Market Trends of Snack Food Industry
This section covers the major market trends shaping the Snack Food Market according to our research experts:
Increasing Replacement of Meals with Snacks
Globally, people are replacing their meals with snacks, as there is very less time for them to have a proper meal because of their busy work schedules. Many nuclear families live in big cities, and due to both parents working, the kids have a habit of snacking at least once a day instead of having a whole meal. The bachelors who live away from their homes for their jobs may not know how to cook for themselves, so that they may shift to healthy snacking options. According to the Glanbia Nutritional Survey of Healthy Snacking trends 2022, the five latest trends for healthy snacking include less sugar, high protein, clean snacking, new formats, and functional nutrition. According to the same report, people have been snacking out of stress from their work and personal lives. In the United Kingdom, 46% of women and 26% of men consume snacks to reduce frustration. Because of stress eating, the appetite for meals is lost, and snacks seem to replace meals over the long-term period.
Asia-Pacific Holds the Largest Market Share
Snack food products are largely consumed in developed regions with high commercialization and urbanization. The market is expected to record a high CAGR in developing countries across the world. Asia-Pacific represents the largest and fastest-growing market for snack food products, followed by North America in size, owing to increasing demand from developing countries, such as India and China. The spread of Western eating habits to the developing world and growing urbanization have helped improve market penetration for global players entering the developing nations of Asia-Pacific. The Chinese snack food market registered stable growth in the study period, and it is expected to improve further during the forecast period. Moreover, the rising demand for on-the-go snacking with additional nutritional content is driving the demand for meat-based snacks in the market. Additionally, the higher protein content and lower fat and carb contents of products augment their demand among sports and fitness enthusiasts.
