What Transformation Has the Snack Food Market Undergone?
The snack food market has seen considerable growth due to a variety of factors.
• The market size for snack foods has seen significant growth in the past few years. It is predicted to increase from $249.66 billion in 2024 to $265.58 billion in 2025, with a compound annual growth rate (CAGR) of 6.4%.
The expansion during the historical period can be attributed to factors such as evolving consumer lifestyles, the convenience of snack foods, innovative flavors and variety, global and cultural influences, and the increasing demand for natural and organic snacks.
What are the Forecasted Growth and Key Factors of the Snack Food Market?
The snack food market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the snack food market is projected to witness strong growth, expanding to $339.94 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 6.4%.
Factors contributing to this growth during the forecast period include increased consumption of plant-based and alternative proteins, sustainable practices, demographic-specific targeting, global culinary impacts, and emphasis on transparency and clean labeling. Significant trends predicted during the forecast period encompass the evolution of innovative textures, meal snackification, global taste adventures, societal trends paired with busier lifestyles, ingredient innovations, and the rise of e-commerce as well as online retail.
What Are The Core Factors Supporting Growth In Snack Food Market?
Across the globe, many nations are witnessing declining costs of crops due to surplus production. This is anticipated to lead to reduced raw material expenses for firms in the food and beverage industry. For example, in November 2022, the Cabinet Committee on Economic Affairs shared in an agricultural report by Frontline, an Indian national magazine, that a relief packet of $8.4 billion (Rs 7000 crore) was being allocated for farmers in the sugarcane sectors. This move aimed at establishing the minimum selling rate of processed sugar at Rs 29 per kilogram (prices had recently nosedived to Rs 23-24 due to excess production). Additionally, a one-year buffer stock of 3 million tonnes of sugar was to be set aside. Consequently, this overproduction of specific crops is anticipated to lead to greater profit margins for companies in the food and beverage industries. Enjoying larger profit margins, snack food producers will be in a position to boost their productivity, which in turn will propel the market forward.
How Is the Snack Food Market segmented?
The snack food market covered in this report is segmented –
1) By Type: Extruded Snacks, Non-extruded Snacks
2) By Flavor: Salty, Tangy, Spicy, Other Flavors
3) By Distribution Channel: Super markets/Hyper markets, Convenience Stores, E-Commerce, Other Distribution Channels
Subsegments:
1) By Extruded Snacks: Corn-Based Snacks, Potato-Based Snacks, Rice-Based Snacks, Snack Pellets
2) By Non-extruded Snacks: Chips, Crackers, Popcorn, Nuts And Seeds, Pretzels, Granola Bars, Jerky
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What New Trends Are Influencing the Snack Food Market?
Snack food producers are leveraging robotics and automation technologies to enhance their production efficiency. The use of robotic systems helps in automating the batching, transportation, processing, storage, and packaging of savory snack items, leading to reduced production duration and boosted output. The incorporation of automation allows snack manufacturing firms to better their plant conditions, lower contamination, and function with minimal human interference, thereby making the processing safer for both employees and consumers. The use of collaborative or semi-autonomous robots is prevalent in various automation tasks, including packaging. The yield from plants that employ fixed automation systems is at least 2-3% higher than that from manual labor.
Who Are the Key Players in the Snack Food Market?
Major companies operating in the snack food market include:
• My Super Foods LLC
• Nestlé SA
• PepsiCo Inc.
• Unilever PLC
• Mondelez International Inc.
• The Kraft Heinz Company
• General Mills Inc.
• The Kellogg Company
• Conagra Brands Inc.
• Sprout Foods Inc.
• AMCON Distributing Company Inc.
• Hain Celestial Group Inc.
• Haldiram Snacks Pvt. Ltd.
• McCain Foods Limited
• Utz Quality Food LLC
• Link Snacks Inc.
• Hanover Foods Corporation
• Amy's Kitchen Inc.
• Nurture Me Inc.
• Clif Bar & Company
• Lundberg Family Farms
• Annie's Homegrown Inc.
• Grippo Potato Chip Company Inc.
• Creative Snacks Co. LLC
• Hunter Foods LLC
• Eat Real Snacks LLC
• Heritage Family Specialty Foods Inc.
• YummyEarth Inc.
• Navitas Organics Inc.
What Is The Most Dominant Region In The Snack Food Market?
Asia-Pacific was the largest region in the snack food market in 2024. North America was the second-largest region in the snack food market. The regions covered in the snack food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
