The global snacks market has witnessed substantial growth in recent years. In 2021, it was valued at USD 1,447.1 billion, and it is anticipated to reach USD 1,948.37 billion by 2030, reflecting a compound annual growth rate (CAGR) of 3.36% from 2022 to 2030. The increasing preference for convenience foods and the rising demand for functional and healthy snack options are key drivers propelling the market's expansion.
The shift in lifestyle brought about by the pandemic, particularly the widespread adoption of remote work, has further fueled the market. Lockdowns led to increased at-home food consumption, positioning snack products as a household staple. As more individuals work from home, there is a growing preference for quick, nutritious, and indulgent snack options, reinforcing the demand for packaged snacks such as chips, cookies, noodles, and macaroni. Additionally, snack manufacturers are innovating healthier, organic, and functional snack options to cater to evolving consumer preferences.
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Market Scope and Research Methodology
This report comprehensively analyzes the global snacks market, incorporating both primary and secondary research methodologies. Primary research involved interviews and discussions with key industry stakeholders, while secondary research included data collection from company reports, white papers, industry publications, and government statistics. The report evaluates market dynamics, segmentation, regional trends, competitive landscape, and recent developments, offering insights into future industry growth.
Market Dynamics
The growing consumer inclination toward ready-to-eat, on-the-go snacks is a significant factor driving market growth. According to Mondelēz International’s "State of Snacking" report, 59% of global consumers prefer consuming multiple smaller meals throughout the day instead of larger ones. The demand for portable and easy-to-consume snack products has driven industry players to offer innovative, nutrient-rich, and energy-boosting snack varieties.
The increasing consumer focus on health-conscious eating has led to a surge in demand for functional foods enriched with proteins, fiber, vitamins, and plant-based ingredients. With rising concerns over obesity, diabetes, and cardiovascular diseases, consumers are opting for low-calorie, organic, gluten-free, and clean-label products. Retailers and food brands are capitalizing on this trend by offering healthier snack alternatives tailored to consumer needs.
Market Restraints
While the demand for healthier snacks is growing, manufacturers face significant hurdles in processing and developing these products. Texture and crispiness are crucial factors influencing purchasing decisions, and removing traditional fats and sugars can alter these qualities. Additionally, shelf stability, moisture retention, and binding capacity of ingredients pose challenges in manufacturing clean-label and preservative-free snack products. However, continued technological advancements in food processing and packaging are expected to address these challenges over time.
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Market Segmentation
Product Outlook (2018-2030)
- Frozen & Refrigerated
- Fruit
- Bakery
- Savoury
- Confectionery
- Dairy
- Others
Distribution Channel Outlook (2018-2030)
- Supermarkets & Hypermarkets
- Convenience Stores
- Online
- Others
Regional Insights
Asia-Pacific: The Leading Market
Asia-Pacific dominates the global snacks market due to the region's expanding urban infrastructure and increasing supermarket penetration. The shift from traditional street snacks to packaged and ready-to-eat options has contributed to market growth. Additionally, the demand for clean-label and organic snacks is increasing, with consumers seeking healthier alternatives.
North America: The Fastest Growing Market
North America is projected to be the fastest-growing market due to the region's strong demand for healthy, protein-enriched, and functional snacks. Consumers in the U.S. and Canada are prioritizing organic, gluten-free, and low-calorie options, driving innovation and product development in the snack industry.
Competitive Landscape
- General Mills, Inc.
- PepsiCo
- The Kraft Heinz Company
- Nestlé
- The Kellogg Company
- Unilever
- Calbee
- Intersnack Group GmbH & Co. KG
- Conagra Brands, Inc.
- ITC Limited
Conclusion
The global snacks market is undergoing rapid transformation, fueled by evolving consumer preferences for healthier, functional, and convenient food options. As technology continues to advance, innovative packaging, improved processing techniques, and sustainable ingredient sourcing will shape the future of the industry. With increasing investment in clean-label and organic snacks, the market is expected to maintain steady growth, providing lucrative opportunities for stakeholders in the coming years.