The global snack market size is expected to increase by USD 260.88 billion between 2020 and 2025. The market observed a year-over-year growth of 5.11% in 2021 and is expected to grow at a CAGR of 5.71% during the forecast period.
The snack market report covers insights on major trends, key growth drivers, and challenges impacting the overall growth of the market.
The market is driven by rising health concerns along with changing lifestyles and diets and the increasing replacement of meals with snacks. The increasing prevalence of obesity and similar diseases is compelling consumers across the world to adopt healthy lifestyles. This has increased the consumption of healthy snacking habits to improve metabolism rates. These factors have increased the demand for healthier snacks such as multigrain chips and rice snacks. The expansion of the retail industry has significantly increased the number of hypermarkets and supermarkets across the world. This coupled with the rising disposable incomes of consumers has further increased the consumption and sales of healthier snacks, thereby driving the growth of the market.
The snack market is segmented by product (bakery products, chocolate, savory snacks, frozen snacks, and others) and geographic (APAC, Europe, North America, South America, and MEA).
The bakery products segment generated maximum revenue in the market in 2021. The market growth in the segment will be significant during the forecast period. In terms of geography, the APAC region will have the largest share of the market. The region currently holds 35% of the global market share. The expansion in the retail industry has been crucial in driving the growth of the snack market in APAC. China and Japan are the key markets for the snack market in APAC. The market growth in the region will be faster than the growth of the market in other regions. The snack market covers the following areas:
The market is fragmented due to the presence of many regional and international players offering differentiated products. The vendors in the market are adopting various organic and inorganic growth strategies to remain competitive. The report offers detailed insights on the product launches and successful business strategies adopted by key vendors in the market. Here are some of the key players along with their product offerings.
- Cooperatie Koninklijke Cosun UA: The company offers a wide range of snacks such as battered onion rings, chilli cheddar cheesen nuggets and others through its subsidiary Aviko BV.
- Hormel Foods Corp.: The company offers snacks through its brands such as Applegate, Austin blues, Black label and others.
- Kellogg Co.: The company offers a wide range of snacks through its brands such as Cheez It, Pringles, Austin, Morning star farms, and others.
- Kind LLC: The company offers snacks such as Dark chocolate nuts and sea salt, Caramel almond and seas salt, and others.
- McCain Foods Ltd.: The company offers a wide range of snacks such as French fries, cheese potato shots, nuggets among others.
Read more of the article here: January/February 2022 Single Issue form – International Bakery (in-bakery.com)