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The global snack food products market size was valued at USD 557.85 billion in 2021. The market is projected to grow from USD 584.58 billion in 2022 to USD 838.60 billion by 2029, exhibiting a CAGR of 5.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with snack food products experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a growth of 3.67% in 2020 as compared to 2019.
The rising consumer inclination toward experiencing exquisite indulgence and the increasing product innovation by the key players elevate the snack food products market share globally. Moreover, the rising traction toward the snack category among the millennial population with growing convenience stores is expected to surge the demand. As a result, producers are introducing novel and unique flavors for snack products within their product portfolio. This appetite for diversity is one of the driving factors in the industry. Globally, the healthy food consumption trend is strongly growing over the past decade owing to increasing health-related issues such as high blood pressure, obesity, and diabetes among consumers. Therefore, there is an increased demand for low-fat, low-calorie, and no-sugar snack products. The availability of such products is expected to flourish the snack food products market growth.
Significant Increase in Product Demand during COVID-19 Pandemic Propelled Market Growth
The pandemic positively impacted the food and beverage industry by increasing global consumption. Moreover, the extended lockdown has drastically affected the food service sector in Europe and North America. The lockdown has been creating lucrative opportunities for the processed foods and beverages sector owing to its demand for taste, high shelf life, and attractive availability of waste products. Before the pandemic, consumers considered snacking as comfort food regardless of their health benefits. However, the pandemic changed the consumer preference for snacks with the consciousness of including functional ingredients in their daily diet. Weekly in-home snacking in countries such as the U.K., France, and Spain led to an upsurge drastically and became accustomed to consumers' new routines.
Moreover, healthy snacking also evolved due to eliminating foods, such as sugar and carbohydrates, with functional ingredients. According to the International Food Information Council’s (IFIC) 2020, Food and Health Survey, 85% of Americans changed their way of food consumption and food preparation after the COVID-19 outbreak. Hence, several manufacturers post-COVID-19 outbreak doubled their revenue in snacking segment, which augmented them to develop more sustainable snacking for kids and adults.
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Increasing Flavor Trends in the Snacks Industry to Fuel the Market Growth
The trend of flavor snacks is increasing among consumers compared to other conventional snacks due to the rising popularity of fusion flavors. Several organization brands are merging two or more flavors and switching product bases to surge novelty. In the snack food market, floral flavors are one of the biggest snack flavor trends. These botanical flavors have often been paired with fruit to create innovative products, complex tastes, and new dimensions in food and beverage. Lavender, blueberry, hibiscus, blackberry rose lemonade, apple hibiscus berry rose lychee, and orange blossom elderflower can be found in all kinds of desserts and snack food products. Hence, these new floral flavors increase the demand for snack food products in the market.
Rising Demand for Vegan and Allergen-free Snacks to Fuel the Market Growth
Allergen-free food refers to food that does not harm the allergen group. Rising food allergy cases among consumers, such as animal dander and mold, have shifted consumers toward allergen-free foods. For instance, in July 2022, the Greater Goods Snacking Co., a clean-label food company founded in India, made its debut in the U.S. The company provides different products, such as Better-for-you crackers, cookies, and biscotti. It is available direct-to-consumer and is ready to be launched on Amazon and in select retailers soon.
Consumers are more inclined toward adopting vegan and allergen-free diets and are looking forward to more variety in the form of plant-based products. The availability of vegan snacks such as vegan cookies, bars, and other snacks has increased in the market. Moreover, there is a growing investment from food and beverage manufacturing companies to develop innovative product offerings for consumers. For instance, in July 2021, Upfield launched the vegan cheese brand Violife in the Middle East. This vegan cheese is available in slices, boxes, and grated form in two types, cheddar and mozzarella. Hence, increasing investment and rising new product development are significant opportunities for manufacturers to accelerate their market presence.
Increasing Demand for Convenient and Ready-to-Eat Snacks to Fuel the Market Growth
The demand for ready-to-eat snacks has increased rapidly among consumers owing to the increased utilization of products at various occasions such as picnics, informal gatherings, and parties. Moreover, growing urbanization and lifestyle shift has been a significant global driving factor for the market. Since the demand for grab-and-go food products has increased among consumers, manufacturers are gradually focusing on launching various snack foods across regions. For instance, in October 2022, Good Foods launched New Grab & Go Packs for two of its most popular products, Chunkyunky Guacamole and plant-based Queso Dip. The packs feature Good Foods' fresh and delicious dips paired with corn tortilla chips and are now available at select sprout farmers market locations and through Hungry root and Good Foods' online store.
Health Issues Associated with Snacks to Restrain Market Growth
Snacking is the most common social activity worldwide; people often snack on fried foods, dry foods, and various beverages. Snack food products are categorized into different types based on the raw materials and the techniques used in their manufacturing. Snacking severely impacts human health, which leads to obesity, diabetes, cardiovascular disease, and high blood pressure-related issues. According to the World Health Organization, in 2019, an estimated 38.2 million children under five years old were overweight. This is considered a problem in high-income countries, and overweight and obesity are now rising in lower and middle-income countries, especially in urban settings. In Africa, the total of overweight children under five has increased by nearly 24% since 2000. All such factors are expected to impede market growth in the coming years.
