Market Size of Snack Food Industry
Study Period | 2018 - 2028 |
Market Size (2023) | USD 456.29 Million |
Market Size (2028) | USD 538.53 Million |
CAGR (2023 - 2028) | 3.37 % |
Fastest Growing Market | North America |
Largest Market | Asia-Pacific |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Snack Food Market Analysis
The Snack Food Market size is estimated at USD 456.29 million in 2023, and is expected to reach USD 538.53 million by 2028, growing at a CAGR of 3.37% during the forecast period (2023-2028).
These days, consumers prefer their food to be easy to carry and quickly accessible, making snack food the best option. Witnessing the sudden upsurge, manufacturers eventually launched products enriched with protein, vitamins, and nutrients, giving consumers on-the-go nutrition while snacking. Functional snacking is gaining more importance these days as people are replacing their meals with snacks and need proper nutrition through snacking. According to the 2021 report of Mondelez International about snacking habits, 72% of people look for portion-controlled snacking options, which means they require their nutrition needs to be fulfilled by snacking.
Over the medium term, snack food may emerge as an alternative to full-fledged meals with a paradigm shift in consumer behavior patterns. Snacks are evolving to cater to changing demand as empowered consumers increasingly seek tasty, nutritional, and sustainable foods to fuel their on-the-go lifestyles. Snacking is on the rise, as the demand for convenience and portability fuels consumption, with premiumization spurring innovation and variety in fresh, better-for-you, and functional snacks. Localization encourages the use of bold and spicy flavors and exotic ingredients to appeal to global palates, driving growth in the regional markets. Convenience also drives the online sales of ready-to-eat snacks, with snack foods being one of the top food categories purchased through e-commerce channels.
The COVID-19 pandemic created opportunities for private snack food players to emerge in the markets and cater to the inflated demand. The demand for innovative snack products is consistently high in developed countries because snacks are a quick and convenient source of nutrition and energy. Globally, the number of independent working women, double-income families, and nuclear families is increasing. This demographic change increases the demand for convenience food by many folds. Snack food is considered the closest alternative to regular food, which can be consumed anytime.
Snack Food Industry Segmentation
A snack is a small portion of food eaten between meals. Snacks come in various forms and shapes, including packaged snack foods and other processed foods.
The snack food market is segmented by type, distribution channel, and region. On the basis of type, the market is segmented into frozen snacks, savory snacks, fruit snacks, confectionery snacks, bakery snacks, and other types. By distribution channel, the market is segmented into supermarkets and hypermarkets, convenience stores, specialty stores, online retail stores, and other distribution channels. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value in USD million.
By Type | |
Frozen Snacks | |
Savory Snacks | |
Fruit Snacks | |
Confectionery Snacks | |
Bakery Snacks | |
Other Types |
By Distribution Channel | |
Supermarkets/Hypermarkets | |
Convenience Stores | |
Specialty Stores | |
Online Retail Stores | |
Other Distrbution Channels |
By Geography | |||||||||
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Snack Food Market Size Summary
The snack food industry is anticipated to experience substantial growth due to increasing consumer preference for convenient and on-the-go meal options. The market is characterized by the introduction of products enriched with protein, vitamins, and nutrients, offering consumers nutritious options while snacking. The demand for healthy alternatives, such as low-fat, low-sugar, and high-protein snacks, is on the rise. Snacks are evolving to cater to changing demand as consumers increasingly seek tasty, nutritional, and sustainable foods to fuel their busy lifestyles. The market offers a wide variety of products catering to diverse tastes and preferences, and the demand for snacks produced from natural and sustainable ingredients has increased as plant-based diets and clean-label preferences have grown in popularity. The snack food market is witnessing a paradigm shift with snacks emerging as an alternative to full-fledged meals, driven by changing consumer behavior patterns. The demand for convenience and portability is fueling the consumption of snack foods, with premiumization spurring innovation and variety in fresh, better-for-you, and functional snacks. Snack foods are also one of the top food categories purchased through e-commerce channels, highlighting the role of convenience in driving online sales. The industry is highly competitive with major players focusing on new product developments, expansions, partnerships, and mergers and acquisitions to cater to the increasing demand from consumers and gain a competitive advantage in the market.
Explore MoreSnack Food Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Frozen Snacks
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2.1.2 Savory Snacks
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2.1.3 Fruit Snacks
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2.1.4 Confectionery Snacks
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2.1.5 Bakery Snacks
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2.1.6 Other Types
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2.2 By Distribution Channel
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2.2.1 Supermarkets/Hypermarkets
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2.2.2 Convenience Stores
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2.2.3 Specialty Stores
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2.2.4 Online Retail Stores
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2.2.5 Other Distrbution Channels
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2.3 By Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Spain
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2.3.2.2 United Kingdom
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2.3.2.3 Germany
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 South Africa
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2.3.5.2 Saudi Arabia
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2.3.5.3 Rest of Middle East and Africa
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Snack Food Market Size FAQs
How big is the Snack Food Market?
The Snack Food Market size is expected to reach USD 456.29 million in 2023 and grow at a CAGR of 3.37% to reach USD 538.53 million by 2028.
What is the current Snack Food Market size?
In 2023, the Snack Food Market size is expected to reach USD 456.29 million.