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The snack market size is forecast to increase by USD 332.5 million at a CAGR of 6.79% between 2023 and 2028. The market is experiencing growth due to several key factors. There is a growing preference for savory snacks, driven by consumers seeking convenient and flavorful food options as well as nutritious snacks such as energy bars. Additionally, the rise in disposable income and lifestyle changes are enabling people to spend more on ready-to-eat snacks and healthy snacks. Evolving taste preferences are also contributing to this trend, as consumers are increasingly exploring diverse and innovative snack flavors. These factors together highlight the dynamic nature of the market, driven by consumer demand for variety, convenience, and taste.
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The snack market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market share growth by the bakery products segment will be significant during the forecast period. The adoption of bakery products such as bread, rolls, cookies, pies, pastries, and muffins, among others, is increasing due to the inflating disposable incomes of consumers in emerging nations, with higher standards of living and shifting lifestyles owing to cultural changes and rising emerging markets.
The bakery products segment was valued at USD 358.30 billion in 2018. The bakery products segment is witnessing new product launches with increasing consumer demand. For instance, in September 2021, Deco Food Service announced the launch of a new range of bakery products, including confectionery, globally. Such product launches are increasing the purchase options for consumers in the bakery products segment. It is expected that the bakery products segment in the global market will witness steady growth with more product launches supported by the strong distribution network between vendors and various customers such as retailers, supermarkets and hypermarkets, food service centers, and e-commerce websites during the forecast period.
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APAC is estimated to contribute 34% to the growth of the global market during the forecast period. The market in the Asia-Pacific (APAC) region is thriving due to the expanding food retail sector in developing nations. Countries like China, India, Thailand, and Japan are driving retail industry growth through ongoing development efforts, diverting consumer attention toward new snack products such as cheese-based snacks and increasing snack demand. Packaged snacks, known for their convenience and on-the-go nature, are especially popular. China, for instance, relies on snacks as quick meal substitutes. Clean-label snacks are also gaining traction in APAC. As urbanization progresses and packaged snacks become more accessible, consumers are shifting away from traditional street snacks. These factors, combined with significant investments in retail infrastructure, are expected to contribute to the regional market growth in the forecasted period.
The market is witnessing a surge in demand for roasted nuts and seeds such as pumpkin seeds, driven by the trend towards healthier snacking choices. Consumers are increasingly seeking functional snacking options that provide nutritional benefits. The rise of e-tail and retail stores has expanded access to these products, making them widely available. Cultural diversity plays a significant role in influencing snack preferences, offering a variety of flavors and types. Retail channels are adapting to these trends by providing meal replacements that cater to the busy lifestyles of modern consumers, ensuring convenience without compromising on health.
The growing preference for savoury snacks is notably driving market growth. Time spent preparing healthy and nutritious meals is decreasing due to hectic schedules and demanding lifestyles. Currently, skipping breakfasts and lunches is a regular occurrence among consumers attempting to keep up with their hectic lifestyles. As a result, readily available and convenient food items like savory snacks have become a popular and favored choice among consumers of all ages. Furthermore, classic snacks are under modification in all regions, and the desire for novel flavors has a big impact.
The demand for snacks in bakeries is increasing. They also sell savoury products or items tailored to the preferences of their consumers in addition to their products. Furthermore, the introduction of gourmet cheese has created a positive buzz in the global market. Consumer acceptance is also influenced by the type of cheese used in cheese snacks. Owing to the availability of numerous types of cheese, cheese marketers have a lot of room to integrate new types of cheese into their products. Therefore, such factors are expected to drive the growth of the global market growth during the forecast period.
Increasing the replacement of meals with snacks is an emerging trend in the market. People over the globe are replacing their meals with snacks because they have limited time to have a proper meal due to their hectic work schedules. Many nuclear families reside in cities, and because both parents work, the children develop a tendency to snack at least once a day rather than eating a full meal. Moreover, bachelors who travel for work may not know how to prepare for themselves, so they may turn to healthier snacking options.
The five most recent healthy snacking trends, according to the Glanbia Nutritional Survey of Healthy Snacking Trends 2023, are reduced sugar, more protein, clean snacking, novel forms, and functional nutrition. Furthermore, people have been snacking to relieve stress from their professional and personal life, according to the same report. Hence, such factors are expected to fuel the growth of the market in focus during the forecast period.
