Market Size of Premium Snacks Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Premium Snacks Market Analysis
The Global Premium Snacks market is projected to register a CAGR of 4.8% during the forecast period, 2022-2027.
Low sales volumes brought on by the COVID-19 epidemic, along with supply-side problems related to certification and quality, had an effect on the premium snack market. The majority of employed people eat upscale snacks. However, as consumers were forced to stay indoors, snacking became a common habit, mostly among the adult and younger populations, and it affected the snack food market.
Rapid urbanization and industrialization in the first part of the 20th century, and growth in inheritance have led to an increase in disposable income for millennials, who make up a significant portion of the market for premium products. The aforementioned elements, along with others like product quality, are the factors driving the premium snack market. The expansion of online retailers is boosting sales of premium snacks. E-commerce makes it simple to purchase products made in remote locations. In turn, this has considerably aided in the expansion of the market for premium snacks worldwide. On the other hand, offline store contributions have dropped significantly. This is a result of internet retailers competing with one another. For instance, in February 2020, PepsiCo acquired Be & Cheery, one of the biggest online snack businesses in China, from Haoxiangni Health Food Co. The purchase of Be & Cherry is a significant step toward the Company's objective of becoming the top consumer-focused food and beverage company in China.
A paradigm shift in consumer behavior patterns may lead to the emergence of a premium snack food as a replacement for full-fledged meals. As empowered consumers increasingly look for enjoyable, nourishing, and sustainable foods to support their on-the-go lifestyles, premium snacks are evolving to meet changing demands. The demand for portability and convenience is driving an increase in snacking, and premiumization is encouraging innovation and diversity in fresh, healthier, and more efficient snacks. To appeal to international palates, localization encourages the use of strong, spicy flavors as well as exotic products, which is boosting regional markets' growth.
Premium Snacks Industry Segmentation
A premium snack is a small portion of food serving that is consumed in between meals. Premium Snacks have qualities that improve customers' perceptions of a product and make them willing to pay more. The Premium Snacks Market is segmented by type into frozen snacks, savory snacks, fruit snacks, confectionery snacks, bakery snacks, and other types. By distribution channel is segmented into supermarkets/hypermarkets, convenience stores, specialty stores, online retail stores, and other distribution channels, and by geography market is segmented into North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. For each segment, market sizing and forecasts have been done on the basis of value (USD million).
| By Type | |
| Frozen Snacks | |
| Savory Snacks | |
| Fruit Snacks | |
| Confectionery Snacks | |
| Bakery Snacks | |
| Others |
| By Distribution Channels | |
| Supermarkets/Hypermarkets | |
| Convenience Stores | |
| Specialty Stores | |
| Online Retail Stores | |
| Other Distribution Channels |
| By Geography | |||||||||
| |||||||||
| |||||||||
| |||||||||
| |||||||||
|
Premium Snacks Market Size Summary
The global premium snacks market is experiencing a steady growth trajectory, driven by evolving consumer preferences and increased disposable incomes, particularly among millennials. The market has rebounded from the challenges posed by the COVID-19 pandemic, which had initially dampened sales due to low volumes and supply chain issues. The rise of e-commerce has significantly contributed to market expansion, as online retailers offer convenient access to premium snacks, often surpassing traditional offline store sales. This shift in purchasing behavior is further supported by a growing consumer inclination towards snacks that are not only enjoyable but also nutritious and sustainable, aligning with modern, on-the-go lifestyles. The demand for innovative and diverse snack options, including those with exotic flavors and healthier ingredients, is fostering a dynamic market environment.
In Europe, the premium snacks market is witnessing a surge in demand, particularly for premium chocolate and healthy snack options. Consumers are increasingly seeking products that cater to health-conscious diets, with a focus on whole grains, fiber, and protein-rich ingredients. This trend has led to the development of premium healthy snacks, such as probiotic bars, which are gaining popularity. The competitive landscape is marked by the presence of major players like Chocoladefabriken Lindt & Sprungli AG, The Kellogg Company, and Unilever, who are actively engaging in product innovation, strategic partnerships, and market expansions to enhance their market share. These companies are also exploring sustainable sourcing and innovative packaging solutions to meet the rising consumer demand for premium snacks, thereby reinforcing their position in the global market.
Premium Snacks Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Drivers
-
1.2 Market Restraints
-
1.3 Porter's Five Force Analysis
-
1.3.1 Threat of New Entrants
-
1.3.2 Bargaining Power of Buyers/Consumers
-
1.3.3 Bargaining Power of Suppliers
-
1.3.4 Threat of Substitute Products
-
1.3.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 By Type
-
2.1.1 Frozen Snacks
-
2.1.2 Savory Snacks
-
2.1.3 Fruit Snacks
-
2.1.4 Confectionery Snacks
-
2.1.5 Bakery Snacks
-
2.1.6 Others
-
-
2.2 By Distribution Channels
-
2.2.1 Supermarkets/Hypermarkets
-
2.2.2 Convenience Stores
-
2.2.3 Specialty Stores
-
2.2.4 Online Retail Stores
-
2.2.5 Other Distribution Channels
-
-
2.3 By Geography
-
2.3.1 North America
-
2.3.1.1 United States
-
2.3.1.2 Canada
-
2.3.1.3 Mexico
-
2.3.1.4 Rest of North America
-
-
2.3.2 Europe
-
2.3.2.1 United Kingdom
-
2.3.2.2 Germany
-
2.3.2.3 Spain
-
2.3.2.4 France
-
2.3.2.5 Italy
-
2.3.2.6 Russia
-
2.3.2.7 Rest of Europe
-
-
2.3.3 Asia-Pacific
-
2.3.3.1 China
-
2.3.3.2 Japan
-
2.3.3.3 India
-
2.3.3.4 Australia
-
2.3.3.5 Rest of Asia-Pacific
-
-
2.3.4 South America
-
2.3.4.1 Brazil
-
2.3.4.2 Argentina
-
2.3.4.3 Rest of South America
-
-
2.3.5 Middle East & Africa
-
2.3.5.1 Saudi Arabia
-
2.3.5.2 South Africa
-
2.3.5.3 Rest of Middle East & Africa
-
-
-
Premium Snacks Market Size FAQs
What is the current Premium Snacks Market size?
The Premium Snacks Market is projected to register a CAGR of 4.80% during the forecast period (2024-2029)
Who are the key players in Premium Snacks Market?
Chocoladefabriken Lindt & Sprungli AG, Donutopia, Berco’s Popcorn, The Kellogg Company and Unilever Plc are the major companies operating in the Premium Snacks Market.
