The global snack food market size is expected to grow from $215.64 billion in 2021 to $237.42 billion in 2022 at a compound annual growth rate (CAGR) of 10.1%. The global snack foods market size is expected to grow to $334.58 billion in 2026 at a CAGR of 9%.
What is the Global Snack Food Market?
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, frying, 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.
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What drives the Global Snack Food Market?
Many countries across the globe are experiencing falling prices of crops due to overcapacity; this is expected to result in low raw material costs for food and beverage companies. For example, the Indian government spent $873 million to subsidize the export of sugar as a result of the overproduction of sugarcane, thereby reducing prices. 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 productivity and drive the market going forward.
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Global Snack Food Market Segments
The global snack food market is segmented:
By Type: Extruded Snacks, Non-Extruded Snacks
By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Others
By Flavor: Salty, Tangy, Spicy, Others
By Geography: The regions covered in the snack food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Snack Food Global Market Report 2022provides market size and growth forecasts for the global snack food market, global snack food market share, snack food market segments and geographies, snack food market competitive landscape including 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.
Global Snack Food Industry Playersinclude PepsiCo Inc., Conagra Brands Inc., General Mills, McCain Foods Limited, Calbee Inc., The Campbell Soup Company, Kellogg Co, The Kraft Heinz Company, Want Want China Holdings Ltd and TreeHouse Foods. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
