GVR Report cover Snacks Market Size, Share & Trends Report

Snacks Market Size, Share & Trends Analysis Report By Product (Frozen & Refrigerated, Fruit, Bakery), By Packaging (Bags & Pouches, Boxes), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-3-68038-196-2
  • Number of Pages: 100
  • Format: Electronic (PDF)

Report Overview

The global snacks market size was estimated at USD 1,483.14 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 2.8% from 2023 to 2030. The increasing demand for convenient and portable food options, driven by changing lifestyles and busy schedules, has been a significant driver. The growing emphasis on healthier snacking choices and the rising awareness of nutrition have propelled the development of a diverse range of healthier snack alternatives. Furthermore, the influence of cultural diversity and globalization has expanded the array of snack options available worldwide. Additionally, technological advancements and the widespread accessibility of snacks through various retail channels, including online platforms, have contributed to market growth.

U.S. Snacks Market size and growth rate, 2023 - 2030

Snacking has expanded beyond its conventional role as a between-meal indulgence, with snacks now serving as meal replacements, energy boosters, and social snacks during gatherings and events. This shift in snacking occasions has significantly contributed to the overall growth of the snacks industry. The changing lifestyles and busy schedules of consumers have prompted them to seek convenient options that can satisfy their hunger and nutritional needs, leading to the rise of snacks as meal replacements. Additionally, snacks have become go-to choices for quick energy boosts throughout the day.

Moreover, snacks have become integral to social interactions, being shared and enjoyed during social gatherings, parties, and events. This expanded frequency of snacking occasions has created new opportunities for snack manufacturers, driving consumption and fueling innovation in the market.Snack manufacturers are continuously engaging in innovation and introducing new products. They focus on creating unique flavors, experimenting with different ingredient combinations, and exploring innovative snack formats.

For instance, in February 2023, Naera Snacks partnered with EnWave Corporation to develop a new product line of long-shelf-life seafood snacks. By harnessing EnWave's Radiant Energy Vacuum, a drying technology, Naera Snacks will create innovative fish jerky crunch and ready-to-eat snacks using sustainable seafood sourced locally. These snacks will feature a unique combination of premium cheese and butter from Iceland, resulting in flavors like Buttery Herb and Cheesy Chili. Notably, these snacks will offer a protein-rich content along with essential nutrients such as Calcium, Omega-3s, and B-12.

Rising health concerns globally, and shifting lifestyles and dietary patterns, have fueled demand for a variety of snacking options. A significant trend fueling the industry is the increasing substitution of meals with snacks, as well as the rising demand for vegan, allergen-free snacks. International brands have seized this opportunity of increased demand for snacks, by packaging their products in more convenient ways to extend shelf life and promote on-the-go consumption.

For instance, U.S.-based Kwik Lok Corp. offers its Eco-Lok closure packaging solution, which enables consumers to reclose the package and consume the snacks later. The industry growth is expected to be aided by innovative food products, flexible packaging solutions that meet customer needs, and busy lifestyles.

Consumers have switched their focus from taste and animal protein to a broader range of product attributes as their consumption patterns have gradually but steadily changed. Shoppers are seeking for a mix of processed and fresh products to help them maintain a healthy, balanced diet. Functional snacks are becoming more popular, and the expectations and needs of young demographic customers are evolving at a rapid pace.

Consumers all across the world are becoming more conscious of their snacking habits, shifting toward healthier options such as vegetables and fruit chips, and granola bars because of the metabolic benefits they provide. Over the forecast period, growing demand for food items that aid in weight management owing to the widespread prevalence of obesity in developed countries such as the U.S. and the UK is expected to propel the growth of the market for healthy snacking choices.

As a result of the pandemic, many snack food private businesses have emerged in the market to meet the increased demand. Snacks are a quick and accessible source of nutrition and energy in developed countries, thus demand for novel snack products is always high. The number of independent working women, dual-income families, and nuclear families is already on the rise across the globe. The demand for convenience meals has increased substantially as a result of this demographic shift. Snack food is widely regarded as the most convenient alternative to regular food, as it may be consumed at any time, thereby propelling demand in the snack market globally.

Product Insights

Savory snacks emerged as the dominant product segment in 2022 accounting for 31.0% of global revenue share and is expected to retain its dominance over the forecast period. These snacks offer an extensive range of flavors and textures, catering to diverse consumer preferences and ensuring continuous product innovation. With the increasing demand for convenient and on-the-go options, savory snacks provide a quick and satisfying solution for busy lifestyles.

