Snack Food Products Market to Hit USD 838.60 Billion by 2029 | At a CAGR of 5.3%

GlobeNewsWire
Wednesday, January 25, 2023 at 9:42am UTC

Pune. India, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The global snack food products market size was valued at USD 557.85 billion in 2021 and USD 584.58 billion in 2022. The market is expected to reach USD 838.60 billion by 2029 with a CAGR of 5.3% during the forecast period. Rising demand for snacks among the millennial population is expected to propel the market course in a growing direction. An increasing trend for flavor trends in the snack industry is expected to facilitate market development. Fortune Business Insightsshares this information in its report titled “Snack Food Products Market, 2022-2029.

The trend for Healthy Snacking During Pandemic Helped in Market Growth

The COVID-19 pandemic impacted the food and beverage industry positively. The lockdown restrictions have been creating profitable opportunities for the processed foods and beverages sector owing to its demand for taste, high shelf life, and attractive availability of waste products. The trend for healthy snacking also evolved due to the elimination of foods, such as sugar and carbohydrates, with functional ingredients.

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List of Key Players Profiled in the Report

  • Kellogg Company (U.S.)
  • General Mills (U.S.)
  • Tyson Foods (U.K.)
  • Kraft Heinz Company (U.S.)
  • ConAgra Brands. (U.S.)
  • Unilever Group(U.K.)
  • Nestle S.A. (Switzerland)
  • J.M. Smucker Co (U.S.)
  • PepsiCo (U.S.)
  • Mars, Inc. (Canada)

Report Scope & Segmentation:

Report CoverageDetails
Forecast Period2022-2029
Forecast CAGR5.3 %
2029 Value ProjectionUSD 838.60 Billion 
Base Year2021
Snack Food Products Market Size in 2022USD 584.58 Billion 
Historical Data2018-2020
No. of Pages208
Segments CoveredBy Product, By Distribution Channel , By Region
Snack Food Products Market Growth DriversRising Demand for Vegan and Allergen-free Snacks to Fuel the Market Growth
Increasing Demand for Convenient and Ready-to-Eat Snacks to Fuel the Market Growth

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/industry-reports/snack-food-products-market-100259

Segments

Confectionary Snacks to Dictate Due to Increasing Accessibility

On the basis of product, the market is divided into bakery snacks, confectionery, savory snacks, and others. The confectionary snacks segment is anticipated to lead due to accessibility to a greater variety and novelty of products. The importance of functional confectionery snacks is intensifying globally.

Supermarkets & Hypermarkets to Dictate Due to Availability of Different Brands

Based on distribution channel, the market is categorized into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment is set to be the fastest segment due to the availability of different brands in a single place. The online segment is set to be the fastest part of the segment due to changes in purchasing habits during the pandemic.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

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Drivers and Restraints

Rising Demand for Vegan and Allergen-free Foods to Surge Product Demand

Rising demand for vegan and allergen-free foods is anticipated to drive the snack food products market growth. Rising food allergy cases among consumers, such as animal dander and mold, have shifted consumers toward allergen-free foods. Consumers have a preference for adopting vegan and allergen-free diets and are looking forward to more variety in the form of plant-based products. There are a growing number of investments from food and beverage manufacturing companies for the development of innovative product offerings for consumers.
However, health risks associated with the consumption of snacks are expected to impede market growth.

Regional Insights

Europe to Lead Market Share as it is One of the Prominent Producers of Snack Products

Europe is expected to lead the snack food products market share as it is one of the prominent producers for snack products. Snacking has become more common on social occasions in Europe. It is considered valuable and beneficial for a healthy diet and is usually consumed between meals.

Asia Pacific is increasingly becoming more and more health conscious which has increased the demand for healthy snack food products. Manufacturers have been innovating and expanding their product portfolio.

North America is set to be the third largest market due to increasing preference for different snack products, such as burgers, bars, savory snacks, and similar products, which are trendy among millennial consumers.

Competitive Landscape

Offering New Products by the Key Players to Improve Market Standings

The global market has various small and large snack food products players. Market players have been adopting new snack launches to meet the rising consumer demand. In August 2022, PepsiCo India launched premium potato chips brand Lay’s Gourmet in India to meet the growing demand for premium snacks in the country. This new launch is set to create a new consumer base for the market.

Key Industry Development

May 2022- General Mills acquired TNT Crust, a U.S.-based company. TNT Crust manufactures half-baked, self-rising pizza crusts, and produces frozen pizza crusts for regional and national pizza chains, grocery stores, and retailers. This acquisition helped General Mills' in increasing its existing portfolio of frozen bakery snacks products.

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Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Overview of the Parent/Related Markets
    • Industry SWOT Analysis
    • Supply Chain Analysis
    • Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
    • Qualitative Analysis Related to COVID-19
      • Impact of COVID-19 on the Market
      • Supply Chain Challenges amidst Pandemic
      • Potential Opportunities due to this Global Crisis
  • Global Snack Food Products Market Analysis, Insights, and Forecast, 2018-2029
    • Key Findings / Summary
    • Market Size Estimates and Forecast 
      • By Product
        • Bakery
        • Confectionery
        • Savory Snacks
        • Others
      • By Distribution Channel
        • Supermarkets and Hypermarkets
        • Convenience Stores
        • Online Retail
        • Others
      • By Region
        • North America
        • Europe
        • Asia Pacific
        • South America
        • Middle East & Africa
  • North America Snack Food Products Market Analysis, Insights, and Forecast, 2018-2029
    • Key Findings / Summary
    • Market Size Estimates and Forecast
      • By Product
        • Bakery
        • Confectionery
        • Savory Snacks
        • Others
      • By Distribution Channel
        • Supermarkets and Hypermarkets
        • Convenience Stores
        • Online Retail
        • Others
      • By Country (Value)
        • U.S.
          • By Product
            • Bakery
            • Confectionery
            • Savory Snacks
            • Others
        • Canada
          • By Product
            • Bakery
            • Confectionery
            • Savory Snacks
            • Others
        • Mexico
          • By Product
            • Bakery
            • Confectionery
            • Savory Snacks
            • Others

TOC Continued…!   

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