The global snacks market size is projected to reach USD 708.6 billion by
2025, according to a new report by Grand View Research, Inc., registering a
CAGR of 6.2% over the forecast period. Healthy eating, indulgence, informality,
premiumization, provenance, and value scrutiny are some of the crucial factors
driving the market.
The desire for fresh food is growing and
people are rejecting industrial food. Consumer concerns with cues including
locally grown, processed recognizable ingredients, and shortest ingredient
lists have accelerated in recent years. Price drops in recent years, coupled
with increased population, improved foodservice, and rising disposable income,
is expected to drive demand for processed snacks in developing markets. Growing
demand for convenience foods and ready-to-eat meals in modern trade channels is
also expected to spur market growth.
The Central and South America market is
expected to grow at a consistent rate over the forecast period. Brazil,
Argentina, and Chile remain key markets for international brands to increase
their customer base. Rising product sales, especially in emerging economies,
indicate that people are willing to spend more on snack products owing to
improving disposable incomes. This trend is anticipated to continue in the near
future.
Various factors such as
price-affordability, ease-of-use options, and enhanced product quality have
been contributing to product demand. Regional players are focusing on providing
products that suit varied preferences of consumers in their respective regions,
which gives these players a substantial growth opportunity in developing
countries.
The snacks market is highly competitive in
nature and, therefore, marked by an extensive range of new products and
flavors. Key players in the global snacks market include Tyson Foods, McCain
Foods, Aviko, General Mills, and Pepsico. Acquisitions, mergers, joint
ventures, and product innovation remain key strategies in order to increase
sales.
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Further key findings from the report suggest:
· Based on non-extruded snacks, the
refrigerated products segment is projected to exhibit a CAGR of 5.3% in terms
of revenue over the upcoming period
· The fruits and vegetable segment accounted
for over 12.0% to the total market in 2018. Increasing awareness among
consumers about these products, especially in European countries such as U.K.,
Germany, and France, is expected to propel segment growth over the forecast
period
· On the basis of extruded product type, the
tapioca segment is anticipated to register a CAGR of 4.0% owing to rising
demand for healthy snacking options. Moreover, the popularity of the product as
an instant source of energy is expected to drive its demand in the market
· While supermarkets and hypermarkets
dominate the global market, convenience stores are gaining popularity as a
distribution channel and the segment is likely to exhibit the highest CAGR of
6.8% over the forecast period
· South Africa, Israel, UAE, Egypt, Iran, and
Saudi Arabia are some of the major markets in terms of consumer spending. The
UAE market is expected to exhibit a CAGR of 7.2% over the forecast period
thanks to rise in consumer disposable income and changing food habits and
preferences
· The snacks market is highly competitive in
nature and is driven by unique product offerings and high consumer demand.
PepsiCo, General Mills, Tyson, Hormel, Hain Celestial, Nestlé, and Kellogg were
the major players in 2018.
Grand View Research has segmented the
global snacks market on the basis of type, product, distribution channel, and
region:
Snacks Type Outlook (Revenue, USD Million,
2014 - 2025)
·
Extruded
·
Non-extruded
Extruded Snacks Product Outlook (Revenue,
USD Million, 2014 - 2025)
·
Potato
·
Corn
·
Rice
·
Tapioca
·
Mixed Grains
·
Others
Non-extruded Snacks Product Outlook
(Revenue, USD Million, 2014 - 2025)
·
Salty Snacks
o
Crisp & Chips
o
Nut-Based Snacks
o
Popcorn
o
Others
·
Snack Bars
·
Refrigerated Snacks
·
Vegetable & Fruit Snacks
·
Bakery Snacks
·
Others
Distribution Channel Outlook (Revenue, USD
Million, 2014 - 2025)
·
Supermarkets & Hypermarkets
·
Convenience Stores
·
Specialty Food Stores
·
Online Retailers
·
Others
Regional Outlook (Revenue, USD Million,
2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
