Market Definition
Snacks are a tiny portion of food people can munch upon between meals. They come in a wide variety & different packaging and are available easily in the market for consumers. As food consumption choices have evolved over the years, several snack options with sufficient nutritional requirements are available extensively for people to promote healthy living.
Market Insights
The Global Snack Food Market is projected to grow at a CAGR of around 3.1% during the forecast period, i.e., 2022-27. The growth of the market is driven primarily by the growing health consciousness, especially among the exponentially rising working population with minimal or no time for food preparation, i.e., surging the demand for nutritional & easy-to-cook & eat snacks.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) | 3.1% |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, The UK, Germany, France, Spain, Italy and Others | |
| Asia-Pacific: China, India, Japan, South Korea, Australia and Others | |
| South America: Brazil, Rest of South America | |
| Middle East & Africa: South Africa and Others | |
| Key Companies Profiled | Blue Diamond Growers, ConAgra Foods Inc., Clif Bar & Company, Ferrero S.P.A., General Mills Inc., Kellogg Company, Link Snacks Inc., McCain Foods Ltd., Mondelez International Inc., Nestlé S.A., PepsiCo Inc., The Kraft Heinz Company, Tyson Foods, Unilever |
| Unit Denominations | USD Million/Billion |
In addition, as more & more people are developing a habit of munching food, it is instigating manufacturers to introduce an extensive variety of snacks, i.e., contributing to the overall market growth. Besides, with a swift acceleration in the vegan & health-conscious population, the demand for specialized snacks is also significantly surging and encouraging manufacturers to offer vegan-free, gluten-free, diet-conscious, & allergy-free snacks.
Moreover, with the growing internet penetration and increasing number of online shoppers, the leading snack food manufacturers are adopting digital platforms to offer a wide variety of snack food and projecting remunerative opportunities for the Global Snack Food Market in the years to come.
Key Trend in the Global Snack Food Market
With swift changes in the living standards & food preferences due to the improving purchasing power of people, coupled with their rising health consciousness, the demand for convenience food is upscaling rigorously worldwide. It, in turn, is portraying a growing expenditure on healthy snack food & generating growth opportunities for the leading players to increase their production & distribution capacities to meet the burgeoning consumer requirements. Besides, the escalating number of the working population with hectic lifestyles & minimal or no time for food preparation is another crucial aspect expected to propel the demand for ready-to-eat snacks and drive the global snack food market in the years to come.
Impact of Covid-19 on the Global Snack Food Market
The Covid-19 pandemic in 2020 had a decelerating impact on most industries worldwide, yet the Global Snack Food Market was moderately affected. The imposition of stringent movement restrictions & frequent lockdowns by governments of different countries to curb the spread of this dreadful disease introduced several challenges for the leading players in the global market.
As most business operations got suspended and travel & transportation activities were prohibited, the supply chain was disrupted severely, and resulted in delivery delays across different locations. Yet, since food & beverages was categorized as essentials, their production & distribution were fluid. Moreover, as the people were uncertain about the duration of lockdowns & limitations, most of them began panic shopping & stockpiling, which, in turn, led to a temporary hike in the market growth amidst the crisis.
Furthermore, growing health consciousness and longer homestays demonstrated a swift inclination of people toward healthy eating & constant munching. As a result, it generated growth opportunities for the leading manufacturers to offer new & healthy snacks and expand their scalability across different corners of the world. Nonetheless, the paradigm shift of different industries & individuals to digital platforms owing to stringent movement restrictions further stimulated the overall growth of the global market amidst the crisis.
