Dublin, Dec. 31, 2021 (GLOBE NEWSWIRE) -- The "Snack Foods - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Snack Foods Market to Reach $732.6 Billion by 2026
Demand for snack foods globally is increasing steadily as hectic schedules and busy lifestyles are driving consumers supplant traditional meal occasions with convenient and healthy snack options. Demand in the global market is being driven by changing dietary habits and rapid urbanization in the developing countries. Market demand is also likely to be positively influenced by increasing disposable incomes along with introduction of innovative products.
Snack foods with desirable qualities including low fat, cholesterol, sugar and calorie content, are poised to register robust growth and support market expansion. Increasing health consciousness along with craving for snack foods is anticipated to result in dynamic demand for low-fat, no-fat, low-sugar, no-sugar, low-carb, no-carb, and low-calorie snack foods. The gradually receding line between meals and snacks is churning out additional opportunities for snacking. Future growth in the market will be driven by robust demand for functional snacks, including bars, chips, cookies and yogurt, and surging popularity of protein-fortified, organic, and natural snacks.
Amid the COVID-19 crisis, the global market for Snack Foods estimated at US$493.4 Billion in the year 2020, is projected to reach a revised size of US$732.6 Billion by 2026, growing at a CAGR of 6.7% over the analysis period. Bakery Snacks, one of the segments analyzed in the report, is projected to record a 6.7% CAGR and reach US$307.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Salted Snacks segment is readjusted to a revised 7.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $164.8 Billion in 2021, While China is Forecast to Reach $87.9 Billion by 2026
The Snack Foods market in the U.S. is estimated at US$164.8 Billion in the year 2021. China, the world's second largest economy, is forecast to reach a projected market size of US$87.9 Billion by the year 2026 trailing a CAGR of 8.9% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.4% and 5.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.7% CAGR. The US constitutes the largest regional market and growth is being driven by preference for snacking over daily meals, busy schedules, and growing availability of healthy options. The rise in obesity in the US is motivating consumers to select a low-calorie snack compared to the traditional one. The Middle East, Latin America, and Asia-Pacific offer potential growth opportunities in view of the rising disposable incomes and the booming retail sector.
Confectionery Segment to Reach $151.8 Billion by 2026
The growing demand for functional snacks including confections supports growth in the Confectionery segment. Considered as fun foods, the easily available confections and snacks are widely consumed. With the proportion of population becoming health conscious increasing rapidly, the demand for functional snack foods is rising. In the global Confectionery segment, USA, Canada, Japan, China and Europe will drive the 5.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$80.6 Billion in the year 2020 will reach a projected size of US$118.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$16.5 Billion by the year 2026, while Latin America will expand at a 6.9% CAGR through the analysis period.
Select Competitors (Total 628 Featured)
- Calbee, Inc.
- Conagra Brands, Inc.
- Frito-Lay North America, Inc.
- Hormel Foods Corporation
- J&J Snack Foods Corporation
- Kellogg Company
- Nestle SA
- PepsiCo, Inc.
- Sargento Foods, Inc.
Key Topics Covered
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 and a Looming Global Recession
- 2020 Marked as a Year of Disruption & Transformation
- Impact on Snackfoods Market
- E-commerce and Online-to-Offline Observe Stable Growth
- Snackification: An Alternative to Regular Meal
- Select Market Highlights
- Product Definition and Scope
- Select Snack Categories
- Global Outlook
- Regional Market Insights
- Developing Countries Turbo Charge Current and Future Market Growth
- Competition
- Leading Players in the Global Bakery Products and Cereals Market by Country
- Low Entry Barrier Intensifies Competition
- Innovation: Name of the Game in the Crowded Marketplace
- Advertisement and Promotional Expenditure on the Rise
- Need for Regional and Cultural Customization
- Innovative Marketing Strategies Define Product Success
- Manufacturing with Advanced Extrusion Technique Offers Cost and Other Benefits
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Growing Preference for On-the-Go, Convenient and Healthy Food: Foundation for Market Growth
- Rise in Healthy Convenient Snacking
- Industry Leverages on Globalization of Flavor
- Innovation Gains Focus as Manufacturers Seek to Replace Meals with Snacks
- Healthy and Protein Rich Snacks Attract Attention
- Potato Chips Enter the Healthier Trend
- Manufacturers Add New Ingredients in Favorite Chips
- Fruity Chips: A New Innovation
- Protein-Fortified Snacks Witness Healthy Demand
- Growing Awareness on Importance of Protein-Rich Diets Drive Sales of Meat Snacks
- Flavor Innovation in Meat Snacks: A Road Widely Traveled
- Natural Ingredients Stay Strong
- Seed Snacks Gain Traction
- Increasing Demand for Functional Snacks: A Strong Growth Driver
- Trend towards Simple Snacks
- Cereal Bars Spur Demand
- Fruit and Nut Ingredients Witness Growing Adoption in Bars
- Grain Based Snack Bars Undergo a Healthy Makeover
- Gluten-free Snacks: The New Buzzword
- Formulation Challenges Drive Product Innovations in Snacks and Bars
- Drinkable Snacks in new Packages and Flavors
- Sustainable Innovations Gain Precedence
- Increasing Popularity of Clean Labels
- Organic Snacks Witness Strong Market Penetration
- Better For You Products: A New Growth Segment
- Demand for "Transparency in All Matters"
- Recent Trends in Ingredients and Flavors
- Sweet and Sour Flavors Invade the Snacks Market
- Health Conscious Consumers Opt for Low Sugar Snacks
- Eminent Demand for Plant Based Foods
- Snack Nuts: The Preferred Choice of the New-Age Health Conscious Consumer
- Lunchtime Meals Come Under the Snack Attack
- Single-serve, Re-sealable and Light-weight Snacks Packaging Innovations Drive Market Adoption
- Functionality and Health Benefits Drive Demand for Soybean-Based Snack Foods
- Millennials and Generation Z Emerge as Key Influencing Cohort
- Global Millennial Population Facts & Figures: Important Opportunity Indicators
- Major Channels of Distribution
- Online Sales Transform the Snack Foods Retailing Landscape
- Favorable Economic and Demographic Trends Strengthen Market Prospects
- Ballooning Global Population Offers Lucrative Growth Opportunities
- Child Population: A Weighty Demographic Driver
- Shrinking Family Size Lead to Higher Discretionary Spending on Snack Foods
- Growing Middle Class Population Worldwide Promote Market Expansion
- Expanding Urban Population Spurs Growth in Snack Foods Consumption
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
- Total Companies Profiled: 628
For more information about this report visit https://www.researchandmarkets.com/r/igczqb
