Snacks Market

Snacks Market Outlook (2023-2033)

worldwide sales of snacks stand at a revenue of US$ 507.2 billion In 2023 and are projected to reach an approximate market valuation of US$ 835.8 billion by the end of 2033. Over the course of the next ten years, the global snacks market is forecasted to evolve at 5.1% CAGR.

Growing world population and increasing demand for packaged and convenience foods are expected to be major factors driving the shipments of snacks over the coming years. Changing consumer preferences, growing focus on healthy eating, rising demand for foods made with organic and natural ingredients, high per capita disposable income, and globalization are other determinants that could alter snack food consumption trends through 2033.

Crackers, popcorn, beef jerky, granola bars, cereal, crisps, pretzels, potato chips, protein bars, cheese sticks, and trail mix are some of the most popular snacks currently available in the global landscape. Growing health consciousness is projected to result in high demand for healthy snack foods and nutritious snacks throughout the forecast period. However, stringent food regulatory mandates in certain countries and bans on the use of certain ingredients in snack manufacturing are expected to inhibit market development over the next ten years.

Sales of snacks in the Asia Pacific region, including fruit snacks, dominate the global scene at present and are projected to maintain a similar stance across the forecast period. The presence of key snack manufacturers and increasing disposable income are primary factors driving market growth in the APAC region.

India is anticipated to emerge as a highly opportune market in APAC for new as well as established snack producers over the coming years and this growth can be ascribed to the growing adoption of fast-paced lifestyles, changing consumer preferences, increasing availability of packaged foods, and rising spending potential of consumers.

Demand for snacks in India is estimated to account for around 60% share of the South Asia market by the end of 2033. Dhokla, vegan snacks, hot chips, and popcorn are some popular snack foods that could potentially witness a hike in demand over the next ten years in India.

Report Attributes	Details
Snacks Market Size (2023)	US$ 507.2 Billion
Projected Market Value (2033F)	US$ 835.8 Billion
Global Market Growth Rate (2023-2033)	5.1% CAGR
India Market Share in South Asia (2033F)	60%
Key Companies Profiled	Britannia Industries Limited Nestle S.A Lotus Bakeries N.V Intersnack Group GmbH & Co. KG Conagra Brands Inc. National Biscuit Industries LTD SAOG Danone Kraft Foods Group Inc. Campbell Soup Company ITC Limited Mondelez International Inc. Mars Incorporated PepsiCo Kellogg’s General Mills Inc. Calbee Inc.

How Will Increasing Health & Fitness Awareness Alter the Snack Sales Trajectory?

“Rising Focus on Health Boosting Demand for Healthy Snacks and Slowing Down High-calorie Snack Consumption”

Conventionally, snacks have been seen as high-calorie unhealthy food products but this trend is changing rapidly as manufacturers are focused on providing healthy snacks owing to rising demand from consumers. Increasing awareness about the benefits associated with the consumption of organic and natural ingredients is also predicted to favor demand for healthy snacks over the next ten years. The aforementioned factors are forecasted to influence sales of keto snacks, low-calorie snacks, low-carb snacks, and high-protein snacks.

Get a detailed account of current and projected market trends, opportunities, and restraints in this revised snacks research report by Fact.MR, a market research and competitive intelligence provider.

How Can New Snack Vendors Redefine This Industry?

“Innovative Product Launches and Supportive Initiatives by Established Market Players”

Upcoming snack suppliers are investing in R&D to fast-track new launches that will also help them increase their revenue and sales potential.

• In December 2022, Lil’Goodness, a new company focused on providing healthy snacks announced the launch of new products inspired by Marvel Super Heroes and Disney characters to change the snacking habits of the younger generation.
• In November 2022, Torr FoodTech, a food technology company that uses ultrasonic and pressure energy to press fruits, grains, and nuts into snack bars instead of sugar recently raised US$ 12 million. The company’s patent-pending technology allows manufacturers to bind natural ingredients without any additives and improve shelf life.

Aspiring snack companies can also focus on obtaining support from established market players through their start-up incubation and engagement programs.

• A venture hub and innovation center at Mondelez International Inc. is supporting new disruptive start-ups through its start-up engagement program. CoLab 2023 is expected to focus on early-stage businesses that are focusing on redefining the snack industry landscape.

Country-wise Insights

Which Factors are Driving Shipments of Snacks in the U.S.?

“Rising Consumption of Healthy Foods to Boost U.S. Market Potential”

Obesity and diabetes are two crucial public health issues in the United States that are anticipated to promote demand for healthy snacks in the country over the coming years. Increasing health and fitness awareness had led to a drop in the consumption of high-calorie unhealthy snacks and this is projected to create new opportunities for healthy snack providers across the forecast period.

