Snacks Market Report By Product Type (Nuts & Seeds, Cookies & Biscuits, Meat Snacks, Cereal Bars, Salty Snacks), By Sales Channel (Departmental Stores, Specialty Stores, Online Stores, Drug Stores), By Source Type, By Nature - Regional Forecast 2021-2031
Snacks Market Outlook (2021-2031)
Global demand for snacks is expected to proliferate at a CAGR of 6.5% from 2021 to 2031, according to a recently published study by Fact.MR. By the end of the aforementioned forecast period, the market is likely to be valued at US$ 751 Bn, with consumer inclining towards organic snacks consumption. By 2021-end, demand for snacks is expected to reach US$ 400 Bn.
|Market Size Value in 2021||US$ 400 Bn|
|Projected Market Forecast Value by 2031||US$ 751 Bn|
|Global Growth Rate (2021 to 2031)||6.5% CAGR|
|Market Share of India||60%|
Snacks Revenue Analysis from 2016-2020 Vs Outlook 2021-2031
According to Fact.MR, market research and competitive intelligence provider, from 2016 to 2020, the global market for snacks has grown at a CAGR of almost 5.8%. Manufacturers are experimenting with multiple options to enhance nutritional value in granola bars, thus increasing demand for organic products in the market.
Demand increased significantly during the pandemic, as mandatory stay-at-home directives prompted companies to encourage remote working arrangements, while public dining spaces were compelled to remain shut. Several dry snacks providers effectively leveraged online platforms to market their products, thereby leading to a major demand spike.
The global market for protein snacks is one of the most commonly consumed snack foods when people are on the move. Protein snacks will continue to grow in demand in the future. Hence the market is likely to surge at a CAGR of 6.5% from 2021-2031.
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Why are Manufacturers Concentrating on Nutritional Snacks Production?
Growing awareness of the health benefits of healthy snacks has led to an increase in demand for these products. Change in lifestyle and eating habits has raised the demand for snacks in the market. Several chronic diseases caused individuals to develop healthy eating habits to maintain a healthy lifestyle.
Various dieting plans formulated around the globe to reduce weight and depression, has spurred the market demand for healthy and nutritious snacks. Healthy snacks such as seeds, nuts, cereals for breakfast, granola bars, etc. has grown in demand during the pandemic times. Millennials' changing working habits and their desire for quick fixes for late-night snacks have raised the demand for on-the-go snacks on the market.
Cereal bars that are specifically designed to aid with emotional well-being and eating disorders were introduced on the market. The proliferation of snack bars is replacing complete meals in a steady stream, prompting the consumer to seek products that provide wholesome nutrition. This has grown the demand for healthy snacks in the market.
Elevated Dry Snacks Consumption to Broaden Growth Prospects in India?
According to Fact.MR, the market for snacks in India is expected to emerge as one of the strongest, contributing over 60% of global revenue share throughout the 2021-2031 forecast period. Preference has risen on account of fast-paced urban lifestyles and access to a greater variety of packaged foodstuffs.
Over the years, significant improvements have been observed in the manufacturing, processing, distribution and marketing of snack products in India. Since 2019, demand for savory snacks have especially inclined. By 2020, the Indian market worth for snacks totaled nearly US$ 6 billion, expected to rise further to US$ 13 billion by 2026. Demand for healthy snacks such as diet wafers and biscuits is also rising.
Consumption of dry snacks has especially surged during the COVID-19 pandemic, as mandatory stay-at-home and remote working directives compelled people to remain indoors. Several manufacturers have become prominent across the Indian landscape. For instance, Bikano has launched a new line of savory snacks across North India, including Aloo Bhujia-Lemon Chaska, Daal Mixture and Dry Fruit Mixture among others.
Increased Healthy Food Consumptions Providing Boost to the U.S Market?
According to the 2020 U.S Census, there are 109 million Americans aged 50 or older, and 48 million aged 65 or above. Consequently, lifestyle issues associated with aging, such as increased vulnerability to chronic diseases such as diabetes and hypertension, are on the incline. As a result, consumers are abandoning consumption of high-calorie foods, instead focusing on nutrients and health boosting snacks.
Also, as of 2020, over 165 million Americans consumed nutritional snacks, including granola bars. Moreover, the increasing incidence of diabetes is prompting snacks manufacturers to introduce low or sugar-free confectionary. Nearly one out of every six adults in the United States has been diagnosed with prediabetes or diabetes. Therefore, sugar-free and fiber-enriched snack food has grown in demand.
Recently, Tyson Foods Inc. introduced the Air Fried Chicken Bites in October 2021. As per the company, these are made from chickens which are not fed with antibiotics, making them 100% natural. Moreover, the product contains 75% less fat and 35% fewer calories, making it a healthy alternative. As per Fact.MR, the U.S will likely contribute nearly 20% of total revenue.
