Global Snacks Market Report and Forecast 2024-2032

Global Snacks Market Outlook

The global snacks market size was valued at USD 645.77 billion in 2023. The market is further projected to grow at a CAGR of 5.3% between 2024 and 2032, reaching a value of USD 1,027.86 billion by 2032.

Key Takeaways

• Asia Pacific holds the largest share in the savoury snacks market with 36.1% and it is predicted to increase by nearly 9% in coming years.

• In 2021, the Indian snack market was valued at INR 728 billion and is expected to reach over INR 1 trillion in 2025.

• In 2021, total snacks sales in United States reached USD 1.85 billion, where potato chips were the best-selling snack, followed by tortilla chips, cheese snacks, and crackers.

The snacks market encompasses a diverse range of convenient and ready-to-eat food items, offering consumers a variety of choices for quick and satisfying food options. Snacks include a wide array of products, ranging from traditional favourites to savoury and health-conscious options, such as chips, chocolates, nachos, and granola bars.

The global snacks market outlook looks promising as it is driven by changing consumer lifestyles, a demand for on-the-go consumption, and the ongoing evolution of snacks regarding formulations, flavours, and packaging. Additionally, the widespread accessibility of snacks through various retail channels, including online platforms, have contributed to snacks market demand.

Key Trends and Developments

Rising demand for healthier snacks, premiumisation of snack offerings, and increasing consumption of protein-rich snacks are propelling the market growth

October 2023

Frito-Lay, a division of PepsiCo, Inc., introduced Cheetos Pretzels and Cheetos Popcorn, marking the brand’s entry into new snacking categories to meet the demand for novel and indulgent snacking experiences.

August 2023

Unilever, Danone, and PepsiCo collaborated on a returnable packaging project of Ellen MacArthur Foundation’s Plastics Initiative. The collaboration underscores their commitment to sustainability and meeting the demand for more environmentally friendly packaging solutions.

May 2023

Flagstone Foods, a private label for trail mixes and snack nuts in North America acquired Emerald Nuts from Campbell Soup Company. The acquisition expanded the company’s portfolio and its offerings in the snacks market.

February 2023

Europe Snacks, a manufacturer of savoury snacks, acquired Burts Snacks, a snack producer specialising in hand-cooked chips. The acquisition represented a strategic move for Europe Snacks, positioning the company for accelerated growth within Europe’s large snacking industry.

Rising demand for healthier snacks

One of the key snacks market trends involves the rise in demand for healthier snacks, including plant-based, organic, and protein-enriched options, as consumers are seeking healthier alternatives without compromising on taste.

Increasing premiumisation of snack offerings

High premiumisation of snack offerings is driving the snacks market growth. Premium and gourmet snacks  are gaining popularity due to consumer’s willingness to indulge in higher-quality, artisanal, and unique snack experiences.

Growing consumption of protein rich snacks by fitness enthusiasts

The rising consumption of protein rich snacks by fitness enthusiasts for enhanced physical endurance, better immunity levels, and energy is aiding in snacks market development. Examples of such snacks include trail mixes, dark chocolates, Greek yoghurt, protein bars, and granola bars.

High demand for fresh fruits as snacks

The demand for fresh fruits as snacks is on the rise due to increasing consumer focus on health and wellness. Consumers are seeking nutritious and low-calorie snack options, such as fruits, that are free from artificial additives and contain natural ingredients.

Snacks made from protein-rich ingredients, such as nuts, seeds, dried fruits, L-theanine, protein powders, and dark chocolate are linked to aid in weight loss, reduced stress, and improved strength. The demand for these high protein snacks reflects a growing consumer focus on the relationship between food and physical fitness, thereby accelerating the snacks market demand.

Furthermore, brands like Gardein and EVOL have recently developed plant-based snacks to meet the increasing demand for vegan options in the American diet. Gardein has introduced plant-based soups in flavours like beef & vegetable and chicken & rice, while EVOL has launched keto-friendly and gluten-free pizzas in 3-cheese and pepperoni flavours. Additionally, many regions have seen a rise in the popularity of gourmet snacks due to exposure to global cuisines through travel and social media. To cater to this demand, in August 2020, Lays launched a premium potato chips range, Lays Gourmet, in flavours like sweet chili and vintage cheese & paprika, which, in turn is driving the market’s overall value.

Market Segmentation

Global Snacks Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Bakery Snacks

• Savoury Snacks 

• Confectionery Snacks

• Frozen Snacks

• Fruit Snacks 

• Others

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets

• Convenience Stores

• Online

• Others

Market Breakup by Region

• North America 

• Europe 

• Asia Pacific 

• Latin America 

• Middle East and Africa

Supermarkets and hypermarkets are expected to dominate the market being the primary supplier of snack food

Amongst all the distribution channels, supermarkets and hypermarkets are anticipated to increase the snacks market share in the forecast period. Supermarkets and hypermarkets are the main suppliers of snacks in many developed nations. A non-profit organization called the Institute for Local Self-Reliance claims that Walmart accounts for over half of all grocery sales in the United States. The expansion of supermarkets and hypermarkets in urban areas throughout Asia Pacific and the Middle East and Africa is also fuelling the market growth. In recent years, several successful e-commerce businesses, including JD.com in China and Amazon in the United States have opened or acquired physical supermarkets.

