Global Snack Food Products Market Report and Forecast 2024-2032

Global Snack Food Products Market Outlook

The global snack food products market attained a value of nearly USD 1532.34 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 2.80% reaching about USD 1964.68 billion by 2032.

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Key Trends in the Market

Snack food products refer to light food items that are consumed in between regular meals. Types of popular snacks vary between regions but are generally ready-to-eat staples that can be savoury, sweet, frozen, baked, or fruit-based, among others. Snack food products are available in individual forms and can also be purchased in bulk.

• The increasing shift in lifestyles owing to rapid urbanisation has resulted in changes in eating habits and increased the demand for ready-to-eat and convenience food which further is likely to fuel the snack food products market demand.

• The rise in consumer preference towards nutritive and healthy snacks to remain healthy and decrease the intake of fats is likely to drive the market growth of snack food products across the globe.

• Manufacturers have taken advantage of the rise in snack demand by using more accessible packaging for their products, increasing the shelf life and encouraging snacking while on the go. This is expected to push forward the market growth of snack food products over the forecast period.

• Packaged snacks are considered the best option for on-the-go consumption owing to their portability and ready-to-eat (RTE) nature. Snacking is often used as a rapid fix for hunger pangs between conventional meals and is likely to become more wellness-oriented among consumers.

Market Analysis

Based on type, the market can be segmented into frozen snacks, savoury snacks, fruit snacks, confectionery snacks, and bakery snacks, among others. On the basis of distribution channels, the market is categorised into supermarkets and hypermarkets, convenience stores, specialty stores, and online, among others. The regional markets for the snack food products market can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global snack food products market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans. 

• General Mills Inc.

• PepsiCo, Inc.

• Nestle S.A

• Kellogg Company

• Conagra Brands, Inc.

• Mondelez International

• Others

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Market Share by Distribution Channels

The supermarkets and hypermarkets segment is holding substantial growth in the snack food products market share across the globe as they are a primary supplier of snack food in several high-income economies. The expanding retail infrastructure has further enhanced the number of supermarkets and hypermarkets across urban areas in various regions, driving the segment growth in the market. 

Meanwhile, the online segment is expected to bolster the market growth of snack food products across the globe on account of the rising expansion of e-commerce companies. The increasing number of smartphone users and apps to place orders online is expected to aid the segment growth in the market due to the convenience they offer. Several e-commerce companies are acquiring or opening physical supermarkets to further expand their reach and market share.

Market Share by Region

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Geographically, the Asia Pacific is expected to witness rapid growth in the snack food products market on account of the rising consumption of snack foods in countries like India and China. This is due to the growing urbanisation along with high commercialisation. The evolving eating habits with changing tastes and preferences of consumers and increasing demand for convenience, flexibility, and packaged snacks are expected to boost the market growth of snack food products. 

North America also occupies a sizable share of the market for snack food products due to the busy lifestyles of people in the region and the widespread availability of numerous snack options. In countries like the United States, working people often consume multiple snacks throughout the day to keep up their energy between meals. 

Competitive Landscape

General Mills Inc. is a leading food manufacturing company that was established in 1928. It manufactures cereal, snacks, convenient meals, dough, yogurt, baking mixes and ingredients, super-premium ice cream, and pet food. The company’s largest brands include Cheerios, Nature Valley, Old El Paso, Pillsbury, Yoplait, Betty Crocker, Haagen-Dazs, and BLUE.

PepsiCo, Inc. is a leading beverage and convenient food company across the globe with a portfolio of brands, including Doritos, Lays, Cheetos, Pepsi-Cola, Gatorade, Quaker, SodaStream, and Mountain Dew. The company has grown to become one of the leading MNC food and beverage businesses across the globe.

Nestle S.A. is a global marketer and producer of food products and beverages. Based out of Switzerland, the company has over 2,000 brands. Its product portfolio includes bottled water, baby foods, cereals, coffee, chocolates and confectionery, culinary products, dairy products, chilled and frozen foods, ice cream, pet products, and nutritional products.

Other market players include Kellogg Company, Conagra Brands, Inc., and Mondelez International, among others.

Key Highlights of the Report