Straits Research, a leading market intelligence and consulting firm, is excited to announce the release of its latest in-depth report on the Global Snacks Market. Valued at USD 1,447.1 billion in 2021, the market is forecasted to soar to USD 1,948.37 billion by 2030, driven by a steady compound annual growth rate (CAGR) of 3.36% from 2022 to 2030. This growth reflects evolving consumer habits, a surge in demand for convenience foods, and an increasing appetite for healthier snack options worldwide.
The report highlights how the global snacks industry has transformed in recent years, fueled by shifts in lifestyle, the rise of remote work, and innovative product developments. With consumers prioritizing quick, nutritious, and tasty options, the snacks market is poised for continued expansion over the forecast period.
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Market Scope and Key Drivers
The global snacks market has witnessed remarkable growth, largely due to the rising popularity of convenience foods. Today’s fast-paced world demands portable, ready-to-eat solutions that fit seamlessly into busy schedules. Straits Research notes that approximately 59% of adults globally prefer smaller, frequent meals over traditional larger ones, according to a recent Mondelz International study. This shift has elevated snacks from mere indulgences to essential components of modern diets, offering portion-controlled energy boosts throughout the day.
Another significant driver is the growing consumer interest in functional and healthy snacks. People are increasingly seeking products enriched with proteins, fibers, micronutrients, and organic ingredients to support their wellness goals. This trend has spurred snack manufacturers to innovate, introducing low-calorie, plant-based, and clean-label options that cater to health-conscious individuals aiming to manage weight, improve digestion, or reduce the risk of chronic illnesses like diabetes and obesity.
Research Methodology
Straits Research employed a robust and multi-faceted approach to compile this report. Our analysts combined primary and secondary research methods to ensure accuracy and depth. Primary research involved interviews with industry experts, snack manufacturers, distributors, and consumers across various regions. These insights were complemented by secondary research, drawing from credible sources such as company reports, trade journals, and government publications.
To provide a comprehensive view, the data was analyzed using advanced statistical tools and market modeling techniques. Historical trends from 2018 to 2020 were evaluated to establish a baseline, while projections for 2022 to 2030 were crafted based on current market dynamics, consumer behavior, and technological advancements. This rigorous methodology ensures that stakeholders receive actionable insights tailored to their strategic needs.
Market Segmentation
- Product Outlook: The market is divided into Frozen & Refrigerated, Fruit, Bakery, Savory, Confectionery, Dairy, and Others. Frozen and refrigerated snacks led the pack, bolstered by their long shelf life and popularity during the pandemic. However, savory snacks, including meat-based options like jerky, are expected to see the fastest growth, driven by demand for low-fat and gluten-free varieties.
- Distribution Channel Outlook: Supermarkets and hypermarkets dominate distribution, especially in high-income regions like North America, where retail giants like Walmart hold significant sway. Meanwhile, the online segment is gaining traction as e-commerce expands, offering consumers convenience and variety at their fingertips.
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Key Players Shaping the Industry
- General Mills, Inc.
- PepsiCo
- The Kraft Heinz Company
- Nestlé
- The Kellogg Company
- Unilever
- Calbee
- Intersnack Group GmbH & Co. KG
- Conagra Brands, Inc.
- ITC Limited
- Grupo Bimbo
- Danone
- Mars, Incorporated
Regional Insights
- Asia-Pacific: Holding the largest market share, this region thrives on its urbanizing population and growing retail infrastructure. Consumers here are shifting from traditional street food to packaged snacks, favoring clean-label and ready-to-eat options.
- North America: The fastest-growing market, North America benefits from strong demand for savory and health-oriented snacks, supported by a robust supermarket network and e-commerce boom.
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FAQs
1. What is driving the growth of the global snacks market?
The market is growing due to the rising demand for convenience foods, a shift toward healthier snacking options, and lifestyle changes spurred by the pandemic, such as remote work and at-home consumption.
2. Which region dominates the snacks market?
Asia-Pacific holds the largest share, thanks to its urbanizing population and preference for packaged, ready-to-eat snacks.
3. What challenges do snack manufacturers face?
Producers struggle with maintaining texture and flavor while reducing fats and sugars, as well as creating clean-label products without preservatives.
4. How is the market segmented?
It’s divided by product (e.g., Frozen & Refrigerated, Savory) and distribution channel (e.g., Supermarkets, Online), with detailed forecasts for each.
5. Who are the key players in the snacks industry?
Major companies include PepsiCo, Nestlé, Kellogg’s, and General Mills, all of which are innovating to meet consumer demands.
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