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Snack Foods - Global Strategic Business Report

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    Report

  • 1257 Pages
  • March 2024
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 338676

Global Snack Foods Market to Reach $967.8 Billion by 2030

The global market for Snack Foods estimated at US$568.2 Billion in the year 2022, is projected to reach a revised size of US$967.8 Billion by 2030, growing at a CAGR of 6.9% over the analysis period 2022-2030. Bakery Snacks, one of the segments analyzed in the report, is projected to record 6.9% CAGR and reach US$383 Billion by the end of the analysis period. Growth in the Salted Snacks segment is estimated at 7.8% CAGR for the next 8-year period.

The U.S. Market is Estimated at $174 Billion, While China is Forecast to Grow at 9% CAGR

The Snack Foods market in the U.S. is estimated at US$174 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$125 Billion by the year 2030 trailing a CAGR of 9% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.5% and 5.8% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 5.8% CAGR.

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.

Economic Outlook

The global economic outlook is improving, and growth recovery, albeit on the lower side, is expected for this year and the next. The United States although witnessing slowing GDP growth in response to tight monetary and financial conditions, has nevertheless overcome the recession threat. Easing of headline inflation in Euro area is helping boost real incomes and is contributing to pick-up in economic activity. China is expected to see strong increases in GDP in the coming year as the pandemic threat recedes and the government sheds its zero-COVID policy. With optimistic GDP projections, India remains on-course to emerge into a US trillion economy by 2030, surpassing Japan and Germany.

The upturn, however, remains fragile and a number of interlocking challenges continue to run in parallel, such as continued uncertainty around the war in Ukraine; slower than expected decline in global headline inflation; continuation of food and fuel inflation as a persistent economic problem for most developing countries; and still high retail inflation and its impact on consumer confidence and spending. Countries and their governments are showing signs of weathering these challenges, which helps lift market sentiments. As governments continue to combat inflation to get it down to more economically conformable levels by raising interest rates, new job creation will slowdown and impact economic activity. Stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.

Although corporate investments can likely be held back by inflation worries and weaker demand, rise of new technologies will reverse partially this prevailing investment sentiment. Rise of generative AI; applied AI; industrializing machine learning; next-generation software development; Web3; cloud and edge computing; quantum technologies; electrification and renewables and climate technologies beyond electrification and renewables, will open up the global investment landscape. The technologies hold the potential to drive sizeable incremental growth and value to global GDP in the coming years. The short-term is expected to be a mixed bag of challenges and opportunities for both consumers and investors alike. There is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

What`s New?

  • Special discussions on the global economic climate and market sentiment
  • Coverage on global competitiveness and key competitor percentage market shares
  • Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and trademarked research platform
  • Complimentary updates for one year
  • Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
Frequently Asked Questions about the Snack Foods Market

What is the estimated value of the Snack Foods Market?

The Snack Foods Market was estimated to be valued at $568.2 Billion in 2022.

What is the growth rate of the Snack Foods Market?

The growth rate of the Snack Foods Market is 6.9%, with an estimated value of $967.8 Billion by 2030.

What is the forecasted size of the Snack Foods Market?

The Snack Foods Market is estimated to be worth $967.8 Billion by 2030.

Who are the key companies in the Snack Foods Market?

Key companies in the Snack Foods Market include Calbee, Inc., Conagra Brands, Inc., Frito, Lay North America, Inc., Hormel Foods Corporation, J&J Snack Foods Corporation, Kellogg Company, Nestle SA, PepsiCo, Inc. and Sargento Foods, Inc..

