Snacks Industry Overview
The global snacks market is expected to reach USD 1.8 trillion by 2030, according to a new report by Grand View Research, Inc. Significant changes in food consumption patterns brought about by pandemic induced lockdowns coupled with collaborations between food delivery partners and snacks manufacturers, together propelled the global market.
Many people have gained weight as a result of sedentary jobs and being at home for prolonged amounts of time. As a result, consumer preferences have shifted away from unhealthy eating and toward healthy snacking. As a result, snack product manufacturers are following this trend and introducing new items that are both tasty and nutritious for consumers. Lifestyle changes, cultural shifts, and rising consumer knowledge and awareness have all had a significant impact on how people eat. Many consumers in Europe and North America prefer to snack throughout the day, creating tremendous potential for manufacturers.
Snacks Market Segmentation
Grand View Research has segmented the global snacks market based on product, distribution channel, and region.
Based on the Product Insights, the market is segmented into Frozen & Refrigerated, Fruit, Bakery, Savory, Confectionery, Dairy, and Others
- Frozen & refrigerated dominated the product segment in 2021. Frozen goods proved to be a pandemic powerhouse in 2020 when panicked customers stocked their freezers with longer-shelf commodities during the lockdown's peak.
- However, savory snacks are expected to register the fastest CAGR during the forecast period.
- COVID-19 has a long-term impact on consumers; therefore, health and wellness trends will be a primary driver of future snack growth.
Based on the Distribution Channel Insights, the market is segmented into Supermarkets & Hypermarkets, Convenience Stores, Online, and Others
- The supermarkets & hypermarkets accounted for the major share of the global snacks market in 2021. In many high-income countries, supermarkets & hypermarkets are the primary suppliers of snack food.
- However, market growth is being driven by increasing retail infrastructure and the resulting increase in the number of supermarkets & hypermarkets in urban areas across Asia, the Middle East, and Africa.
- Successful e-commerce companies, ranging from Amazon in the U.S. to JD.com in China, have been opening or acquiring physical supermarkets in recent years.
- However, internet businesses are experimenting with new forms of automation in order to transfer some of their digital efficiency to their new brick-and-mortar storefronts.
Snacks Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is fragmented with the presence of global and regional players offering a variety of snacking options customized to the local palates.
Some prominent players in the global Snacks market include:
- 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
Order a free sample PDF of the Snacks Market Intelligence Study, published by Grand View Research.
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