Cereal Snack Bars to Take the Cake in Revenue Terms?
Healthy cereal bars can make for an excellent on-the-go breakfast, however, they are high in sugar and fat. The fitness freak generation's growing awareness of consuming low-calorie snacks has created a demand for low-sugar bars in the market that will continue to grow in the coming years. Increasing demand has been observed for whole-grain ready-to-eat oats cereal bars in the current market.
The cereal bar has assumed a primary role in the fitness domain, serving as effective nutritious alternatives, and as a quick source of energy before a workout, or as a meal substitute. Around US$ 4.5 Bn worth of value is likely to be generated by cereal bars, capturing around 27% of total revenue.
Enhanced Nutritional Value Encouraging Wheat Snacks Consumption?
Wheat snacks are rich sources of vitamins, antioxidants, minerals, and dietary fiber. The gluten protein fraction in wheat, in particular, allows the dough to be processed into bread, noodles, baked goods, pasta, and a range of functional ingredients. Hence, their demand is rising impressively.
Growing awareness of wheat's health benefits for diabetics has contributed to increased sales of wheat snacks in the market. A healthy bedtime snack such as crackers, bread, and cereals is the best way to control the level of glycemic index in diabetic patients. Due to these factors, snacks have been one of the most popular products on the market. A CAGR of 5% is projected for wheat snacks by Fact.MR.
Why the Enhanced Preference for Organic Snacks?
According to Fact.MR, organic snacks are expected to yield nearly US$ 8 Bn in value by the end of the 2021-2031 assessment period. Key manufacturers are riding the clean label wave which has gripped consumer food preferences in recent years. This is in response to growing apprehensions regarding presence of additives which may adversely impact human health.
Several countries have implemented strict food regulatory standards, with a majority of them prohibiting the sale and consumption of foodstuffs containing high concentrations of artificial preservative, such as benzene, MSG and artificial food colors. Hence, companies have introduced a broad range of naturally sourced foods in recent years.
Prominent snacks manufacturers are capitalizing on new product launches and enhancement of production capacities in order to extend their outreach to a larger audience. Some notable developments in the global market for snacks are as follows:
- In January 2021, Kellogg Co. is set to expand its Special K brand into the keto category, with a new line of Special K Keto-Friendly Snack Bars. The firm offers the bar in peanut butter fudge and chocolate almond fudge flavors. A single bar contains 160 calories, 12 grams of fat, 7 grams of protein, 2 grams of carbohydrates, and 1 gram of sugar
- In August 2021, Kraft Heinz unveiled its first bottle of the HEINZ Tomato Ketchup Marz Edition, made with tomatoes harvested by recreating similar soil, temperature and water conditions on Earth to those found on the Red Planet. The product was developed in conjunction with the Aldrin Space Institute
- In July 2020, Britannia Industries Ltd. announced an allocation of ? 1,000 crores (US$ 134 million) to upscale production capacity in response to an exponential rise in home snacking throughout the COVID-19 pandemic. The investment is bifurcated into Greenfield facilities (US$ 9.3 million) and new product launches, including dairy products (US$ 4 million).
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Snacks Market Report Scope
|Historical Data Available for||2016-2020|
|Market Analysis||US$ Mn for Value & ‘000 Units for Volume|
|Key Regions Covered||
|Key Countries Covered||
|Key Segments Covered||
|Key Companies Profiled||
|Pricing||Available upon Request|
Key Segments Covered
- Nuts & Seeds
- Cookies & Biscuits
- Meat Snacks
- Cereal Bars
- Salty Snacks
- Other Snacks
- Snacks Sales via Modern Trade
- Snacks Sales via Departmental Stores
- Snacks Sales via Specialty Stores
- Snacks Sales via Online Stores
- Snacks Sales via Drug Stores
- Snacks Sales via Convenience Stores
- Snacks Sales via Other Sales Channels
- Wheat Snacks
- Maize Snacks
- Rye Snacks
- Rice Snacks
- Fruits & Vegetables
- Meat Snacks
- Other Sources
- Organic Snacks
- Conventional Snacks
- FAQs -
The global snacks market size is expected to be worth US$ 400 Bn by 2021
From 2016-2020, demand for snacks surged at a CAGR of 5.8%
The global market for snacks is expected to reach nearly US$ 751 Bn by 2031
Popularity of on-the-go bars and nuts and seed are key trends in the global market
A change in lifestyle and rising consumption of healthy snacks are driving the global demand for snacks in the market.
National Biscuit Industries LTD SAOG, Kellogg’s, Kraft Foods Group INC., Nestle SA, and Campbell Soup Company are some prominent snacks manufacturers
As per Fact.MR, demand for snacks in the U.S will likely contribute a market share worth 20%
Yes. India is expected to be one of the largest markets for snacks, capturing 60% revenue
Demand for organic snacks is expected to rise impressively, reaching US$ 8 Bn by 2031
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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