High incidence of chronic diseases, changing consumer preferences, strict regulations to curb the use of artificial additives, and rising demand for convenience foods are other factors that could influence sales of snacks over the next ten years. Pretzels, beef jerky, cereal, and popcorn are some of the most popular snacks in the country.

Why Should Snack Manufacturers Invest in Japan & Korea?

“Increasing Disposable Income and Globalization to Open Up New Avenues for Market Players”

Globalization and the influence of Western culture have increased in many Asian countries such as India, Korea, Japan, and China. Changing dietary preferences, rising per capita disposable income, high consumption of convenience foods, and growing working women population are other factors that are slated to influence shipments of snack foods in Japan, Korea, and other Asian countries over the next ten years. Rice cakes and pork rinds are anticipated to be popular snacks in almost all Asian countries.

However, increasing prices of snacks and other packaged foods due to changing economic climate of the world are expected to hinder sales of snacks to a certain extent in Japan as well as Korea.

• In January 2022, Yaokin, the producer of the famous corn snack called Umaibo in Japan announced that its prices would be up by 20% from what it was at the moment. The producer stated that the reason behind this hike is the rising prices of corn imports from the United States. This was the first time when the prices were hiked for Umaibo since its launch in 1979.

Which Type of Snacks Do Consumers in European Countries Prefer?

“European Consumers Prefer Healthy Snacks & Nutritious Snacks Over Conventional Snacks”

High incidence of chronic diseases had led to an increased focus on health and this has subsequently resulted in high demand for healthy snacks and low-calorie foods. The adoption of veganism and plant-based diets in several European countries has created a new demand for healthy snacks, which is motivating snack manufacturers to launch new and innovative snacks.

• In August 2022, Nestle S.A., a Swiss food and beverage processing company announced that it would be launching a Vegan version of KitKat in 15 European countries after a successful launch in the U.K. earlier. The new KitKat V is developed in York, United Kingdom, and combines Nestle’s expertise in non-dairy alternatives and chocolates.

Changing dietary preferences, growing consumption of packaged foods, rising number of novel product launches, and growing popularity of organic foods and natural ingredients are other factors that shape snack demand outlook in European countries.

Category-wise Insights

Which Types of Snacks are Gaining Immense Popularity?

“Organic Snacks Anticipated to Witness Bright Demand Outlook”

Based on nature, the market for snacks is segmented into conventional and organic.

Growing consumer awareness for clean-label products and organic foods is anticipated to primarily drive consumption of organic snacks over the coming years. Moreover, stringent mandates regulating the use of artificial preservatives and food additives in snacks are also expected to uplift the demand for organic snacks in the long run. Changing consumer preferences have pushed snack manufacturers to opt for healthy and natural ingredients and this is also expected to favor snack food sales in the future.

• In September 2022, Wenzel’s Farm introduced a new Dill Pickle flavor for its line of meat snacks. The snack is gluten-free and free from MSG and artificial colors.

Competitive Landscape

Prime snack providers are focusing on mergers, acquisitions, and collaborations to expand their business scope across various regions and gain a competitive advantage over other companies.

• In December 2022, Agthia, a UAE-based food and beverages group announced that it had completed the acquisition of a 60% stake in Abu Auf, a company specializing in the manufacture of healthy snacks and coffee products in Egypt. Abu Auf founders retained a stake of 30% and the outstanding 10% stake is held by Tanmiya Capital.
• In August 2022, mondelez international Inc., an American food and beverage company announced the completion of its acquisition of Clif Bar & Company, a leading provider of energy bars with organic ingredients in the United States. This acquisition took Mondel?z International’s snack business valuation beyond the US$ 1 billion mark.

Snack food manufacturers are also focusing on deploying innovative market strategies and tactics that enable them to attract more customers and increase their revenue generation potential.

• In May 2022, Kellogg’s, a leading producer of ready-to-eat food products launched a new look for its snack range. The new packaging is aimed at reforming the product’s on-shelf appeal and is designed in collaboration with Landor & Fitch, a leading brand consulting firm.

Key Segments Covered in Snacks Industry Research

• By Product Type :

  • Nuts & Seeds
  • Cookies & Biscuits
  • Meat Snacks
  • Cereal Bars
  • Salty Snacks
  • Other Snacks

• By Nature:

  • Organic Snacks
  • Conventional Snacks

• By Source :

  • Wheat
  • Maize
  • Rye
  • Rice
  • Fruits & Vegetables
  • Meat Snacks
  • Other Sources

• By Sales Channel :

  • Modern Trade
  • Convenience Stores
  • Online Stores
  • Departmental Stores
  • Specialty Stores
  • Drug Stores
  • Other Sales Channels

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA