Global Snack Food Market Research Report: Forecast (2022-27)

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. 

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

• Growing Customer Preference for Convenience Food

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.

Market Segmentation

Based on the Product:

• Frozen & Refrigerated Snacks
• Dried Fruit Snacks
• Bakery Snacks
• Savory Snacks
• Confectionery Snacks
• Dairy Snacks
• Salted Snacks

Amongst them all, Frozen & Refrigerated Snacks acquired the largest share in the Global Snack Food Market, and the same trend is likely during 2022-27. It attributes principally to the growing inclination of people toward ready-to-cook & ready-to-eat food products, especially the working population with minimum or no time for food preparation. It, in turn, is instigating food manufacturers to introduce an extensive range of frozen & refrigerated snacks with an extended shelf life. Besides, with the advent of Covid-19, the demand for frozen & refrigerated food escalated swiftly worldwide and further boosted the global market.

On the other hand, Savory Snacks are projected to register the fastest growth in the market through 2027, principally due to the growing inclination of people toward meat-based snacks like buffalo chicken dips, potato chips, pizza rolls, and kale chips, among others. In addition, the mounting awareness & health consciousness among people are instigating food manufacturers to offer an extensive range of low-fat, low-calorie, and gluten-free savory snacks, i.e., projecting profitable opportunities for the overall market growth in the years to come.

Based on the Distribution Channel:

• Supermarkets/Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Channels

Here, Supermarket/Hypermarkets dominated the Global Frozen Food Market with the largest share in previous years. It owes mainly to the swift expansion of the retail sector and the growing establishment of supermarkets/hypermarkets across different countries worldwide. Besides, since these stores are the primary locations for a majority of the people for their snack food shopping requirements, the market is anticipated to witness a significant expansion over here.

On the other hand, Online Channels are expected to demonstrate the fastest market growth during 2022-27, principally due to the growing penetration of the internet and massive government support across different countries for the digital transformation of the food & beverage sector. It, in turn, is instigating the leading food manufacturers to adopt online platforms to offer a wide variety of snacks to customers and help them avail the benefit of door-step & quick deliveries. 

Regional Landscape

Geographically, the Global Snack Food Market expands across:

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Amongst all regions globally, Asia-Pacific is expected to dominate the Snack Food Market with the largest share during 2022-27. It ascribes most prominently to the exponentially rising population, its growing food requirements, and the rising prevalence of western snack food across the region. The surging demand for on-the-run snacks among consumers with minimum or no time for food preparation is prompting the leading players to increase their production capacities, which, in turn, would further boost the regional market in the coming years. Moreover, the easy availability of an extensive range of snack food across different distribution channels due to the mounting government focus on developing the retail sector is another aspect playing a crucial role in promoting the growth of the snack food market across Asia-Pacific.

Market Dynamics

Key Driver & Growth Opportunity: Growing Demand for Nutritional Snack Food

As health concerns are swiftly mounting among people, the demand for nutritional snacks is also surging and generating growth opportunities for the leading players in the Global Snack Food Market to manufacture such products and meet the increasing public requirements. Besides, changing living standards & food preferences of people and their hectic lifestyles are other aspects propelling the need for nutritional snacks globally. Nonetheless, massive support & encouragement from governments of different countries worldwide for food manufacturers to produce nutritional snacks shall further promote the growth of the global market and expand their brand visibility over the forecast years.

Key Questions Answered in the Market Research Report:

1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Global Snack Food Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Snack Food Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Snack Food Market based on the competitive benchmarking matrix?
5. What are the key results derived from surveys conducted during the Global Snack Food Market study?