COVID-19 Impact on Snack Food Products Market in 2020 – Know the Forecast Demand till 2026
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List of prominent companies that are operating in the global snack food products market are:
Confection by Design
Georgia Nut Company
Nimbus Foods, Mars Inc.
Taura Natural Ingredients
Tate & Lyle
Kerry and Nestlé S.A.
According to the study, the market is expected to be dominated by the bakery snack segment followed by salted snacks, with respect to segmentation by product type. Additionally, the supermarkets and hypermarkets segment will also dominate the market in terms of segmentation by distribution channel. This is because of the availability of broader range of products in supermarkets and hypermarkets as compared to convenience stores and online channels.
Availability of Ready-to -munch Snacks to Propel Demand in Market
Consumption of snack food is a common habit in most parts of the world. However, the rise in disposable income and change in lifestyle of people have hardly left time for people to consume full meal at the table.
These gives scope of growth to the snacks and take away food products industries as it serves the purpose of feeding oneself as well as multi-tasking together at the same time. This trend is rising by the day and this is further expected to drive the global snack food product market during the forecast period.
The quantity of snack food is less as compared to that of regular meals and can be eaten in between meals. It ranges from a variety of processed snacks and ready-to-eat snacks to chopped fruits and vegetables, or any home-made snack at home. The availability of variety in snack food products also adds to the growth of the market globally.
Additionally, the rapid inclination of consumers towards nutritive and healthy snacks for maintaining their health is expected to boost the global market. Furthermore, the increasing awareness about health consciousness is making consumers choose food products that contains less amount of carbohydrates is anticipated to promote the growth of snack food products in the long run.
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On the flipside, the market may face challenges in terms of the fluctuating price of raw materials required to make snack food products. High prices imposed on ingredients such as milk powder, butter, cocoa powder, and others may hinder the growth of the market. Furthermore, the rise in health concern may cause decline in the purchase of snack food products rich in carbohydrates, and fats that may ultimately affect the growth of the overall market negatively.
Major Segmentation include;
By Product Type
Bakery Snacks (Bread, Sandwich, Pastry, Cake, Cookies, and Others)
Frozen Snacks (Food & Vegetable, Yogurt, Meat Products, and Others)
Confectionery Snacks (Chocolate, Crackers, Candies, Jellies, and Others)
Salted Snacks (Potato Chips, Popcorn, Corn Chips, Pretzels, and Others)
By Distribution Channel
Presence of Players such as Nestle to Help Europe Generate Huge Revenues
Fortune Business Insights foresees the global snack food products market to be dominated by North America and is expected to retain its dominance during the fore cast period as well. This is due to the rising demand for healthy snacks across nations such as the U.S., and Canada. Besides this, the rise in prevalence of cardiovascular diseases and cases of obesity in American countries is helping the market in North America to gain impetus during the forecast period.
On the other side, the snack food product market in Europe is predicted to be generating huge revenues on account of the well-established food and beverage market in the region. Additionally, the presence of major players such as Nestlé S.A., and Barry Callebaut across the European region is also anticipated to anticipated to add fuel to the growth of the market in the long run.
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