by The snack products market consists of a wide variety of products that are consumed between regular meals. This includes savory snacks such as potato chips, tortilla chips, popcorn, pretzels, meat snacks, and veggie snacks. It also includes biscuits, cookies, cereal bars, fruit snacks, and candy among others. With changing lifestyles and increasing health consciousness, consumers are opting for snacks that provide nutrition along with taste. This is fueling the demand for snacks made from whole grains, nuts, fruits and vegetables.
The global Snack Products Market is estimated to be valued at US$ 1,524.67 Mn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising health awareness among consumers is driving the demand for healthy snack options. With growing obesity and diabetes rates, consumers are seeking snack alternatives that are lower in calories, fat, sugar and salt. This has prompted leading snack food companies to launch protein-rich and fiber-loaded snack varieties. Furthermore, growing urbanization and busy lifestyles have increased the demand for convenient snack options that can be consumed on-the-go. This is fueling the sales of snack bars, nut mixes, dried fruits and veggie chips that offer portability along with nutrition. Changing demographics and rising disposable incomes in developing countries are also supporting the market growth. However, stringent regulatory norms regarding addition of synthetic ingredients and trans-fats in snack products may hamper the growth to some extent.
SWOT Analysis
Strength: The Snack Products Market has a variety of product offerings which appeal to different consumer tastes and preferences. The products have a long shelf life and are portable making them ideal for on-the-go consumption. Manufacturers invest heavily in R&D to regularly launch new and innovative products.
Weakness: Snack foods are generally high in calories, fat, sugar and salt. Frequent consumption of unhealthy snacks can lead to obesity and related health issues. Raw material prices are volatile which increases production costs.
Opportunity: Growing health consciousness and changing dietary habits have increased demand for healthy and nutritious snack options. Plant-based, organic and gluten-free snacks have high growth potential. Emerging markets like Asia Pacific and Middle East offer immense scope for market expansion.
Threats: Stringent government regulations regarding food labelling and marketing of unhealthy foods restrict profits. Customers are increasingly preferring fresh, homemade snacks prepared using local ingredients. Rising environmental awareness threaten plastic packaging based snacks.
Key Takeaways
The Global Snack Products Market Size is expected to witness high growth, exhibiting a CAGR of 2.8% over the forecast period, due to increasing demand for convenience food among busy consumers and changing lifestyles.
Regional analysis
The Asia Pacific region dominates the global Snack Products market, accounting for around 40% of the total market share in 2023. Countries like China, India and Japan are major consumers as well as producers of snacks. North America is the second largest market driven by the US, followed by Europe.
Key players
Key players operating in the Snack Products market are The Kraft Heinz Company, Nestlé, The Kellogg Company, Unilever, Calbee, Intersnack Group GmbH & Co. KG. These companies have strong brand recognition and distribution networks worldwide. They focus on new product development and acquisitions to strengthen their product portfolio and market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