Their universal appeal transcends age groups and demographics, making them a popular choice among consumers worldwide. Additionally, the affordability and widespread availability of savory snacks contribute to their dominance, as they can be found in various retail channels and price ranges. Overall, the combination of flavor variety, convenience, universal appeal, and accessibility has propelled savory snacks to occupy a significant share of the global snacks industry, satisfying the cravings of consumers for tasty and convenient snacking experiences.

The frozen and refrigerated snacks segment is expected to witness a CAGR of 2.8% over the forecast period. Frozen and refrigerated snacks often provide options that align with specific dietary requirements, such as gluten-free, vegan, or organic choices, appealing to health-conscious individuals. Additionally, advancements in freezing and refrigeration technologies have improved the overall quality and taste of these snacks, enhancing their appeal.

In January 2022, Fresh Factory's brand FIELD + FARMER introduced a new line of refrigerated snack bars that prioritize the use of fresh produce. These plant-based bars, which are low in sugar and feature clean-label ingredients, showcase FIELD + FARMER's expansion into the snack category alongside their popular dressings, dips, and juices. The bars are available in five flavors: Cocoa Brownie, Apple Cinnamon, Carrot Cake, Peanut Butter Cookie, and Peanut Butter & Jelly.

Packaging Insights

The bags and pouches segment dominated the market with a revenue share of 33.3% in 2022 owing to the convenience in terms of packaging and handling.Bags and pouches are designed to be easily opened, resealed, and lightweight, making them highly suitable for on-the-go snacking. They provide effective protection for snacks, ensuring freshness and flavor preservation. Transparent or windowed designs enhance visibility and appeal, enabling consumers to make informed decisions. Furthermore, their cost-effectiveness, sustainability initiatives, and versatility in accommodating various snack varieties contribute to their widespread preference as the preferred packaging option in the snacks industry.

The cans segment is projected to register the fastest CAGR of 3.0% over the forecast period. Can provide excellent protection, ensuring the freshness of snacks and extending their shelf life. Cans provide ample branding space, offering effective marketing opportunities that enhance product visibility and recognition in retail environments. The perceived premium quality associated with metal packaging further drives consumer appeal. Moreover, cans are known for their sustainability and recyclability, aligning with the increasing environmental awareness and preferences of consumers.

Distribution Channel Insights

The supermarkets & hypermarkets segment dominated the snacks industry with the largest revenue share of over 70% in 2022. In many high-income countries, supermarkets & hypermarkets are the primary supplier of snack food. For instance, according to an analysis by the Institute for Local Self-Reliance, a non-profit organization in the U.S., Walmart controls more than 50% of grocery sales in the U.S. However, market growth is driven by increasing retail infrastructure and the resulting increase in the number of supermarkets & hypermarkets in urban areas across Asia, the Middle East, and Africa.

Successful e-commerce companies, ranging from Amazon in the U.S. to JD.com in China, have been opening or acquiring physical supermarkets in recent years. However, internet businesses are experimenting with new forms of automation to transfer some of their digital efficiency to their new brick-and-mortar storefronts. As more people purchase online, brick-and-mortar retailers will have to adapt, particularly by transforming shopping from a transaction to a pleasant lifestyle activity.

Consumers, particularly Millennials and Generation Z, prefer ready-to-eat products. Partnerships between online food delivery firms and manufacturers of ready-to-eat foods are also assisting the snack food sector to thrive. For instance, in February 2022 Grubhub, an American online and mobile prepared food ordering and delivery platform announced its collaboration with 7-Eleven, Inc. The delivery platform Grubhub Goods delivers 7-Eleven’s convenience items across the U.S. Simultaneously, the participants are forming partnerships with hypermarkets and supermarkets all around the world to meet the growing demand.

Global Snacks Market share and size, 2022

The online distribution channel is projected to experience rapid growth, with a significant CAGR of 4.9% from 2023 to 2030. The convenience of shopping from the comfort of home, the extensive product selection, and the ability to compare prices and reviews online have greatly attracted consumers. Furthermore, the online channel offers accessibility to consumers in remote or underserved areas. It removes geographical barriers, enabling healthy snack brands to reach a larger audience and expand their global customer base.

Regional Insights

Asia Pacific region held the largest revenue share of around 34.5% in 2022. Packaged snacks have gained popularity due to their convenience and portability, catering to consumers' preference for grab-and-go options. The region's urbanization and better-developed supermarket outlets have driven the shift from traditional street snacks to packaged snacks. Clean-label snacks and meal-replacing options like frozen and refrigerated products are in high demand. Larger companies are acquiring smaller snacking brands to stay competitive, and even dairy and staples companies are entering the snacking industry with easy-to-eat and neatly packed products.

