Snack Food Global Market To Reach Value Of About $308 Billion In 2025
23 Mar, 2021
The snack food market consists of sales of snack foods by entities (organizations, sole traders and partnerships) that produce snack foods. The companies in the snack food industry are primarily engaged in salting, roasting, drying, cooking or canning nuts, processing grains or seeds into snacks, manufacturing peanut butter, or manufacturing potato chips, corn chips, popped popcorn, hard pretzels, pork rinds and similar snacks. The companies package and distribute their products through various distribution channels to both individual customers and commercial establishments.
Global Snack Food Market Size And Drivers:
The global snack food market is expected to grow from $213.63 billion in 2020 to $230.27 billion in 2021 at a compound annual growth rate (CAGR) of 7.8%. The market is expected to reach $307.75 billion in 2025 at a CAGR of 8%. Many countries across the globe are experiencing falling prices of crops due to overcapacity; this is expected result in low raw material costs for food and beverage companies. Thus, overproduction of certain crops is likely to result in higher profit margins for food and beverage companies. Higher profit margins will enable snack food manufacturing companies to increase their production and drive the market going forward.
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Trends In The Global Snack Food Market
Snack food manufacturing companies are adopting robotics and automation technology to maximize production efficiency. Robotic systems automate batching, conveying, processing, storage and packaging of savory snack products thus decreasing production cycle time and increasing output. Automation enables snack processing companies to improve plant conditions, reduce contamination, minimal human interaction thus making processing safer for workers as well as consumers. Collaborative robots or semi-autonomous robots are used in various automation processes, including packaging. Plants with fixed automation systems increase yields by at least 2-3% over manual labor.
Global Snack Food Market Segments:
The global snack food market is further segmented based on type, distribution channel, type, flavor and geography.
By Type: Potato Chips, Popcorn, Processed Snacks
By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Others
By Type: Extruded Snacks, Non-extruded Snacks
By Flavor: Salty, Tangy, Spicy, Others
By Geography: The global snack food market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global snack food market, accounting for 56% of the total market.
Read More On The Report For The Global Snack Food Market At:https://www.thebusinessresearchcompany.com/report/snack-food-global-market-report-2020-30-covid-19-impact-and-recovery
Snack Food Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides snack food market overviews, analyzes and forecasts market size and growth for the global snack food market, snack food market share, snack food market players, snack food market segments and geographies, snack food market’s leading competitors’ revenues, profiles and market shares. The snack food market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.