Snacks Market: Soaring Demand Assures Motivated Revenue Share during 2017-2022| Top Market drivers CALBEE Inc, Britannia Industries Limited., Lotus Bakeries NV., Mondelez International

Snacks are a portion of food that are basically smaller than regular meals. Snacks are usually consumed between meals and come in a variety of forms including packaged snacks and other processed snacks. Conventionally, snacks are prepared from ingredients which are easily available at home.

Fact.MR compiled a report on snacks market for the forecast period of 2017 to 2022. The report portrays current and future scenario of the snacks market backed by meticulous historical and futuristic statistical data. With a motive to provide a balanced outlook of the snacks market, the report offers comprehensive and pre-requisite information of discrete segments of the snacks market to the clients for an in-depth and detailed understanding.

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Budding Popularity of On-the-go Bars Delineate a Predominant Snacking Trend

On-the-go snacking bars are gaining considerable popularity in the snacks market, permitting an influx of new as well as innovative ingredients and flavors. Snack bars steadily replacing complete meals have led the consumers clamor for products with rich and affluent nutritional profiles. With several trends such as non-genetically modified organism (GMO), clean label, low-sugar, gluten-free, and other health-based claims prevailing in the snacks market, manufacturers might have to consistently direct their efforts toward meeting these newfound health standards. Furthermore, evolving protein additives including whey and soy, lentil and many more are making a headway in the snacks market, which can be banked on by the manufacturers of snacks market for long-term gains.

Collagen-based Snacks Demand Undermined by Ambiguities over Claimed Benefits

The debut of collagen-infused food products, in the form of snack bars, has been gaining notable grounds in the snacks market. Consumers’ perception of collagen as an ingredient for beauty enhancement illustrates untapped opportunities in functional foods featuring collagen. But, the adoption of collagen-based snacks is being hindered by ambiguities over authenticity of the aforementioned claim. Collagen-based snacks, being at odds with the trend of plant-based alternatives, might witness hurdles in the course of long-term proliferation.

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Manufacturers to Stress on Ingredient Transparency for Nourishing Long-term Consumer Retention

Transformation in the definition of health and well-being has led consumers seek transparency regarding ingredient bases of snacks they consume. Meanwhile, modern day businesses are vying to accommodate this trend in their offerings, which will help them build long-term sustainable relationships with their consumers. A large health-savvy demographic purchasing snacks is prioritizing ingredients over brands, which is also responsible for further influencing their purchase decisions. To multiple consumers, a list of healthy and organic ingredients resonate profoundly. In line with the aforementioned trend, manufactures in the snacks market are vying to add ‘healthy-ingredient’ alternatives to their existing offerings.

Snacks Bridging the Gap between Indulgence and Nourishment to Gain Prominence

As consumers aspire for healthier as well as tastier snacks, products that bridge the gap between nutrition and indulgence are foreseen to pick up the steam, both globally and locally. But, while framing a strategy for snacks of such kind, regional and local taste preferences have to be taken into consideration. Local favorites might have minimum scope for a global market player to compete. But, a multitude of growth opportunities can be exploited by scrutinizing the underlying dynamics influencing consumer behavior toward these local favorites.

Competitive Landscape

The competitive landscape of the snacks market features names of prominent manufacturers as per their market foothold, which include National Biscuit Industries LTD SAOG, Kellogs, Kraft Foods Group, INC., Nestle SA., Campbell Soup Company, ITC Limited, Mondelez International, INC., Lotus Bakeries NV, Britannia Industries Limited, and CALBEE, Inc.

Britannia Industries Limited, a leading player of the snacks market, unveiled its new logo and is on the process of launching around 50 new products to celebrate its centenary. Moreover, it has also established a successful partnership with Greece-based Chipita to launch its own new line of croissants.

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