The online distribution channel in the snacks market segmentation is expanding due to its provision of easy access to a variety of snacks, the ability to compare prices and reviews online, and its accessibility to consumers in remote or underserved areas. This channel eliminates geographical barriers, enabling brands to reach a larger audience and expand their global customer base. The rising snacks market share is also being attributed to collaborations between manufacturers of ready-to-eat food and online food delivery services. For example, in February 2022, Grubhub, an American online food ordering and delivery platform, collaborated with 7-Eleven, Inc. to deliver 7-Eleven’s convenience items across the US.

Savoury snacks holds a significant market share due to their widespread availability

As per global snacks market analysis, savoury snacks, including potato chips, nachos, pretzels, and nuts, hold a substantial market share, driven by their popularity as convenient and satisfying snacking options.

The affordability and widespread availability of savoury snacks contribute to their dominance, as they can be found in various retail channels and in different price ranges. Additionally, savoury snacks offer an extensive range of flavours and textures, catering to diverse consumer preferences and ensuring continuous product innovation. Market players have launched various savoury snacks in the past year, such as Lay’s Dill Pickle Chips, PepsiCo’s Sabritones, and Airsnax’s chickpea baked puffs, which has driven the market growth.

However, frozen snacks segment is also poised for substantial growth due to increasing preference for ready-to-eat meals and the convenience of frozen snacks, which have a long shelf life and require less time to prepare. The availability of a wide range of frozen snacks at supermarkets and hypermarkets is also fuelling the snacks market expansion. Moreover, the introduction of advanced freezing technologies helps maintain the freshness of snacks. For instance, Fresh Factory's plant-based refrigerated snack bars is indicative of the industry's response to the growing demand for frozen snack options.

Competitive Landscape

Established players and emerging startups in snacks market are actively engaged in mergers and acquisitions to expand their global presence and product portfolio.

PepsiCo, Inc. is an American multinational food and beverage corporation that was founded in 1965. Frito-Lay, a subsidiary of PepsiCo, is known for its popular potato chip brands such as Lay's, Doritos, and Ruffles. The company has since expanded its product offerings, such as Doritos, to include a wide range of snack foods and beverages.

General Mills, Inc. was founded in 1866 and is headquartered in USA. It is a multinational manufacturer and marketer of processed consumer foods, which are sold through retail stores. Some of the well-known brands owned by General Mills include Betty Crocker, Pillsbury, Green Giant, Häagen-Dazs, and Nature Valley, among others.

Conagra Brands, Inc., founded in 1919, is a multinational food company headquartered in Chicago, United States. The company has a diverse portfolio of iconic food brands, including Marie Callender's, Duncan Hines, Birds Eye, Reddi-wip, Vlasic, Banquet, Healthy Choice, Slim Jim, Gardein, Duke's, and Frontera.

Kellanova, formerly known as the Kellogg Company, was founded in 2023 and is headquartered in Chicago, United States. It produces a variety of food products, including cereal, snacks, and convenience foods. The company's portfolio comprises well-known brands such as Kellogg's, Pringles, Cheez-It, Pop-Tarts, Eggo, RXBAR, and MorningStar Farms, among others.

Other players in the snacks market report include Nestlé S.A., Unilever Plc, Mondelez International, Inc., Mars, Incorporated, Grupo Bimbo S.A.B. de C.V., Hunter Foods LLC, and Tyson Foods, Inc., among others.

Asia Pacific leads the market  due to its strong snacking culture and presence of many e-commerce giants

Asia Pacific holds a significant snacks market share, driven by its strong snacking culture, innovative product launches, and the accessibility of snacks through various retail and e-commerce channels. Many e-commerce companies in the region, such as Amazon, Blinkit, and Zepto are catering to consumer’s high demand for convenient and ready-to-eat foods in the region. These companies offer discount deals which increases the product demand and sales. Additionally, the wide availability of frozen snacks in Asia Pacific has also led to the market’s expansion as they are easy to cook and have a longer shelf life and can be utilised by students, who are always looking for easy meal options due to their hectic schedules.

Furthermore, obesity and diabetes are two significant public health concerns in the United States, which can drive the demand for healthy snacks in the North American market in the coming years. The rise in health and fitness awareness has led to a decline in the consumption of high-calorie snacks, creating new opportunities for healthy snack providers, thereby propelling the snacks market growth.

Factors such as the high incidence of chronic diseases, changing consumer preferences, and strict regulations on artificial additives are also projected to influence the sales of healthy snacks over the next decade.  In addition, the popularity of plant-based diets and veganism in a number of European nations has created a new market for organic snacks, pushing snack companies to develop innovative goods. In August 2022, Nestle S.A.'s launched Vegan KitKat in 15 European nations for consumers who are vegan.

Key Highlights of the Report