Snacks Market

Snacks Market Highlights

The global snacks market is expected to cross a value of USD 1964.35 billion by the end of 2032. The market was valued at USD 1567.79 billion in 2023 and is expected to expand at a CAGR of 3.2% between 2024-2032.

• Over the mid-term, the rise in demand for convenient and portable food options is the primary factor anticipated to drive the global snacks market.
• The rise in concerns for health and nutrition associated with snacks is a major factor to challenge the market growth.
• The Asia Pacific snacks market is projected to dominate the global market.

Snacks Market Outlook

Snacks are small portions of food consumed between meals, typically to satisfy hunger or cravings. Snacks are often eaten outside of regular meal times and can be consumed at various times throughout the day.

According to our researchers at KD Market Insights, the rise in demand for convenient and portable food options is one of the major factors predicted to drive the growth of the market during the forecast period. Busy lifestyles, urbanization, and an increase in snacking occasions have driven the demand for convenient, on-the-go snack options. As consumers seek snacks that are portable, nutritious, and satisfying, this is expected to drive the demand for various snack categories. General Mills, Inc., PepsiCo, and The Kraft Heinz Company are some of the significant parties in the global market for snacks.

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Snacks Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global snacks market are:

• Increasing Availability of Wide Range of Snacks: The manufacturers of snacks around the globe are increasingly working on innovating new flavors and ingredients, allowing them to launch a wide range of snacks. The snack manufacturers are also introducing new and unique snack offerings, including healthier options, ethnic flavors, and functional snacks tailored to specific dietary preferences and trends, which is expected to boost the growth of the market in the coming years.
• Surge in Availability of Snacks Across Different Distribution Channels: With the rapid proliferation of different types of distribution channels, including e-commerce platforms, convenience stores, supermarkets, and vending machines, the availability and accessibility of snacks to consumers is also increasing. This also allows businesses to expand into new markets beyond their borders to make the snacks available, which is also expected to contribute to the market growth.

Which Probable Factors Could Hamper the Growing Snacks Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of snacks are:

• Growing Concerns for Health and Nutrition: One of the major restrain factors associated with snacks market is the rise in concerns among consumers about health and nutrition associated with snacks. The rise in awareness for the issues related to obesity, diabetes, and cardiovascular disease upon consuming traditional, high-calories, and high-sugar snacks is therefore predicted to limit the market growth.
• Stringent Regulatory Requirements Regarding Food Safety: The stringent regulatory requirements regarding food safety, such as labeling, and nutritional claims, is expected to pose challenges among the snack manufacturers, which is expected to hamper the market growth.

How is the Global Snacks Market Segmented?

Our experts at KD Market Insights have segmented the global snacks market as:

What are the Probable Factors Influencing the Asia Pacific Snacks Market Forecast?

The Asia Pacific snacks market is majorly driven by the increasing influence of Western eating habits and culture that has led to a growing preference for snack foods traditionally associated with Western cuisines. Additionally, the busy urban lifestyles, along with increasing employment opportunities and longer work hours, which has also led to the demand for healthier snack options, is also poised to boost the market growth in the region during the forecast period.

As per our analysts at KD Market Insights, the following five players lead the Asia Pacific share snacks market growth:

• Lotte Confectionery Co., Ltd.
• Calbee, Inc.
• Monde Nissin Corporation
• Orion Corporation
• ITC Limited

Which Key Players Top the Global Snacks Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global snacks market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with snacks market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global snacks market share:

• General Mills, Inc.
• PepsiCo
• The Kraft Heinz Company
• Nestlé
• The Kellogg Company
• Unilever
• Calbee
• Intersnack Group GmbH & Co. KG
• Conagra Brands, Inc.
• ITC Limited
• Grupo Bimbo
• Danone
• Mars, Incorporated

What are the Recent Developments Observed in the Snacks Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global snacks market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, Naera Snacks stated that it has entered into a partnership with EnWave Corporation for developing a new product line of long-shelf-life seafood snacks.

Further, FIELD + FARMER, a snacking brand from the house of Fresh Factory, shared that it has launched a new line of refrigerated snack bar that prioritizes the use of fresh produce for its plant-based bars.