Enjoy complimentary customisation on priority with our Enterprise License!
The snack market size is forecast to increase by USD 300.56 billion between 2023 and 2027. The Report covers the Snack Market industry forecast and is segmented into Product (bakery products, chocolate, savory snacks, frozen snacks, and others), Distribution Channel (offline and online), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). The market size, historical market size (2017-2021), and forecasts are provided on the basis of value (USD billion) for all the above segments.
To learn more about this report, Download Report Sample
The market size for Snack Market is projected to decline at a CAGR of 6.51% between 2023 to 2027 with a Year over Year (YoY) growth of 5.62%.
In 2020, COVID-19 lockdowns disrupted snack production in major APAC countries. Online snack sales surged due to social distancing measures. In 2021, widespread vaccinations enabled offline snack retail to recover. The demand for e-commerce is growing for personal care products, facilitating price comparisons. The APAC snack market is expected to show steady growth in the forecasted period, as consumer behavior adapts to post-pandemic conditions.
A rise in disposable income and a change in lifestyle are the key factors driving the snack market growth. Global disposable income has been on the rise, as exemplified by a 0.5% increase in US disposable personal income (DPI) of USD89.7 billion in March 2022, according to the US Bureau of Economic Analysis (BEA). The Organization for Economic Co-operation and Development (OECD) reports an increase in household disposable income across developed and developing countries since 2021.
Factors like dual household income, rising per capita income, and increased employment rates are driving this global trend. With more spending power, consumers are changing their eating habits due to sedentary and stressful lifestyles, favoring convenient and easy-to-serve foods and snacks. These shifts are expected to boost the global snack market in the foreseeable future.
Bakery Products is the Leading Segment to Dominate the Market
The bakery products segment was valued at USD 344.74 billion in 2017 and continued to grow until 2021. 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 bakers' and confectioners' products, 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.
Snack Market - Revenue Share by Bakery Products Segment, 2017-2027
For more details on other segments, Download Sample Report
APAC Holds a Prominent Position in the Snack Market
APAC is estimated to contribute 34% to the growth of the global market during the forecast period. The snack 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 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 snack market's growth in the forecasted period.
Snack Market Size, By Region, Global, 2017-2027
To understand geographic trends Download Report Sample
The Snack Market is fragmented in nature. Some significant players include Agthia Group PJSC, B and G Foods Inc., Calbee Inc., Conagra Brands Inc., Cooperatie Koninklijke Cosun UA.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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 report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2021.
Snack Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Decelerate at a CAGR of 6.51% |
Market growth 2023-2027 |
USD 300.56 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.62 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 34% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.