Rising Consumer Preference for Confectionery Snacks-based Products to Trigger the Segment Growth
Based on product, the market is segmented into bakery snacks, confectionery, savory snacks, and others.
Confectionery snacks segment holds the largest share due to greater variety and novelty of products accessible on the market. Moreover, manufacturers are increasing their product range including functional, organic, and nut-based flavors in the confectionery snacks category to meet changing consumer demand. The significance of functional confectionery snacks is intensifying globally. Consumers are gradually becoming aware of the relationship between well-being and diet as functional confectionery snacks appeal to consumers looking to boost their consumption of essential nutrients.
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Supermarkets & Hypermarkets to Hold Substantial Market Share Owing to the Availability of Multiple Brands
On the basis of distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. Supermarkets & hypermarkets are becoming an eminent mode of shopping due to the availability of different brands in a single place. Convenience in product selection is the prominent aspect of enhancing the sales of snack products from this segment.
The online retailing segment exhibits the fastest growing potentiality in the global market. During the pandemic, consumers' purchasing habits changed significantly. With the closure of traditional retail channels, snack food products purchased through virtual carts have grown strongly, unlocking the segment's expansion potential with a sizable growth rate during the forecast period.
Europe Snack Food Products Market Size, 2021 (USD Billion)
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Based on geography, the global market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Europe emerged as the largest market in 2021. The region is one of the prominent producers as well as the significant consumer of snack food products. Snacking on social occasions or on the go is common in Europe, but more consumers are increasingly opting for healthier snacking options. It is considered valuable and beneficial to a healthy diet and is usually consumed between meals. Europe is the largest market for organic and natural snacks.
Asia Pacific consumers are increasingly becoming health-conscious, leading to a demand for healthy snacks. People in the region have diverse tastes and interests and like to experiment with a distinguished variety of products. Manufacturers are constantly innovating and expanding their product portfolio to meet the needs of dynamic consumers. Moreover, the growth of healthy living trends in China and Japan increases the demand for gluten-free bakery snacks products.
The adoption of snack products is growing in North American cuisines, especially in the U.S. and Canada. Different snack products, such as burgers, bars, savory snacks, and similar products, are trendy among millennial consumers. This factor has led snack manufacturers to explore the possibility of developing advanced, high-quality, tastier, and more nutritious snack food products for the growth of the market.
The South America snack market has been showing steady growth over the last decade. The demand for snack products is primarily elevated among individuals living in urban cities across Brazil, Argentina, Chile, and Peru. The millennials in urban areas perceived snacks as an indulgence.
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The Middle East & Africa region has experienced good economic growth in recent years. The market in the Middle East & Africa is witnessing substantial growth as instant meals play a vital role in the daily diet, offering light plant protein with numerous nutritional benefits. Millennials from the major portion of the Middle East are inclined toward healthy snacking, such as protein bars, cakes, and others are often considered as a snack, and the demand is anticipated to grow in the coming years.
Global Expansion and New Product Variations are the Key Strategies Fueling Market Growth
The global market is fragmented, with several large and small snack food products manufacturers operating across the world in different countries. The market holds tremendous growth opportunities, owing to the increasing popularity of snack food among consumers. Furthermore, snacks are evolving to meet consumers’ increasing demand for delicious, nutritious, and sustainable foods to facilitate their on-the-go lifestyle.
An Infographic Representation of Snack Food Products Market
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The research report analyzes the market in-depth and highlights crucial aspects such as competitive landscape, market sizing of the product, and distribution channels. Besides this, the research report covers insights into the snack food products market trends and highlights significant industry developments. In addition to the aspects mentioned earlier, the research report encompasses several factors contributing to the market's growth in recent years.
Value (USD Billion)
By Distribution Channel
North America (By Product, Distribution Channel, and Country)
Europe (By Product, Distribution Channel, and Country)
Asia Pacific (By Product, Distribution Channel, and Country)
South America (By Product, Distribution Channel, and Country)
Middle East and Africa (By Product, Distribution Channel, and Country)
Fortune Business Insights says that the worldwide market size was USD 557.85 billion in 2021 and is anticipated to reach USD 838.60 billion by 2029.
In 2021, the global market value stood at USD 557.85 billion.
Growing at a CAGR of 5.3%, the global market will exhibit steady growth over the forecast period (2022-2029).
By product, the confectionery segment is expected to dominate the market throughout the forecast period (2022-2029).
Rising demand for vegan and allergen-free snacks to fuel the market growth is accelerating market growth.
Kellogg Company, General Mills, and Nestle S.A. are the leading companies worldwide.
Europe dominated the global market in 2021.
Increasing demand for convenient and ready-to-eat snacks will accelerate the adoption in the near term.
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