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Impact of Covid-19 and a Looming Global Recession
  • 2020 Marked as a Year of Disruption & Transformation
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2019 to 2022
  • Impact on Snackfoods Market
  • Weekly Bakery Sales in the US: March 2020
  • E-commerce and Online-to-Offline Observe Stable Growth
  • Snack Foods - Global Key Competitors Percentage Market Share in 2023 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
  • 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
  • Sales (US$ Billion) of Leading Snack Foods Companies: 2019
  • Market Share of Leading Chocolate Confectionery Companies: 2019
  • 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
  • Global Millennials Population by Region (2018): Percentage Breakdown of Number of Millennials for North America, Europe, China & Japan, Latin America and Rest of World
  • Millennial Population as a Percentage (%) of Total Population in Select Countries: 2019
  • Major Channels of Distribution
  • Online Sales Transform the Snack Foods Retailing Landscape
  • Factors Influencing Online Purchase Decision: Percentage Share Breakdown by Consumer Preferences
  • Favorable Economic and Demographic Trends Strengthen Market Prospects
  • Ballooning Global Population Offers Lucrative Growth Opportunities
  • World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
  • Child Population: A Weighty Demographic Driver
  • Global Population of Children in the Age Group of 0-15 Years by Region: Less than 15 Years Population (In Millions) for Africa, Americas, Asia, Europe, and Oceania.
  • Shrinking Family Size Lead to Higher Discretionary Spending on Snack Foods
  • Growing Middle Class Population Worldwide Promote Market Expansion
  • Global Middle Class Population (in Millions) and as a Percentage of Total Population: 2005, 2015, 2025 & 2035
  • Global Middle Class Spending (in US$ Trillion) by Geographic Region
  • Expanding Urban Population Spurs Growth in Snack Foods Consumption
  • World Urban Population in Thousands: 1950-2050P
4. GLOBAL MARKET PERSPECTIVE
  • TABLE 1: World Recent Past, Current & Future Analysis for Snack Foods by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2027 and % CAGR
  • TABLE 2: World Historic Review for Snack Foods by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2021 and % CAGR
  • TABLE 3: World 15-Year Perspective for Snack Foods by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2012, 2023 & 2027
  • TABLE 4: World Recent Past, Current & Future Analysis for Bakery Snacks by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2027 and % CAGR
  • TABLE 5: World Historic Review for Bakery Snacks by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2021 and % CAGR
  • TABLE 6: World 15-Year Perspective for Bakery Snacks by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2012, 2023 & 2027
  • TABLE 7: World Recent Past, Current & Future Analysis for Salted Snacks by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2027 and % CAGR
  • TABLE 8: World Historic Review for Salted Snacks by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2021 and % CAGR
  • TABLE 9: World 15-Year Perspective for Salted Snacks by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2012, 2023 & 2027
  • TABLE 10: World Recent Past, Current & Future Analysis for Confectionery by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2027 and % CAGR
  • TABLE 11: World Historic Review for Confectionery by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2021 and % CAGR
  • TABLE 12: World 15-Year Perspective for Confectionery by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2012, 2023 & 2027
  • TABLE 13: World Recent Past, Current & Future Analysis for Specialty & Frozen Snacks by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2027 and % CAGR
  • TABLE 14: World Historic Review for Specialty & Frozen Snacks by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2021 and % CAGR
  • TABLE 15: World 15-Year Perspective for Specialty & Frozen Snacks by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2012, 2023 & 2027
  • TABLE 16: World Recent Past, Current & Future Analysis for Supermarkets & Hypermarkets by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2027 and % CAGR
  • TABLE 17: World Historic Review for Supermarkets & Hypermarkets by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2021 and % CAGR
  • TABLE 18: World 15-Year Perspective for Supermarkets & Hypermarkets by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2012, 2023 & 2027
  • TABLE 19: World Recent Past, Current & Future Analysis for Convenience Stores by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2027 and % CAGR
  • TABLE 20: World Historic Review for Convenience Stores by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2021 and % CAGR
  • TABLE 21: World 15-Year Perspective for Convenience Stores by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2012, 2023 & 2027
  • TABLE 22: World Recent Past, Current & Future Analysis for Online by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2027 and % CAGR
  • TABLE 23: World Historic Review for Online by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2021 and % CAGR
  • TABLE 24: World 15-Year Perspective for Online by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2012, 2023 & 2027
  • TABLE 25: World Recent Past, Current & Future Analysis for Specialty Food Stores by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2027 and % CAGR
  • TABLE 26: World Historic Review for Specialty Food Stores by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2021 and % CAGR
  • TABLE 27: World 15-Year Perspective for Specialty Food Stores by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2012, 2023 & 2027
  • TABLE 28: World Recent Past, Current & Future Analysis for Other Distribution Channels by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2027 and % CAGR
  • TABLE 29: World Historic Review for Other Distribution Channels by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2021 and % CAGR
  • TABLE 30: World 15-Year Perspective for Other Distribution Channels by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2012, 2023 & 2027
  • TABLE 31: World Snack Foods Market Analysis of Annual Sales in US$ Million for Years 2012 through 2027
III. MARKET ANALYSIS
  • UNITED STATES
  • Snack Foods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2023 (E)
  • Market Overview
  • Key Growth Markets
  • Salty Snacks Remain Popular
  • Snack Preferences Remain Diverse
  • Healthy Snacks Gain Momentum
  • Rise in Demand for Plant based Meat Snacks
  • Focus on Sustainable Ingredients in Food Products Creates Alternative Protein-Infused Snack Products
  • The Evolving Multi-Meals Culture Offer Huge Growth Opportunities
  • Enhanced Versions of Meat Snacks Drive Segment Demand
  • Potato Chips: The Most Preferred Salty Snack
  • Despite Competition from Major Brands, Private Label Brands Continue to Survive
  • Millennials and Baby Boomers Continue to Remain the Most Important Consumer Groups
  • Expanding Population of Single People Augurs Well for Market Growth
  • Demand for Healthier Snack Variants Gain Momentum
  • Rising Sales of Energy Bars and Cereal Based Snacks Reflect the Healthy Snacking Trend
  • Low-Carb, Low-Calorie, and Trans-Fat Free Snacks Garner Rising Preference
  • Gluten-Free Snacks Transform Snacking Habits of Americans
  • Competitive Landscape
  • CANADA
  • JAPAN
  • Snack Foods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2023 (E)
  • Market Overview
  • CHINA
  • Snack Foods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2023 (E)
  • Market Overview
  • Defined Snack Trends
  • EUROPE
  • Snack Foods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2023 (E)
  • FRANCE
  • Snack Foods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2023 (E)
  • Market Overview
  • GERMANY
  • Snack Foods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2023 (E)
  • ITALY
  • UNITED KINGDOM
  • Snack Foods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2023 (E)
  • Market Overview
  • SPAIN
  • RUSSIA
  • Market Overview
  • Potato Chips: Most Preferred Salted Snack
  • REST OF EUROPE
  • ASIA-PACIFIC
  • Snack Foods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2023 (E)
  • AUSTRALIA
  • Snack Foods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2023 (E)
  • INDIA
  • Snack Foods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2023 (E)
  • Market Overview
  • Rapid Proliferation of the Snacking Culture in India Spurs Market Demand
  • SOUTH KOREA
  • REST OF ASIA-PACIFIC
  • LATIN AMERICA
  • Snack Foods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2023 (E)
  • Market Overview
  • ARGENTINA
  • BRAZIL
  • Market Overview
  • MEXICO
  • Market Overview
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • Snack Foods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2023 (E)
  • IRAN
  • ISRAEL
  • SAUDI ARABIA
  • Market Overview
  • UNITED ARAB EMIRATES
  • Market Overview
  • REST OF MIDDLE EAST
  • AFRICA
  • Snack Foods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2023 (E)
IV. COMPETITION

Companies Mentioned

A selection of companies mentioned in this report includes:

  • 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.