February 24, 2024

The Snack Products Market Is Expected To Be Flourished By Rising Demand For Nutritious Convenience Foods

Snack products are ready-to-eat food items that are consumed between main meals. They include products such as extruded snacks, fruit snacks, popcorn, chips, pretzels, crackers, and nutrition bars. Snacks are high in demand due to their convenience, portability, and increasing popularity among working professionals and millennials. They provide instant energy to curb hunger pangs and serve as meal replacements. Rising health awareness among people has also augmented the sales of nutritious snacks made from fruits, vegetables, whole grains, and high-protein ingredients.

The global snack products market is estimated to be valued at US$ 1524.67 Mn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

The Snack Products Market is Expected to be Flourished by Rising Demand for Nutritious Convenience Foods driving the sales of snack products is hectic schedules and busy lifestyles which leave little time for proper meals. Consumers reach out to snacks as an easy meal solution. Further, the growing trend of healthy snacking and increasing product launches catering to nutritional needs of consumers, such as gluten-free, vegan, high-protein, and low-calorie options, is also fueling the market growth. Manufacturers are innovating their product ranges to align with consumer health preferences.

Segment Analysis
The Global Snack Products Market Size is dominated by the savory snacks sub-segment, which holds around 60% share of the overall market. Savory snacks include products like potato chips, corn chips, nuts, etc. This sub-segment is dominating as snacks have become an integral part of daily life and savory snacks are preferred by people of all ages due to their tastes and convenience of having them with beverages.

PEST Analysis
Political
: The snack products market is fragmented with the presence of several local and international players. Various trade policies and regulations regarding food safety standards implemented by governments impact the market.

Economic: The rising disposable incomes and busy lifestyles of people globally are major factors contributing to the high demand for convenient snack products. However, economic slowdowns impact the consumer spending on snack products.

Social: Evolving consumer preferences towards healthy and organic snack products provide opportunities for manufacturers to expand their product portfolios. Social media also influences consumers’ choices.

Technological: Advancements in processing and packaging technologies aid manufacturers in developing innovative products with improved shelf life and convenience of consumption. Technologies also help reduce production costs.

Key Takeaways
The global snack products market is expected to witness high growth over the forecast period supported by factors such as westernization of diets, increasing popularity of convenience foods, and rising disposable incomes in developing countries.

Regional analysis: North America dominates the global market with around 30% share owing to the high consumption of snacks and prevalence of global as well as regional players in the region. The Asia Pacific region is expected to grow at the fastest pace during the forecast period led by countries like India and China. Growing health-consciousness and changing lifestyles are increasing the demand for healthy snacks in these countries.

Key players: Key players operating in the snack products market are Pelican BioThermal LLC, Sonoco Thermosafe, Cold Chain Technologies Inc., Cryopak, Sofrigam Company, Intelsius (A DGP Company), Coolpac, Softbox Systems Ltd, Clip-Lok SimPak, and Chill-Pak. These players are focusing on new product innovations, expanding their geographical reach through collaborations, and implementing sustainable production practices to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it