairy-Based Snacks Creates Tremendous Opportunities 

Due to growing consumer health consciousness, the emergence of health problems brought on by sedentary lifestyles, and the switch from supplements to fortified dairy products, the market for dairy snack foods is growing. As a result of this evolving tendency, producers have created variations in the global snacks market, such as low-fat, calcium-rich, and lactose-free versions. A few typical snacks that are heavy in calories, fat, and added sugar are chips, candy, and snack mixes.

Dairy snacks are a convenient, healthful, nutrient-dense alternative that provides the body with the vitamins, minerals, and energy it needs. Due to changes in consumer milk consumption habits, there is now a higher demand for milk-based products with a wider variety of flavors and fortified ingredients. The high demand for authentic cheese has driven the dairy snack market. Due to changing consumer perceptions of cheese as a protein-rich, nutritious substitute for processed snacks, it has gained popularity as a dairy snack item.

Regional Analysis 

Asia-Pacific is the most significant shareholder in the global snacks market and is anticipated to grow at a CAGR of 5.10% during the projection period. Due mainly to product innovation and the rising popularity of healthy snacks, the Chinese snack food industry has shown consistent growth throughout the study period. This growth is projected to continue over the projection period. The increased desire for on-the-go snacking with enhanced nutritional content drives the demand for meat-based snacks in the market. Athletes and fitness fanatics desire products more due to their higher quality protein and lower fat and carbohydrate compositions.

North America is anticipated to grow at a CAGR of 2.70%, generating USD 164.77 billion during the forecast period. Due to its fast-paced way of life, the United States, one of the most industrialized countries, is seeing an increase in the need for quick and healthy snack foods. In search of conveniences like quick and small meals, Americans spend more than half of their food budget on prepared foods, according to the United States Department of Agriculture (USDA). In a 2017 survey by the cooperative Welch's, 92% of millennials admitted to eating snacks instead of meals. The study demonstrates the increased popularity of quick meals and snacks among Americans.

British customers favor snacks with high nutritional content, and minimal ingredient lists over those that require calorie counting. A rapid increase is predicted for low-calorie frozen yogurt, ice creams, and other snack foods due to the reduced sugar content of the products. Due to customers' preference for meals that are high in protein or fiber, have no/little sugar, or have undergone minimal processing, demand is predicted to rise over the forecast period. Compared to other varieties of traditional ice cream, each tub of this variety offers less than 310 calories and more than 20g of protein.

Key Highlights

• The global snack food market was valued at USD 439.22 billion in 2021. It is projected to reach USD 611.75 billion by 2030, growing at a CAGR of 3.75% during the forecast period (2022-2030).
• Based on type, the global snack food market is bifurcated into frozen snacks, savory snacks, fruit snacks, confectionery snacks, bakery snacks, and others. The savory snacks segment owns the highest market share and is anticipated to grow at a CAGR of 2.90% over the forecast period.
• Based on distribution channels, the global snack food market is bifurcated into supermarkets, convenience stores, and others. The supermarkets/hypermarkets segment is the highest contributor and is expected to grow at a CAGR of 3.65% during the forecast period.
• Asia-Pacific is the most significant shareholder in the global snacks market and is anticipated to grow at a CAGR of 5.10% during the projection period.

Competitive Players

Recent Developments

Recent Developments

• August 2022- Doritos—the famous triangle-shaped chip brand—is elevating the simple triangle to another Level ®TM. Triangle trackers will soon understand how frequently they encounter triangles in daily life thanks to the weekly TikTok challenges and the Snapchat AR lens that turns any real-world triangle into Doritos.
• October 2022- Quality Street, one of Nestlé's most well-known confectionery brands in the UK and worldwide, uses recyclable FSC-certified paper packaging. With the historic switch from dual foil and cellulose to recyclable paper wrappers, Quality Street will eliminate nearly 2.5 billion separate pieces of packaging from its global supply chain.

Segmentation

1. By Type
   1. Savory Snacks
   2. Sweet Snacks
   3. Healthy Snacks
2. By Distribution Channel
   1. Supermarkets/Hypermarkets
   2. Convenience Stores
   3. Online Retail
   4. Specialty Stores
   5. Others
3. By Packaging
   1. Bulk Packaging
   2. Single-Serve Packaging
   3. Multi-Pack Packaging