July 24, 2024
Snack Products Market

Snack-based Innovations is Fueling the Growth of Global Snack Products Market

The snack products market offers a wide range of products including potato chips, tortilla chips, corn chips, nuts, bakery products and several others. These products are convenient to consume, portable and offer instant energy. With changing lifestyles and busy schedules, demand for healthy and on-the-go snack options is rising rapidly.

The global Snack Products Market is estimated to be valued at US$ 1,524.67 Mn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Introduction of organic, gluten-free and plant-based snacks: With growing health awareness, consumers are shifting towards organic, natural and clean label snacks. Manufacturers are innovating their product lines by replacing gluten, artificial flavors and preservatives with organic ingredients. This drives the demand for organic and plant-based snack variants.

Emphasis on portfolio expansion through premiumization: Leading players are focusing on premiumization through development of artisanal and premium snacks made using quality ingredients. They are launching new flavors, bite-sized snacks and convenient packaging to appeal to both young urban population and health conscious consumers. This widens their consumer base and boosts brand loyalty.

Segment Analysis

The global snack products market is segmented into convenience snack, cereal and nut based snacks, and others. Among these, the convenience snack segment dominates the overall market with over 30% share in 2022. The segment is expected to continue its dominance over the forecast period as well. Convenience products such as chips, extruded snacks, nuts and seeds are highly preferred snacks among consumers due to their ready-to-eat and grab-and-go eating nature. These snacks require no preparation time, offering convenience to consumers.

Key Takeaways

The Global Snack Products Market Size was valued at US$ 1,524.67 million in 2023. The market is expected to witness high growth, exhibiting a CAGR of 2.8% over the forecast period from 2023 to 2030, due to increasing demand for convenience food products among busy consumers.

Regionally, North America dominated the global market in 2023 with around 35% share. The region is expected to continue its dominance over the forecast period as well, driven by increasing health consciousness among consumers and preference for healthier snacks in the US and Canada. Asia Pacific is projected to be the fastest growing region at a CAGR of 3.5% during the forecast period owing to growing young population, rising disposable incomes, and increasing adoption of western food habits in countries such as India, China, and Japan.

Key players operating in the snack products market are The Kraft Heinz Company, Nestlé, The Kellogg Company, Unilever, Calbee, and Intersnack Group GmbH & Co. KG. Among these, The Kraft Heinz Company has the largest share of over 10% in the global market in 2022. The company offers variety of snacks including chips, cookies, crackers under popular brand names such as Planters and Ritz. Nestlé and Kellogg Company are other major players in the market with around 8-9% market share each.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it