Snacks Market Size, Share, Trends and Growth 2024-2032

Snacks Market Outlook

According to the report by Expert Market Research (EMR), the global snacks market size is experiencing a significant transformation, with a projected value of USD 1542.75 billion in 2023. The market is anticipated to witness robust growth at a CAGR of 3.50% between 2024 and 2032, reaching an estimated value of USD 2114.83 billion by 2032. This growth is primarily driven by evolving consumer preferences, the rising trend of on-the-go consumption, and the increasing demand for healthier snack options.

Snacks, which include a wide range of products such as chips, nuts, confectionery, and bakery items, have become an integral part of modern diets. The market’s expansion is fueled by the growing popularity of convenient and portable food options that cater to busy lifestyles. Additionally, the increasing awareness of health and wellness has led to a surge in demand for snacks that are not only tasty but also nutritious.

The market is witnessing a significant shift towards healthier and more sustainable snack options. Consumers are increasingly seeking out snacks that are low in calories, high in protein, and made with natural ingredients. This has led to the introduction of a wide array of innovative products, including plant-based snacks, protein bars, and snacks fortified with vitamins and minerals.

The global snacks market is also influenced by the rising trend of premiumization. Consumers are willing to pay a premium for snacks that offer unique flavors, high-quality ingredients, and superior packaging. This has led to the emergence of gourmet and artisanal snacks that cater to the preferences of discerning consumers.

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Market Trends and Drivers

• Health and Wellness Trend: The growing emphasis on health and wellness is a key driver of the snacks market. Consumers are increasingly looking for snacks that offer nutritional benefits, such as high fiber content, added vitamins, and reduced sugar levels.
• Convenience and Portability: The busy lifestyles of consumers have led to a higher demand for convenient and portable snack options that can be easily consumed on the go. This has resulted in the popularity of single-serve and resealable packaging formats.
• Innovative Flavors and Ingredients: The market is witnessing a surge in the introduction of innovative flavors and ingredients, catering to the adventurous palates of consumers. Exotic flavors, superfoods, and unique ingredient combinations are gaining traction in the snack industry.
• Sustainability and Ethical Sourcing: Sustainability and ethical sourcing are becoming increasingly important to consumers. Snack manufacturers are focusing on sourcing ingredients from sustainable and ethical sources, as well as implementing eco-friendly packaging solutions.
• E-commerce and Online Retail: The growth of e-commerce and online retail channels has provided consumers with easy access to a wide range of snack products. This has enabled smaller brands to reach a wider audience and compete with established players in the market.

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Snacks Market Segmentation

The market can be divided based on Type, by Distribution Channel and Region.

Market Breakup by Type

• Bakery Snacks
• Savoury Snacks
• Confectionery Snacks
• Frozen Snacks
• Fruit Snacks
• Others

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets
• Convenience Stores
• Online
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

Some of the major players explored in the report by Expert Market Research are as follows:

• PepsiCo, Inc.
• General Mills, Inc.
• Kellanova
• Nestlé S.A.
• Unilever Plc
• Mondelez International, Inc.
• Mars, Incorporated
• Conagra Brands, Inc.
• Grupo Bimbo S.A.B. de C.V.
• Hunter Foods LLC
• Tyson Foods, Inc.
• Others

Challenges and Opportunities

The global snacks market faces challenges such as fluctuating raw material prices and stringent regulatory requirements. However, these challenges also present opportunities for innovation and differentiation. Manufacturers can focus on developing snacks that cater to specific dietary needs, such as gluten-free, vegan, and keto-friendly options. Additionally, there is a growing opportunity to leverage technology and data analytics to understand consumer preferences and tailor product offerings accordingly.

Future Outlook

The global snacks market is poised for continued growth, driven by the increasing demand for convenient and healthier snack options. With consumers seeking indulgence without compromising on health, manufacturers are expected to focus on developing innovative products that cater to these evolving preferences. Additionally, the growing popularity of e-commerce and digital platforms is expected to further fuel the market’s expansion, providing consumers with easy access to a wide range of snack products.

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