China snacks industry dominated the Asia Pacific region with a revenue share of 35.3% in 2022, owing to significant innovation and product diversity. India snacks industry is expected to grow at the fastest CAGR of 4.8% from 2023 to 2030, driven by changing consumer preferences towards nutritious options, the expanding urban population, and the rise of e-commerce. The Australia & New Zealand snacks industry is expected to grow at a CAGR of 3.9% from 2023 to 2030.

Snacks Market Trends, by Region, 2023 - 2030

North America is expected to witness a CAGR of 3.0% over the forecast period, owing to the factors such as the demand for convenient and portable snack options, the shift towards healthier choices, the influence of snacking as a social activity, and the accessibility of snacks through various retail channels.The U.S. snacks industry is expected to grow at a CAGR of 3.3% from 2023 to 2030.

Europe is expected to witness a steady CAGR of 2.3% over the forecast period. The influence of globalization and cultural diversity has expanded the range of snack choices available in Europe. Consumers are increasingly open to trying new flavors and ethnic snacks, contributing to the diversification and growth of the market. The UK snacks industry emerged as a dominant market in Europe region with a revenue share of 21.9% in 2022. The Germany snacks industry is expected to grow at a CAGR of 2.7% from 2023 to 2030.

Key Companies & Market Share Insights

The market includes both international and domestic participants. Brand market share analysis indicates that key players are focusing on strategies such as new product launches, partnerships, mergers & acquisitions, and global expansions. Some of the initiatives include:

  • In May 2023, Flagstone Foods, a major player in the private label trail mixes and snack nuts industry in North America, completed the acquisition of Emerald Nuts from Campbell Soup Company.

  • In February 2023, Europe Snacks, a prominent producer of savory snacks for third-party brands in Europe, acquired Burts Snacks, securing 100% ownership. This strategic move allows Europe Snacks to expand within Europe's largest snacking industry, positioning the company for accelerated growth.

Some prominent players in the global snacks market include:

  • General Mills, Inc.

  • PepsiCo

  • The Kraft Heinz Company

  • Nestlé

  • The Kellogg Company

  • Unilever

  • Calbee

  • Intersnack Group GmbH & Co. KG

  • Conagra Brands, Inc.

  • ITC Limited

  • Grupo Bimbo

  • Danone

  • Mars, Incorporated

Snacks Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 1,519.18 billion

Revenue forecast in 2030

USD 1,844.42 billion

Growth rate

CAGR of 2.8% from 2023 to 2030

Base year for estimation

2022

Historical data

2017 - 2021

Forecast period

2023 - 2030

Report updated

July 2023

Quantitative units

Revenue in USD billion, CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, trends

Segments covered

Product, packaging, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; UK; France; Italy; Spain; China; Japan; India; Australia & New Zealand, South Korea, Brazil; UAE; South Africa

Key companies profiled

General Mills, Inc.; PepsiCo; The Kraft Heinz Company; Nestlé; The Kellogg Company; Unilever; Calbee; Intersnack Group GmbH & Co. KG; Conagra Brands, Inc.; ITC Limited; Grupo Bimbo; Danone; Mars, Incorporated

Customization scope

Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope.

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Avail customized purchase options to meet your exact research needs. Explore purchase options 

 

Global Snacks Market Report Segmentation

This report forecasts revenue growth and provides an analysis of the latest trends and opportunities in each of the sub-segment from 2017 to 2030. For this study, Grand View Research has segmented the global snacks market report based on product, packaging, distribution channel, and region:

Global Snacks Market Report Segmentation

  • Product Outlook (Revenue, USD Billion, 2017 - 2030)

    • Frozen & Refrigerated

    • Fruit

    • Bakery

    • Savory

    • Confectionery

    • Dairy

    • Others

  • Packaging Outlook (Revenue, USD Billion, 2017 - 2030)

    • Bags & Pouches

    • Boxes

    • Cans

    • Jars

    • Others

  • Distribution Channel Outlook (Revenue, USD Billion, 2017 - 2030)

    • Supermarkets & Hypermarkets

    • Convenience Stores

    • Online

    • Others

  • Regional Outlook (Revenue, USD Billion, 2017 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • UK

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • India

      • Japan

      • Australia & New Zealand

      • South Korea

    • Central & South America

      • Brazil

    • Middle East & Africa

      • UAE

      • South Africa

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