Snacks Market to Grow with a CAGR of 5.43% through 2029

The global snacks market is growing rapidly, driven by increased demand for variety and convenience and growth of e-commerce and online grocery platforms are key market trends.

According to TechSci Research report, “Snacks Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, the global snacks market stood at USD 607.15 billion in 2023 and is anticipated to grow with a CAGR 5.43% in the forecast period through 2029. The global snacks market is a dynamic and diverse sector experiencing continuous growth driven by changing consumer lifestyles, urbanization, and a preference for convenient on-the-go options. Key trends include a rise in functional and better-for-you snacks, the popularity of plant-based alternatives, and an increased focus on snacks for mental well-being. Challenges such as health-conscious consumer demands, sustainability pressures, regulatory changes, and the need for rapid adaptation to evolving preferences pose complexities for industry players. Despite these challenges, the market remains vibrant, offering opportunities for innovation, digital marketing, and expansion into new and emerging markets.

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A key driver of the global snacks market is the influence of globalization and cross-cultural exchanges. As people become more interconnected through travel, media, and social platforms, there is a growing appreciation for diverse culinary traditions. This has led to a fusion of flavors and the introduction of snacks inspired by global cuisines. Multinational corporations leverage this trend by offering a variety of international flavors, creating a market where consumers seek unique and exotic taste experiences.

Health and wellness considerations represent a pivotal trend shaping the global snacks landscape. With an increasing awareness of the link between diet and well-being, consumers are seeking snacks that align with their nutritional goals. This has given rise to the prominence of functional and better-for-you snacks. Manufacturers respond by incorporating ingredients with perceived health benefits, reducing artificial additives, and introducing options tailored to specific dietary preferences such as gluten-free, vegan, or organic snacks.

Plant-based and alternative snacks have emerged as a significant trend, reflecting a broader shift towards sustainable and ethical consumption. Driven by environmental concerns and health-conscious choices, consumers are exploring snacks that feature plant-centric ingredients. This trend extends beyond traditional vegetarian and vegan preferences, with plant-based flavors influencing mainstream snack categories. The snacks market has become a platform for innovative plant-based offerings, ranging from protein-packed snacks to plant-derived alternatives for traditional favorites.

Digital marketing and e-commerce have revolutionized the way snacks are marketed, distributed, and consumed globally. The rise of online platforms and social media has provided snacks companies with unprecedented opportunities to engage directly with consumers, creating brand awareness and loyalty. E-commerce platforms offer the convenience of exploring and purchasing snacks from a diverse range of brands, including international and niche players. This digital transformation not only influences consumer choices but also enables real-time feedback and data-driven insights for companies to refine their strategies and product offerings.

However, the global snacks market is not without its challenges. Health and wellness concerns pose a significant obstacle as consumers increasingly scrutinize nutritional content, demanding healthier snack options without compromising on taste. This has put pressure on manufacturers to reformulate recipes and introduce innovative products that meet both taste and nutritional expectations.

The global snacks market is segmented into product type, packaging, sales channel, regional distribution, and company.

Based on sales channel, Online sales are experiencing significant growth in the global snacks market, driven by the convenience and accessibility that e-commerce offers to consumers. The shift towards online purchasing is reshaping the snacks industry, allowing consumers to explore a diverse array of products from the comfort of their homes. The rise of online sales is particularly evident in the snacks market, where a wide range of unique and specialty products can be easily discovered and delivered to doorsteps worldwide. E-commerce platforms provide a convenient avenue for both established brands and emerging players to reach a broader audience, driving sales and fostering brand awareness. The ease of online transactions, coupled with the ability to cater to specific dietary preferences, contributes to the continued expansion of online sales in the global snacks market, reflecting evolving consumer shopping habits in the digital age.

Major companies operating in global snacks market are:

• General Mills, Inc.
• PepsiCo, Inc.
• The Kraft Heinz Company 
• Nestlé S.A
• WK Kellogg Co
• Unilever plc
• Calbee, Inc.
•  Intersnack Group GmbH & Co. KG
• Conagra Brands, Inc.
• ITC Limited

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“The global snacks market is a dynamic and evolving sector driven by changing consumer lifestyles, urbanization, and cross-cultural influences. Shaped by globalization, health and wellness trends, and the impact of digitalization, the market experiences continuous growth. Innovative products, such as functional and plant-based snacks, respond to consumer demands for convenience and nutritional value. However, challenges like health concerns, sustainability issues, and regulatory pressures persist. Online sales play a crucial role, offering accessibility and convenience. Navigating these complexities requires industry players to balance innovation, compliance, and adaptability, ensuring the global snacks market remains vibrant and responsive to diverse consumer preferences”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“Snacks Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Frozen & Refrigerated, Fruit, Bakery), By Packaging (Bags & Pouches, Boxes), By Sales Channel (Departmental Stores, Online, Hypermarkets/Supermarkets, Others) By Region, By Competition, 2019-2029F”, has evaluated the future growth potential of global snacks market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global snacks market.

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