The companies covering the snack products market are Kellogg Company (US), General Mills (US), Tyson Foods (UK), Kraft Heinz Company (US), ConAgra Brands. (US), Unilever Group (UK), Nestle SA (Switzerland), JM Smucker Co (US), PepsiCo (US), Mars, Inc. (Canada) and others.
Pune. India, Jan. 25, 2023 (GLOBE NEWSWIRE) — The global snack products market The size was valued at USD 557.85 billion in 2021 and USD 584.58 billion in 2022. The market is expected to reach USD 838.6 billion by 2029 at a CAGR of 5.3% during the forecast period. The rising demand for snacks among the millennial population is expected to propel the course of the market in a growing direction. A growing trend of flavor trends in the snacks industry is expected to facilitate the development of the market. Fortune Business Insights™ share this information in your report titled “Snack products Market, 2022-2029.”
The trend of healthy snacks during the pandemic helped the growth of the market
The food and beverage industry was positively affected by the COVID-19 pandemic. Containment restrictions have been creating profitable opportunities for the processed food and beverage sector due to its demand for taste, long shelf life and attractive availability of waste. The healthy snacking trend also evolved by eliminating foods, such as sugar and carbohydrates, with functional ingredients.
Confectionery snacksDictate due to increased accessibility
On the basis of product, the market is segmented into bakery snacks, confectionery, savory snacks, and others. The confectionery snacks segment is expected to lead due to accessibility to greater variety and novelty of products. The importance of functional confectionery snacks is intensifying globally.
Supermarkets and hypermarkets Dictate due to availability of different brands
On the basis of distribution channel, the market is classified into supermarkets and hypermarkets, convenience stores, online retail and others. The supermarket and hypermarket segment will be the fastest growing due to the availability of different brands at one place. The online segment is expected to be the fastest growing part of the segment due to changes in shopping habits during the pandemic.
Coverage of the report
The report provides a detailed analysis of the major segments and the latest trends in the market. Driving and restraining factors and the impact of COVID-19 on the market are discussed comprehensively. In addition, it examines regional developments and strategies undertaken by major market players.
Increasing demand for vegan and allergen-free foods to increase product demand
Increasing demand for vegan and allergen-free foods is expected to drive the growth of the snacks market. The rise in cases of food allergies among consumers, such as animal dander and mold, has led consumers to turn to allergen-free foods. Consumers have a preference for vegan and allergen-free diets and expect more variety in the form of plant-based products. There is a growing number of investments by food and beverage manufacturing companies to develop innovative product offerings for consumers. However, the health risks associated with the consumption of snacks are expected to hinder the growth of the market.
europeto lead the market share as it is one of the main producers of snack products
Europe is expected to lead the snack products market share as it is one of the leading producers of snack products. Snacking has become more common on social occasions in Europe. It is considered valuable and beneficial to a healthy diet and is usually consumed between meals.
Asia Pacific is becoming increasingly health conscious, which has increased the demand for healthy snack products. Manufacturers have been innovating and expanding their product portfolio.
North America will be the third largest market due to the growing preference for different snack products such as burgers, bars, salty snacks, and similar products, which are in vogue among millennial consumers.
Offering new products by key players to improve market position
The global market has various small and large snack product players. Market players have been adopting new snacks launches to meet the growing consumer demand. In August 2022, PepsiCo India launched the Lay’s Gourmet premium crisps brand in India to meet the growing demand for premium snacks in the country. This new launch is meant to create a new consumer base for the market.
Key industry development
May 2022- General Mills acquired TNT Crust, a US-based company. TNT Crust manufactures semi-baked and self-raised pizza crusts and produces frozen pizza crusts for regional and national pizza chains, grocers and retailers. This acquisition helped General Mills augment its existing portfolio of frozen bakery snack products.
Check out more related statistics from Fortune Business Insights:
Market of healthy snacks worth $108.11 billion by 2027 | The healthy snacks industry registers a 4.2% CAGR
Functional Water Market Value $22.97 billion in 2028 | Fortune Business Insights Global Functional Water Industry Share, Manufacturing and Development Report
Functional food and beverage market Size to reach $529.66 billion by 2028 | 9.5% CAGR
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