Global Snacks Market to Grow at a CAGR of 3.5% During 2024-2032, Aided by the Increased Focus on Product Development and Consumer Behaviour

The global snacks market is driven by the increasing consumer demand for products that are convenient to eat and flavorful, enabling on-the-go consumption of food products. According to estimates, nearly three out of four Americans (about 73%) eat snacks at least once a day. The frequency of snacking varies, for instance, 14% snack three or more times a day, 31% snack twice daily, and 29% snack once daily. Additionally, 20% snack a few days a week, 5% snack once a week or less, and 2% never snack. The prominence of snacking in daily routines suggests that snacking is a significant aspect of American dietary behaviour.

Regarding portion control, 36% of Americans eat until they feel satisfied. Another 24% consider the time until their next meal. 21% prefer pre-packaged, individually portioned snacks. 20% pre-portion their snacks. 18% follow the suggested serving size on Nutrition Facts labels. Another 18% do not manage portion sizes when snacking. The data highlights diverse snacking habits and portion control methods among Americans.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Further, there has been a surge in the introduction of new products in various markets. For instance, in June 2024, Gopal Snacks launched a new product, 'Korean BBQ' wafers, under its brand Cristos, featuring smoky flavours inspired by traditional Korean barbecue and the satisfying crunch of a wafer. The product is available in major retail outlets of India as well as online platforms, supported by an extensive marketing campaign targeting the youth demographic.

Similarly, in May 2024, Kellanova announced its schedule for the launch of Pringles Mingles. This new puffed snack, available in three flavors: Cheddar & Sour Cream, Sharp White Cheddar & Ranch, and Dill Pickle & Ranch, is crispy on the outside and light and airy on the inside. The product, set to hit shelves in October, marks the brand's first bagged offering in 15 years and reflects Kellanova's strategy to innovate within its $3.2 billion Pringles portfolio. This launch aims to expand the brand's appeal and market presence, particularly in emerging markets, while providing a new, shareable snacking experience.

Market Breakup by Type, Distribution Channel, and Region:

• Based on type, the market is divided into bakery snacks, savoury snacks, confectionery snacks, frozen snacks, and fruit snacks, amongst others.

• The market by distribution channel is segmented into supermarkets and hypermarkets, convenience stores, and online, amongst others.

• Region-wise, the global snacks market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Supermarkets and hypermarkets are expected to continue being the primary suppliers of snacks, especially in developed nations. This is driven by their extensive reach and expansion in urban areas.

• The online distribution channel for snacks is expanding due to its convenience, accessibility, and ability to reach a broader audience. The collaborations between food manufacturers and delivery services, like Grubhub and 7-Eleven, further boost this growth.

• Savoury snacks such as potato chips, nachos, pretzels, and nuts hold a significant market share due to their affordability, wide availability, and continuous product innovation.

• The frozen snacks segment is poised for growth due to the increasing preference for ready-to-eat meals and long shelf life. Further, advanced freezing technologies help maintain product freshness and expand market options.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for snacks for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the type, distribution channel, and major regions of the snacks market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global snacks market are PepsiCo, Inc, General Mills, Inc., Kellanova, Nestlé S.A., Unilever Plc, Mondelez International, Inc, Mars, Incorporated, Conagra Brands, Inc., Grupo Bimbo S.A.B. de C.V., Hunter Foods LLC, and Tyson Foods, Inc., amongst others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

Contact Us:

Expert Market Research
Website: www.expertmarketresearch.com
Email: [email protected]
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.