Global Snack Food Market Size By Type (Frozen Snacks, Savory Snacks, Fruit Snacks), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores), By Geographic Scope And Forecast

Snack Food Market Size And Forecast

Snack Food Market size was valued at USD 568.69 Billion in 2023 and is projected to reach USD 906.41 Billion by 2031, growing at a CAGR of 6% from 2024 to 2031.

• Snack food, rather than the market, can be described as any food item consumed between meals or as a short bite to provide an energy boost. These are frequently pre-packaged and ideal for on-the-go lifestyles.
• The snack food industry is incredibly diverse. There’s something for everyone’s taste buds, from traditional savory snacks like chips, pretzels, and popcorn to sweet items like cookies, candy bars, and dried fruit. Even healthier options such as nuts, veggie sticks, and protein bars fall under the snack food category.
• Snack foods play an important role in our modern lives, providing an easy and enjoyable method to satisfy hunger pangs or cravings throughout the day.

Global Snack Food Market Dynamics

The key market dynamics that are shaping the global Snack Food Market include

Key Market Drivers

• Increasing Urbanization and Busy Lifestyles The rising pace of urbanization is increasing the demand for portable snack options. According to the United Nations, 68% of the global population is expected to reside in cities by 2050, up from 55% in 2018. This tendency is contributing to busier lifestyles and an increased demand for quick, portable eating options.
• Expansion of E-commerce and Direct-To-Consumer ChannelsThe rise of online e-commerce is transforming snack food distribution. According to the United States Census Bureau, e-commerce sales made up 14.0% of total retail sales in 2020, up from 11.0% in 2019. This movement opens up new options for snack food businesses to reach out to customers directly.
• Growing Health ConsciousnessConsumers are increasingly looking for healthier snack options. The International Food Information Council’s 2020 Food & Health Survey discovered that 43% of Americans always or frequently look for healthy food options when shopping, up from 38% in 2019. This trend is fueling innovation in the better-for-you food category.

Key Challenges

• Changing Consumer PreferencesRapid changes in consumer preferences, affected by cultural variety, demographic transitions, and changing lifestyles, pose a problem. Snack food firms must constantly adapt by providing multiple flavors, textures, and formats that appeal to different consumer segments while preserving brand integrity.
• Digital Transformation The development of e-commerce and digital platforms has altered consumers’ shopping habits and expectations. Snack food brands must improve their online presence, develop digital marketing techniques, and provide seamless online buying experiences. This transition needs investments in data analytics to better understand consumer behavior and adapt products.
• Health and Wellness TrendsThe growing consumer demand for healthier snack options is a significant challenge. There is an increasing preference for snacks that are considered nutritional, low in sugar, and free of artificial ingredients. This trend necessitates that snack food manufacturers innovate with ingredients, reformulate recipes, and negotiate regulatory restrictions for health claims.

Key Trends

• Plant-Based and Alternative IngredientsPlant-based snacks are becoming increasingly popular due to environmental concerns and nutritional preferences such as vegetarianism. Snack food manufacturers are experimenting with alternative ingredients such as chickpeas, lentils, and seaweed to create plant-based options that imitate classic snack flavors and textures.
• Rise of Functional SnacksConsumers are increasingly looking for snacks that provide health benefits beyond basic nutrition, such as probiotics, vitamins, and protein supplements. Functional snacks cater to wellness trends by combining convenience and specific health benefits, making them appealing to health-conscious people looking for on-the-go nourishment.
• Digital Influence on PurchasingE-commerce and social media play an essential part in Snack Food Marketing and sales. Direct-to-consumer models, influencer endorsements, and personalized online shopping experiences are transforming how consumers discover, purchase, and interact with snack companies, resulting in increased online snack sales.

