April 20, 2024
Snack Products Market

The Snack Products Market Is Accelerating Towards A Trend Of Sustainable Packaging By 2030

The global snack products market comprises a wide variety of savory and sweet snacks that provide an alternative to regular meal times. From potato and tortilla chips to nuts, pretzels, and biscuits, snacks offer convenient and portable options for hunger and thirst. Advancements in flavors, ingredients, and packaging have expanded the offerings to include healthy snacks made with whole grains, vegetables, and proteins.

The Global Snack Products Market is estimated to be valued at US$ 1756.42 Bn in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the snack products market are Pelican BioThermal LLC, Sonoco Thermosafe, Cold Chain Technologies Inc., Cryopak, Sofrigam Company, Intelsius (A DGP Company), Coolpac, Softbox Systems Ltd, Clip-Lok SimPak, and Chill-Pak. The increasing demand for convenient and on-the-go food options driven by changing lifestyles and work patterns has boosted the global snack food industry. The market is witnessing significant expansion in developing regions of Asia Pacific and Latin America due to growing disposable incomes, rising health awareness, and adaption of Western food habits. Growing environmental concerns are pushing snack companies towards more sustainable packaging solutions made from renewable and recyclable materials to reduce plastic waste.

Market key trends

One of the major trends gaining momentum in the Global Snack Market Size is the rising popularity of sustainable packaging. Growing environmental awareness among consumers and regulations restricting single-use plastic are compelling brands to overhaul packaging. Players are innovating packaging designs using paper, glass, renewable plastic and biodegradable/compostable material. Technologies allowing reusable and returnable packages are also being explored. For example, Chill-Pak utilizes reusable, refillable cold chain packaging for snacks, eliminating single-use boxes. Sustainable snacks and packaging will continue directing the future growth path of this market over the forecast period.

Porter’s Analysis

Threat of new entrants: New entrants will face high costs associated with R&D, marketing and distribution networks established by existing players.

Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of various snack products brands in the market.

Bargaining power of suppliers: Suppliers of raw materials like grains, seeds and packaging materials have moderate bargaining power due to differentiated products requiring specific raw materials.

Threat of new substitutes: Substitute snack products offering convenience pose moderate threat with changing consumer preferences towards ready to eat snacks.

Competitive rivalry: Intense competition exists among large established players influencing pricing strategies in the market.

Geographical Regions

North America accounts for largest share of the global snack products market in terms of value led by the US. Changing dietary habits, preference for breakfast snacks and organized retail drive sales.

Asia Pacific is poised to witness fastest growth during forecast period led by countries like India and China. Rapid urbanization, rising disposable incomes, western influence and expansion of modern retailers support market growth. Growing middle class population constitutes major consumer base for snacks.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it