Pune.INDIA, 25 January 2023 (GLOBE NEWSWIRE) — GLOBAL snack food market The size was valued at US$557.85 billion in 2021 and US$584.58 billion in 2022. The market is expected to reach US$838.6 billion by 2029, at a CAGR of 5.3% during the forecast period. Growing demand for snacks among millennials is expected to drive the market course in a growth direction. The increasing trend of flavor trends in the snack industry is expected to drive the development of the market. Fortune Business Insight™ shares this information in a report titled “”.snack food Markets, 2022-2029.“
Healthy Snack Trend During Pandemic Contributes to Market Growth
The COVID-19 pandemic has positively impacted the food and beverage industry. Lockdown restrictions are creating lucrative opportunities in the processed food and beverage sector due to demand for taste, long shelf life and attractive availability of waste. Healthy snacking trends have also evolved with the elimination of foods such as
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List of key players profiled in the report
- Kellogg Company (USA)
- General Mills (USA)
- Tyson Foods (UK)
- Kraft Heinz (USA)
- Conagra brand. (we)
- Unilever Group (UK)
- Nestlé SA (Switzerland)
- JM Smucker Co (USA)
- PepsiCo (USA)
- Mars Inc.. (Canada)
Report scope and segmentation:
| report coverage | detail |
| Forecast period | 2022-2029 |
| Forecast CAGR | 5.3% |
| 2029 value forecast | US$838.6 billion |
| base year | 2021 |
| Snack food market size in 2022 | US$584.58 billion |
| historical data | 2018-2020 |
| page number | 208 |
| Target segment | By product, by distribution channel, by region |
| Snack food market growth drivers | Growing demand for vegan and allergen-free snacks to boost market growth |
| Increasing demand for convenient and ready-to-eat snacks to boost market growth |
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segment
confectionery snacks Dictation with improved accessibility
Based on product, the market is segmented into bakery snacks, confectionery, savory snacks, and others. The confectionary snack segment is expected to lead due to greater product variety and accessibility to novel products. The importance of functional confectionery snacks is increasing worldwide.
supermarkets and hypermarkets Indicate for availability of different brands
Based on distribution channel, the market is segmented into supermarkets and hypermarkets, convenience stores, online retailers, and others. The supermarket and hypermarket segments are set to be the fastest segments as they have a wide variety of brands available in one location. The online segment is set to be the fastest part of the segment due to changes in buying habits during the pandemic.
report coverage
The report provides an in-depth analysis of the top segments and the latest trends in the market. Comprehensive discussion of the drivers and restraints and the impact of COVID-19 on the market. In addition, it examines regional developments and strategies undertaken by key players in the market.
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drivers and restraints
Growing demand for vegan and allergen-free food Rapid increase in product demand
Growing demand for vegan and allergen-free foods is expected to boost the snack food market growth. As cases of food allergies such as animal dander and mold are increasing among consumers, consumers are shifting to allergen-free foods. Consumers prefer to adopt vegan and allergen-free diets and are looking forward to more diversification in the form of plant-based products. Increasing investment from food and beverage manufacturing companies.
However, health risks associated with snack consumption are expected to hamper the market growth.
Regional Insight
Europe Leading market share as a leading manufacturer of snack foods
Europe is expected to lead the snack food market share as it is one of the prominent producers of snack products. In Europe, it is common to snack between meals at social occasions. It is considered valuable and beneficial to a healthy diet and is usually consumed between meals.
The Asia-Pacific region is becoming more and more health conscious, driving demand for healthy snack foods. Manufacturers continue to innovate and expand their product portfolios.
North America is set to become the third largest market due to growing preference for various snack products such as burgers, bars, savory snacks and similar products that are trending among millennial consumers. .
competitive environment
Improve your market position with new product offerings by key players
There are large and small snack food players in the global market. Market players are adopting new snack launches to meet growing consumer demand. In August 2022, PepsiCo India launched Ray’s Gourmet, a premium potato chips brand in India to meet the growing demand for premium snacks in the country. This new launch aims to create a new consumer base in the market.
Development of major industries
From May 2022 General Mills has acquired TNT Crust, a US-based company. TNT Crust manufactures freshly baked, self-rising pizza crusts and frozen pizza crusts for local and national pizza chains, grocery stores and retailers. This acquisition helped General Mills expand its existing portfolio of frozen bakery snack products.
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Detailed table of contents:
- prologue
- Research scope
- market segmentation
- research method
- executive summary
- market dynamics
- market driver
- market constraints
- market opportunity
- key insight
- Overview of Parent/Related Markets
- Industry SWOT analysis
- Supply chain analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers and Acquisitions
- Qualitative analysis related to COVID-19
- Market Impact of COVID-19
- Supply chain challenges during a pandemic
- Potential opportunities from this global crisis
- Global Snack Food Market Analysis, Insights and Forecasts, 2018-2029
- Main Findings/Summary
- Market size estimates and forecasts
- by product
- bakery
- confectionery
- savory snacks
- others
- By distribution channel
- supermarkets and hypermarkets
- convenience store
- online retail
- others
- By region
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
- by product
- North America Snack Food Market Analysis, Insights, and Forecasts, 2018-2029
- Main Findings/Summary
- Market size estimates and forecasts
- by product
- bakery
- confectionery
- savory snacks
- others
- By distribution channel
- supermarkets and hypermarkets
- convenience store
- online retail
- others
- By country (value)
- we
- by product
- bakery
- confectionery
- savory snacks
- others
- by product
- Canada
- by product
- bakery
- confectionery
- savory snacks
- others
- by product
- Mexico
- by product
- bakery
- confectionery
- savory snacks
- others
- by product
- we
- by product
TOC continues…!
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