The rising number of health effects is a major challenge impeding the market growth. The increase in the number of health impacts associated with the intake of high-calorie foods such as snacks is hindering market growth. Cheese's saturated fat raises cholesterol levels. High cholesterol levels can increase the risk of heart disease. Furthermore, cheese is high in sodium. Consumption of too much sodium can produce high blood pressure and is linked to kidney disease, heart disease, and osteoporosis.
While cheese is a rich source of critical nutrients, it comes with a lot of calories. Consumers are more likely to acquire weight if they over-consume cheese or cheese-based products. Moreover, lactose, found in cheese like all other milk products, is difficult to digest for several people. Furthermore, as cheese has no fiber, consuming too much can cause constipation. Therefore, such factors are expected to hinder the growth of the global market growth during the forecast period.
The market is fragmented in nature. Some significant players include
B and G Foods Inc. - The company's key offerings of the company include snacks such as poppy flatbread, garlic flatbread, and sandwich spread.
The snack research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Agthia Group PJSC, B and G Foods Inc., Calbee Inc., Conagra Brands Inc., Cooperatie Koninklijke Cosun UA, Deco Food Service, Ferrero International S.A., General Mills Inc., Happytizers Pvt Ltd, Harvest Almond Snacks, Hormel Foods Corp., J and J Snack Foods Corp., Kellogg Co., Kind LLC, McCain Foods Ltd., Mondelez International Inc., Nestle SA, NutriAsia Inc., PepsiCo Inc., Popcorn Shed Ltd., Rich Products Corp., Sargento Foods Inc., The Hain Celestial Group Inc., The Hershey Co., The Kraft Heinz Co., and Tyson Foods Inc.
The snack market is evolving rapidly to cater to the diverse needs and preferences of modern consumers with changing lifestyles. Consumers are increasingly seeking convenient and portable food options to fit their busy schedules and on-the-go lifestyles. This has led to a surge in demand for better-for-you snacks, including allergen-free snacks, high-protein snacks like protein bars, and organic food. With a focus on health concerns and weight management, there is a growing preference for low-fat and low-sugar options, alongside meal replacement drinks and meal replacement meals. Snack manufacturers are innovating with bold and spicy flavors, exotic ingredients, and functional snacks to meet the Nutrition-rich diet needs of consumers. The market offers a wide variety of products available in convenience stores, supermarkets & hypermarkets, and e-stores, ensuring consumers have access to their favorite snacks wherever they go.
The market is a dynamic landscape shaped by changing consumer behavior patterns and lifestyle shifts. Consumers today seek convenient and nutritious options that cater to their busy schedules and health-conscious preferences. With a growing emphasis on clean-label preferences and healthy alternatives, there's an increased demand for calorie-focused snacks, granola bars, and protein-rich content options. Snack manufacturers are innovating with plant-based diets and long-shelf-life seafood snacks to meet the diverse needs of consumers. The market also witnesses a rise in popularity of portable and portion-controlled snacks, available in retail stores, e-tail, and regional markets. From convenience meals to ready-to-eat snacks, the market caters to various snacking occasions including sporting events and social gatherings. The Snack Food Industry Statistics reflect a growing emphasis on vitamins, nutrients, and nutrition, as consumers seek healthier options in their snacking choices.
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Market Scope |
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Report Coverage |
Details |
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Page number |
186 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.79% |
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Market growth 2024-2028 |
USD 332.5 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.24 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 34% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Agthia Group PJSC, B and G Foods Inc., Calbee Inc., Conagra Brands Inc., Cooperatie Koninklijke Cosun UA, Deco Food Service, Ferrero International S.A., General Mills Inc., Happytizers Pvt Ltd, Harvest Almond Snacks, Hormel Foods Corp., J and J Snack Foods Corp., Kellogg Co., Kind LLC, McCain Foods Ltd., Mondelez International Inc., Nestle SA, NutriAsia Inc., PepsiCo Inc., Popcorn Shed Ltd., Rich Products Corp., Sargento Foods Inc., The Hain Celestial Group Inc., The Hershey Co., The Kraft Heinz Co., and Tyson Foods Inc. |
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Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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