Snack Foods

Snack Foods

Global Snack Foods Market to Reach US$908.3 Billion by 2030

The global market for Snack Foods estimated at US$605.5 Billion in the year 2023, is expected to reach US$908.3 Billion by 2030, growing at a CAGR of 6.0% over the analysis period 2023-2030. Bakery Snacks, one of the segments analyzed in the report, is expected to record a 5.9% CAGR and reach US$359.6 Billion by the end of the analysis period. Growth in the Salted Snacks segment is estimated at 6.8% CAGR over the analysis period.

The U.S. Market is Estimated at US$184.2 Billion While China is Forecast to Grow at 8.0% CAGR

The Snack Foods market in the U.S. is estimated at US$184.2 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$116.8 Billion by the year 2030 trailing a CAGR of 8.0% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.8% and 4.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.0% CAGR.

Global Snack Foods Market - Key Trends and Drivers Summarized

Snack foods encompass a broad category of edible products designed for convenience and quick consumption, typically eaten between meals. This category includes a wide array of products such as chips, crackers, nuts, popcorn, sweets, and various packaged goods. The snack food industry caters to a diverse range of taste preferences and dietary requirements, offering products that range from indulgent treats to health-oriented snacks. The market has evolved over time to include offerings that are organic, gluten-free, low-calorie, and fortified with vitamins and minerals, reflecting changing consumer preferences and awareness regarding health and wellness.

The market dynamics of snack foods are shaped by global consumer trends and economic factors. There is a noticeable shift towards healthier snack options, driven by an increase in health consciousness among consumers worldwide. This has led to innovation in product offerings, such as the introduction of snacks made from alternative ingredients like legumes and whole grains, reduced sugar and salt content, and the incorporation of functional ingredients that provide added nutritional benefits. Additionally, the convenience factor of snack foods continues to be a significant aspect of their appeal. The busy lifestyles of modern consumers make on-the-go and ready-to-eat snack formats highly desirable. Manufacturers are responding by creating portable and convenient packaging, such as resealable bags and single-serving packs, which cater to the growing demand for mobility and ease of consumption.

The growth in the snack foods market is driven by several factors, including technological advancements in food processing and packaging, changing consumer behaviors, and broadening retail distribution channels. Technological innovations have enabled the development of better preservation techniques and more efficient production processes, ensuring longer shelf life and fresher products. These advancements are crucial for meeting consumer expectations for quality and convenience. Furthermore, the expansion of e-commerce and digital marketing has opened new avenues for snack food brands to reach consumers, particularly younger demographics who spend a significant amount of time online. Consumer behavior has also shifted towards more frequent snacking, partly due to increasing urbanization and the prevalence of busy, on-the-go lifestyles. This trend is boosting demand across various snack food categories, with particularly strong growth in segments that offer health benefits or cater to specific dietary needs, underscoring the market`s responsiveness to consumer health trends and lifestyle choices.

Select Competitors (Total 628 Featured) -

• Calbee, Inc.
• Conagra Brands, Inc.
• Frito-Lay North America, Inc.
• Hormel Foods Corporation
• J&J Snack Foods Corporation
• Kellogg Company
• Nestle SA
• PepsiCo, Inc.
• Sargento Foods, Inc.

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