The snacks market size is valued at USD 1,173.9 billion and is expected to reach USD 1,720 billion by 2032. During 2023-2032, the market is projected to register the highest CAGR of 4.0%.
The snacks market experienced a significant boom over the past two years, mainly due to the COVID-19 pandemic and the subsequent shift to remote work and stay-at-home lifestyles. This surge in demand can be attributed to the increased consumption of food at home during the lockdown, making snacks an essential part of daily meals across the globe.
As people adapted to new dining arrangements at home, packaged snacks such as macaroni, chips, and noodles became more convenient and diverse.
The industry responded by introducing a wider range of snacks, including vegan and health-conscious options, packaged in a way that increases shelf life and convenience.
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Product Analysis:
Busy lifestyles and the need for long-lasting food options are driving the demand for frozen snacks. These convenient and health-conscious products, such as vegetables, meat, seafood, and bakery products, saw an increase in sales during the pandemic.
Distribution Channel AnalysisSupermarkets
and hypermarkets dominate the distribution of snacks, especially in high-income countries, and are also expanding in urban areas in Asia, Africa, and the Middle East. E-commerce platforms such as Amazon are powering brick-and-mortar stores, while partnerships such as Grubhub and 7-Eleven are meeting the needs of convenience-conscious consumers.
Key Market Segments
: Products: Frozen
& Refrigerated
Fruits
, Bakery, Salty
Confectionery
, Dairy
&
Other Products
Distribution Channels:
Supermarkets and Hypermarkets,
Convenience Stores
, Online
and Other Distribution Channels: Key Players
in the Market:
General Mills Inc
. PepsiCo, Kraft
Heinz, Nestle
, Kellogg's
, Unilever
,
Calbee
, Intersnack Group,
Conagra Brands,
ITC
Grupo Bimbo
Danone
Limited and Other Key Players
, Driving Factors
Convenient snacks and affordable prices are driving the growth of the snacks market. The demand for convenient, ready-to-eat foods caters to busy lifestyles and provides quick nourishment and satisfaction. According to the report, a significant portion of consumers consider snacks to be part of a healthy diet and prefer to eat small meals frequently.
Restraints:
Processing and technological challenges are hindering the growth of the snacks market. Issues such as maintaining texture, crispiness, and shelf stability without additives have complicated the production of clean label snacks, making it difficult to meet consumer expectations.
Opportunities:
There is a huge opportunity in the snack market to develop healthy and portable snack options. As consumer preferences shift to health-conscious, there is the potential for innovation to create nutrient-dense and convenient snacks that fit busy lifestyles.
Challenge:
The main challenge for the snack market is to address the technical difficulties associated with the production of clean label products. Overcoming these challenges requires advances in processing technology to ensure storage stability, texture and taste without relying on preservatives or additives.