The global snacks market size is projected to reach USD 708.6 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 6.2% over the forecast period. Healthy eating, indulgence, informality, premiumization, provenance, and value scrutiny are some of the crucial factors driving the market.
The desire for fresh food is growing and people are rejecting industrial food. Consumer concerns with cues including locally grown, processed recognizable ingredients, and shortest ingredient lists have accelerated in recent years. Price drops in recent years, coupled with increased population, improved foodservice, and rising disposable income, is expected to drive demand for processed snacks in developing markets. Growing demand for convenience foods and ready-to-eat meals in modern trade channels is also expected to spur market growth.
The Central and South America market is expected to grow at a consistent rate over the forecast period. Brazil, Argentina, and Chile remain key markets for international brands to increase their customer base. Rising product sales, especially in emerging economies, indicate that people are willing to spend more on snack products owing to improving disposable incomes. This trend is anticipated to continue in the near future.
Various factors such as price-affordability, ease-of-use options, and enhanced product quality have been contributing to product demand. Regional players are focusing on providing products that suit varied preferences of consumers in their respective regions, which gives these players a substantial growth opportunity in developing countries.
The snacks market is highly competitive in nature and, therefore, marked by an extensive range of new products and flavors. Key players in the global snacks market include Tyson Foods, McCain Foods, Aviko, General Mills, and Pepsico. Acquisitions, mergers, joint ventures, and product innovation remain key strategies in order to increase sales.
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Further key findings from the report suggest:
• Based on non-extruded snacks, the refrigerated products segment is projected to exhibit a CAGR of 5.3% in terms of revenue over the upcoming period
• The fruits and vegetable segment accounted for over 12.0% to the total market in 2018. Increasing awareness among consumers about these products, especially in European countries such as U.K., Germany, and France, is expected to propel segment growth over the forecast period
• On the basis of extruded product type, the tapioca segment is anticipated to register a CAGR of 4.0% owing to rising demand for healthy snacking options. Moreover, the popularity of the product as an instant source of energy is expected to drive its demand in the market
• While supermarkets and hypermarkets dominate the global market, convenience stores are gaining popularity as a distribution channel and the segment is likely to exhibit the highest CAGR of 6.8% over the forecast period
• South Africa, Israel, UAE, Egypt, Iran, and Saudi Arabia are some of the major markets in terms of consumer spending. The UAE market is expected to exhibit a CAGR of 7.2% over the forecast period thanks to rise in consumer disposable income and changing food habits and preferences
• The snacks market is highly competitive in nature and is driven by unique product offerings and high consumer demand. PepsiCo, General Mills, Tyson, Hormel, Hain Celestial, Nestlé, and Kellogg were the major players in 2018.
Grand View Research has segmented the global snacks market on the basis of type, product, distribution channel, and region:
Snacks Type Outlook (Revenue, USD Million, 2014 - 2025)
• Extruded
• Non-extruded
Extruded Snacks Product Outlook (Revenue, USD Million, 2014 - 2025)
• Potato
• Corn
• Rice
• Tapioca
• Mixed Grains
• Others
Non-extruded Snacks Product Outlook (Revenue, USD Million, 2014 - 2025)
• Salty Snacks
o Crisp & Chips
o Nut-Based Snacks
o Popcorn
o Others
• Snack Bars
• Refrigerated Snacks
• Vegetable & Fruit Snacks
• Bakery Snacks
• Others
Distribution Channel Outlook (Revenue, USD Million, 2014 - 2025)
• Supermarkets & Hypermarkets
• Convenience Stores
• Specialty Food Stores
• Online Retailers
• Others
Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o U.K.
o Spain
• Asia Pacific
o China
o Japan
o India
o Australia
• Central & South America
o Brazil
o Colombia
• Middle East & Africa
o UAE