Snack Food Market Size
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Snack Food Market size was USD 815.82 billion in 2021 and projected to grow from USD 881.2 billion in 2023 to USD 1253.5 billion by 2032, exhibiting a CAGR of 4% during the forecast period.
Snack is a small portion of food smaller than a normal meal consumed between meals. Snacks are consumed between the breakfast to lunch and in the evening before dinner. Snacks come in different forms and the processed snack foods are portable, less perishable, satisfying, and long lasting. Healthy snacking evolved to eliminate foods with sugar, carbohydrates.
Market Highlights
Snack Food Market is expected to project a CAGR of 4% during the forecast period, 2022-2032
Snack Food Market is expected to reach USD 1253.5 billion, growing at a CAGR of 4% during forecast period owing to the increasing tendency of customers to experience enjoyable foods and the rise in development of innovative snack products which is expected to boost the growth of the market. The consumption of various kind of snacks by the population has increased owing to the easy availability of snacks at convenience stores which is expected to boost the growth of the market. The introduction of new and unique flavours of snacks is driving the growth of the Snack Food market. Growing health-related issues is creating a way to adopt healthy food consumption and is expected to boost the growth of the market.
Snack Food Market Segmentation:
Confectionery Segment is expected to grow with high CAGR during the forecast period
Snack Food Market is classified based on the Product into Bakery, Frozen & Refrigerated, Confectionery, Dairy, Savoury Snacks, Fruits, and Others. Confectionery segment dominated the market in 2021 and is expected to continue its dominance in the market over the forecast period due to presence of wide variety of products in the market. The organic, functional, and nutty flavoured confectionery snacks are increasing to meet the growing demand. The increasing awareness of consumers on the association between well-being and diet as a useful confectionery snacks appeal is expected to drive the growth of the Snack Food Market.
Supermarkets & hypermarkets Segment is expected to grow with high CAGR during the forecast period
Snack Food Market is classified based on the Distribution Channel into Supermarkets & Hypermarkets, Convenience Stores, E-Commerce, Online Retail, Drug Stores, Modern Trade and Others. Supermarkets & Hypermarkets segment dominated the market in 2021 as it is a useful shopping mode due to the accessibility of several brands at one place. The rise in number of Supermarkets & Hypermarkets boosted the sales of snack products. Online retailing segment is expected to dominate in forecast period owing to the changing consumer preference to purchase snack food products through online.
Market Dynamics:
Growth Drivers
Growing Interest Towards Unique Flavours is Expected to Boost the Growth of the Market
The introduction of several new flavours in snacks is increasing. The increasing acceptance of new flavours is expected to boost the growth of the market. The inclusion of more than one flavour in a product and is creating demand for the snack market. The blending of botanical flavours with fruit is resulting in the development of complex tastes in food and beverage. These new flavours are increasing the demand for the snack food products in the market.
Rising Demand for Ready to Eat Snacks is Expected to Boost the Growth of the Market
The demand for ready to eat snacks is increasing as it is convenient and an easy option which is creating the demand for the growth of the snack market. The growing adaptation of snack products at different occasions like gatherings and parties is boosting the growth of the market. The adoption of modern lifestyle due to the urbanization is driving the growth of the snack market. The demand for ready-made, easily available food products like cookies, crackers, biscuits etc. is boosting the growth of the market.
Recent Developments:
- In September 2022, Mackie Foods Corporation had partnership with Kellogg Company by initiating Kellogg's Little Debbie Nutty Buddy Cereal.
- In May 2022, TNT Crust was acquired by General Mills which produces half-baked, self-rising pizza crusts.
Snack Food Market
Key Players Covered:
- Kellogg Company
- Unilever Group
- Nestle S.A.
- PepsiCo
- ITC Limited
- Tyson Foods
- Kraft Heinz Company
- Mars, Inc.
- General Mills
- ConAgra Brands
- Grupo Bimbo
- Calbee
- Intersnack Group GmbH & Co. KG
- Danone
- J.M. Smucker Co
- Other Prominent Players
(Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Snack Food Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Europe dominated the market in 2021 owing to the presence of major market players and presence of high population pool who rely on snack food products. Snacking is most common in Europe and the adoption of healthy snacking options had created demand for the market growth. Asia Pacific is expected to boost the growth of the market due to the growing demand for healthy snacks in this region. The introduction of innovative snack products to meet the demand of consumers is expected to boost the growth of the market in the forecast period.
Impact of Covid-19 on Snack Food Market
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and travel bans to control the coronavirus spread. There were several restrictions applied to the material movement and travel bans for the movement of raw material and goods. But the Covid-19 pandemic had a positive impact on the growth of the Snack Food Market due to the increased demand for the packaged and snacking food items. The increased demand for ready made and easy foods had boosted the growth of the Snack Food market.
Snack Food Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.
Snack Food Market Scope and Segments:
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 4% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Product |
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Type |
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Distribution Channel |
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Flavour |
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Product Type |
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Nature |
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Source |
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By Region |
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Frequently Asked Questions (FAQ):
Snack Food Market size was estimated at USD 815.82 billion in 2021 and is expected to reach USD 1253.5 billion in 2032.
Snack is a small portion of food smaller than a normal meal consumed between meals. Snacks are consumed between the breakfast to lunch and in the evening before dinner. Snacks come in different forms and the processed snack foods are portable, less perishable, satisfying, and long lasting. Healthy snacking evolved to eliminate foods with sugar, carbohydrates.
Confectionery and Supermarkets & hypermarkets segment accounted for the largest Snack Food market share.
Key players: Kellogg Company, Unilever Group, Nestle S.A., PepsiCo, ITC Limited, Tyson Foods, Kraft Heinz Company, Mars, Inc., General Mills, ConAgra Brands, Grupo Bimbo, Calbee, Intersnack Group GmbH & Co. KG, Danone, J.M. Smucker Co and Other Prominent Players are the key players in the Snack Food Market.
Growing Interest Towards Unique Flavours and Rising Demand for Ready to Eat Snacks are the factors driving the Snack Food market.
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