Snack products are solid food that can be eaten easily and conveniently between main meals. They are low in nutrients but are energy-dense and satisfying. Popular snack products include potato chips, nuts, seeds, dry fruits, cookies, biscuits, candies, ice creams, and more. With changing lifestyle and busier schedules, the demand for convenient snacking options is growing. Additionally, rising health consciousness is driving demand for healthy snacks low in fat, sugar, and calories.
The global Snack Products Market is estimated to be valued at US$ 1,524.67 Mn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the snack products market is the rising popularity of plant-based snacks. With growing vegan and flexitarian demographics, manufacturers are innovating vegan snacks made from plant proteins like soy, nuts, seeds, and grains. These snacks provide essential minerals, vitamins and fiber without the negative health impacts of allergens like dairy and gluten. They are being well received by health-conscious consumers. Another notable trend is the increasing demand for gluten-free and allergen-free snacks. This is due to the rising prevalence of celiac disease and food allergies. Manufacturers are actively removing common allergens from their snacks and labelling products to differentiate their offerings in the market.
Porter's Analysis
Threat of new entrants: Low as the global snack products market is dominated by few top players due to high costs involved in marketing, manufacturing, and distribution of various products.
Bargaining power of buyers: Moderate as there are numerous buyers of snack products but key buyers like retail stores and distribution channels hold moderate power.
Bargaining power of suppliers: Low as there are many suppliers for raw materials like wheat, corn, potato, and packaging materials making it difficult for any supplier to influence pricing.
Threat of new substitutes: Low as snack products like chips, pretzels, nuts have few substitutes and are in high demand.
Competitive rivalry: High as the market has dominance of top players creating intense competition for market share through product innovation, branding, and marketing.
Key Takeaways
The Global Snack Products Market Size is expected to witness high growth, exhibiting a CAGR of 2.8% over the forecast period 2023 to 2030, due to increasing demand for convenience food products. The market size for 2023 is estimated at US$ 1,524.67 Mn.
North America holds the largest share in the snack products market driven by busy lifestyles and preference for on-the-go products. The region is expected to exhibit a CAGR of 2.3% during the forecast period. Asia Pacific is anticipated to be the fastest-growing regional market owing to rising population, urbanization, and increasing disposable incomes in countries like India and China.
Key players operating in the snack products market are The Kraft Heinz Company, Nestlé, The Kellogg Company, Unilever, Calbee, and Intersnack Group GmbH & Co. KG. Kraft Heinz dominates the US market for snacks through popular brands like Cheetos and Ruffles. Nestlé leads in confectionery with brands like KitKat and Smarties worldwide. The Kellogg Company generates majority revenue from snacks categories such as Pringles, Cheez-Its, and Pop-Tarts.
For more insights, Read-
https://www.insightprobing.com/snack-products-market-growth-demand-and-overview/
