Market Size of Specialty Snacks Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 87.23 Billion |
Market Size (2029) | USD 119.22 Billion |
CAGR (2024 - 2029) | 6.45 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Specialty Snacks Market Analysis
The Specialty Snacks Market size is estimated at USD 87.23 billion in 2024, and is expected to reach USD 119.22 billion by 2029, growing at a CAGR of 6.45% during the forecast period (2024-2029).
- Over the medium term, snack food is expected to emerge as an alternative to full-fledged meals with a paradigm shift in consumer behavior patterns. The face of snacks is changing as empowered consumers increasingly seek tasty, nutritional, and sustainable foods to fuel their on-the-go lifestyles. Snacking is rising as the demand for convenience and portability has fueled increased consumption, with premiumization spurring innovation and variety in fresh, better-for-you, and available snacks.
- Due to the growing interest in healthy lifestyles, modern consumers are seeking simpler and healthier formulations, flavors, and diet formats, significantly contributing to the market's growth. Nuts and seeds have a healthy reputation for delivering both high protein and energy content. An increasing number of brands that offer nut- and seed-based snacks are engaging in product innovation by integrating seeds and nuts as ingredients in their product lines.
- Consumers are increasingly opting for healthier ingredients, such as snacks high in fiber, protein, and whole grains. To cater to consumer demand, manufacturers are focusing on fat reduction in their snacks and are even offering trans-free snacks.
- Therefore, there has been a significant rise in the percentage of the population shifting toward nutritional food products, such as snack bars, biscuits, protein bars, energy bars, and fruit-based snacks. This has resulted because of the growing interest in convenient nutritional products that can be potential alternatives for savory snacks like potato chips and extruded snacks, among others. Additionally, baked products like biscuits, cookies, crackers, and biscuit wafers, among others, have a significant amount of calories. This factor makes consumers shift to healthy alternative products like fruit snacks, granola bars, energy bars, and confectioneries. Moreover, consumers are witnessing ill effects on health due to fried and baked products, resulting in the rise of obesity and diabetes among adults and children across the globe. Hence, there is high potential for a specialty snacks market globally.
Specialty Snacks Industry Segmentation
A specialty snack is a unique and high-value food item made in small quantities from high-quality ingredients. The global specialty snacks market is segmented by product type into snack bars, bakery-based snacks, nuts, and seeds snacks, popped snacks, and other product types.
The market is segmented by distribution channel into supermarkets/hypermarkets, convenience/grocery stores, online retail stores, and other distribution channels. The geographical segmentation of the market is also included, with a detailed analysis of North America, Europe, Asia-Pacific, South America, Middle-East, and Africa.
For each segment, the market sizing and forecasts have been done based on value (in USD).
Product Type | |
Snack Bars | |
Bakery-based Snacks | |
Nuts and Seeds Snacks | |
Popped Snacks | |
Other Product Types |
Distribution Channel | |
Supermarkets/Hypermarkets | |
Convenience/Grocery Stores | |
Online Retailer Stores | |
Other Distribution Channels |
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Specialty Snacks Market Size Summary
The specialty snacks market is experiencing significant growth, driven by a shift in consumer behavior towards convenient, nutritious, and sustainable food options. As snacking becomes a more prevalent alternative to traditional meals, consumers are increasingly seeking snacks that offer both taste and health benefits. This trend is fueled by a growing interest in healthier lifestyles, with a focus on simpler and more nutritious formulations. Nuts and seeds, known for their high protein and energy content, are gaining popularity as consumers opt for snacks that are high in fiber, protein, and whole grains. The demand for fat-reduced and trans-free snacks is also on the rise, as consumers become more health-conscious and seek alternatives to traditional savory snacks like potato chips.
Globally, the demand for specialty snacks is being propelled by changes in social and economic patterns, increased awareness of healthy eating, and a desire for new taste experiences. Nuts and seeds, in particular, are becoming staple components of health-conscious diets due to their nutrient density and potential health benefits, such as reducing the risk of cardiovascular diseases. In North America, the market is further bolstered by a growing preference for organic and clean-label products, with consumers increasingly concerned about the quality and origin of their food. Major players in the market are focusing on innovation and expanding their product offerings to meet the evolving consumer demands, while also leveraging online platforms to enhance accessibility. The competitive landscape is marked by strategic acquisitions and product launches aimed at capturing a larger market share and addressing the diverse dietary needs of consumers.
Specialty Snacks 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 Product Type
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2.1.1 Snack Bars
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2.1.2 Bakery-based Snacks
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2.1.3 Nuts and Seeds Snacks
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2.1.4 Popped Snacks
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2.1.5 Other Product Types
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2.2 Distribution Channel
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2.2.1 Supermarkets/Hypermarkets
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2.2.2 Convenience/Grocery Stores
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2.2.3 Online Retailer Stores
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2.2.4 Other Distribution Channels
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2.3 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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Specialty Snacks Market Size FAQs
How big is the Specialty Snacks Market?
The Specialty Snacks Market size is expected to reach USD 87.23 billion in 2024 and grow at a CAGR of 6.45% to reach USD 119.22 billion by 2029.
What is the current Specialty Snacks Market size?
In 2024, the Specialty Snacks Market size is expected to reach USD 87.23 billion.