Snack Food Products Market Size, Share and Global Trend By Product Type (Bakery Snacks, Frozen Snacks, Confectionery Snacks, Salted Snacks), Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores, Online Channels, Convenience Stores), and Geography Forecast till 2021-2028

The global snack food products market size is experiencing a crucial rise due to an escalation in its global demand, contributed by factors such as the hectic lifestyle of people, which is encouraging them to opt for instant or ready-made food. The launch of new and healthy snack products by international players and regional players is further expected to contribute positively to the snack food products growth during the forecast period. 

Key market players operating in the market are focusing on the development of healthy snack food products with exotic flavors. Along with the launch of new products, expanding global reach and merger & acquisition activities are other prominent strategies adopted by key market players operating in the global market. Cargill Inc., PepsiCo Inc., Nestlé S.A., Mars Inc., and Tyson Foods are some of the key players present in the snack food products industry.

Snack food products are food that is smaller in amount than regular meals and can be eaten between the meals. Snack food products can be broadly categorized into home-made snacks, such as chopped vegetables or fruits, processed snacks, and packaged or ready-to-eat snacks.

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The rapid shift in lifestyles due to urbanization has led to a change in eating habits and escalated the demand for convenience & ready-to-eat food, which in turn is fuelling the demand for snack food products. The increased per capita income of consumers is another significant reason that is aiding the snack food products market growth. Furthermore, the increased inclination of consumers towards healthy and nutritive snacks in order to remain healthy and reduce the intake of carbohydrates is expected to propel the market growth in the upcoming years.

Fluctuating and increased raw material cost of crucial snack food ingredients, such as cocoa powder, butter, milk powder, and others is expected to hinder the growth of the market during the forecast period. Rising health consciousness among consumers can obstruct the growth of high carbohydrate snack products.

KEY PLAYERS COVERED

Some of the key companies that are present in the snack food products market research report are;

• ConAgra Foods Inc.,


• PepsiCo Inc.,


• Ferrero S.P.A.,


• The Kraft Heinz Company,


• McCain Foods Ltd.,


• Tyson Foods,


• Diamond Foods,


• Mondelez International Inc.,


• General Mills Inc.,


• Nestlé S.A.,


• Kellogg Company,


• Lamb Weston Holdings Inc.,


• Others

 SEGMENTATION

By product type, the snack food products market has been segmented into bakery snacks, frozen snacks, confectionery snacks, salted snacks, and others. The bakery snacks segment, followed by salted snacks is anticipated to dominate the market, owing to increased demand for convenience food across the globe. The launch of healthy and organic bakery products and their rising demand is further expected to fuel the growth of the segment in the upcoming years. For instance, in 2018, Bimbo Bakeries USA, a prominent baked products manufacturer of the United States launched a new product line of organic bread, under the Brownberry, Oroweat, and Arnold brands.

Among the distribution channel, the hypermarkets/supermarkets segment is expected to hold the major market share in the global market, due to huge consumer dependency on them for purchasing snack products.  The availability of a broad range of product choices at hypermarkets/supermarkets is further expected to drive the segment’s growth during the forecast years.

REGIONAL ANALYSIS

North America currently holds the major market share in the snack food products industry and is expected to retain its dominance throughout the forecast period, due to the growing demand of healthy snacks across prominent countries, such as U.S. and Canada. The increased prevalence of obesity and diseases such as diabetes, cardiovascular diseases, and others in American countries is projected to drive the growth of the healthy and nutritious snack products market in the forthcoming years. The well-established food & beverage market in Europe, coupled with the presence of snack food manufacturing giants such as Barry Callebaut and Nestlé S.A. across Europe is expected to fuel the snack food products market growth of Europe.

KEY INDUSTRY DEVELOPMENTS

• In February 2019, Kashi added new products to its product line ‘Kashi by Kids’. The new are soft baked snack bites that are made with base combinations of chickpeas, sweet potato, coconut flour, and acai.


• In October 2018, Hippie Snacks, a Canada-based prominent plant-based snacks manufacturing company launched two new products, Avocado crisps and Cauliflower crisps in its product line. Along with Canada, the company plans to distribute its new products across US market soon.


• In March 2018, Unilever launched Growing Roots, a plant-based snacks product line. The product line contains four flavors and with this launch Unilever entered into the US organic snack market.