Global Snack Food Market Regional Analysis

Here is a more detailed regional analysis of the global Snack Food Market

Asia Pacific

• The Asia Pacific region currently holds the dominant position in the global Snack Food Market. The Snack Food Market in Asia-Pacific is prospering due to its large and continuously rising consumer base, notably in populous countries like China and India. According to the Asia Pacific Food Industry research, the market was worth $148.6 billion in 2021 and is projected to increase to USD 224.1 Billion by 2027, with a compound annual growth rate (CAGR) of 7.1%. This substantial expansion is being driven by urbanization trends and rising disposable incomes. These reasons, together with changing lifestyle tastes, contribute to a growing need for convenient and inventive snack options across the region.
• The Asia-Pacific area is experiencing a major shift in consumer lifestyles, fueled by increasingly demanding schedules and a fast-expanding middle class, resulting in significant growth in the Snack Food Market. According to the Asian Development Bank, Asia’s middle class grew from 1.4 billion in 2010 to 2.2 billion in 2020 and is expected to reach 3.5 billion in 2030. This generational shift has resulted in increased demand for quick, on-the-go snack options. According to a 2021 Nielsen poll, 76% of Southeast Asian consumers snack regularly, with 41% choosing snacks based on convenience. Furthermore, Japan’s snack food business, projected at 3.4 trillion yen (about USD 31 Billion) in 2020 according to the Japan Snack Foods Association, highlights the region’s growing desire for quick and accessible food solutions amid evolving work and lifestyle dynamics.

North America

• North America is the fastest-growing region in the Snack Food Market. North America has a strongly established snacking culture, and snack items play an important role in everyday eating patterns. According to the USDA’s Economic Research Service, snack foods accounted for 23% of all eating occasions among American adults in 2020, up from 21% in 2010. According to the Nielsen Global Nibbling Survey, 94% of North Americans snack daily, with half grabbing twice or more each day. The long-term and increasing demand for snack foods in North America shows the country’s importance in the global Snack Food Market.
• Consumer preferences in North America are shifting toward better snack options, driven by increased health awareness and a need for quick, nutritious foods. According to the US Food and Drug Administration, 87% of American adults actively try to eat healthier, with 67% explicitly looking for healthier snack options. According to the International Food Information Council’s 2021 Food & Health Survey, 70% of Americans value health when purchasing food and beverages, up from 58% in 2010.

Global Snack Food MarketSegmentation Analysis

The Global Snack Food Market is Segmented on the basis Type, Distribution Channel, and Geography.

Snack Food Market, By Type

• Frozen Snacks
• Savory Snacks
• Fruit Snacks
• Confectionery Snacks
• Bakery Snacks

Based on Type, the market is bifurcated into Frozen Snacks, Savory Snacks, Fruit Snacks, Confectionery Snacks, and Bakery Snacks. Savory snacks dominate the market, including common choices such as chips, pretzels, popcorn, and almonds. However, fruit snacks which include protein bars, and veggie sticks, are expected to be the fastest growing segment. This growth is being driven by customers’ growing need for accessible, nutritious solutions to satisfy appetites without jeopardizing their health goals.

Snack Food Market, By Distribution Channel

• Supermarkets/Hypermarket
• Convenience Stores
• Online Retail Stores

Based on Distribution Channel, the market is segmented into Supermarkets/Hypermarkets, Convenience Stores, and Online Retail Stores. Supermarkets/hypermarkets currently dominate the snack market. This is due to their extensive assortment across all categories, one-stop shopping ease, and regular deals. However, the fastest expanding segment is anticipated to be online retail stores. The advent of online grocery shopping with easy delivery choices is ideal for busy lifestyles and allows for impulse purchases without the need for a physical journey to the store. This trend is anticipated to continue as online grocery platforms improve user experience and provide speedier delivery choices.

Snack Food Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

On the basis of Geography, the Global Snack Food Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific dominates the snack food business, driven by its large population, rising disposable income, and willingness to try new flavors. However, North America is a strong candidate for the growth crown, thanks to its established snacking culture, growing health-conscious consumers, and thriving internet retail industry.

Key Players

The “Global Snack Food Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are PepsiCo, Inc., The Kellogg Company, Nestle S.A, General Mills, Inc., Mondelēz International, Inc., Conagra Brands, Inc., Unilever Plc, Link Snacks, Inc., Hunter Foods LLC., and Lundberg Family Farmas.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In May 2023, Flagstone Foods, a prominent player in North America’s private label trail mixes and snack nuts business, completed the acquisition of Emerald Nuts from Campbell Soup Company.
• In February 2023, Europe Snacks, a well-known producer of savory snacks for third-party companies in Europe, bought Burts Snacks gaining full ownership. This strategic move enables Europe Snacks to expand into Europe’s largest snacking business, preparing the company for rapid expansion.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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