Processed Snacks Market Impact and Opportunities During Coronavirus Lockdown and Forecast Assessment 2021-2027 | Hormel Foods Corporation, Unilever PLC, Calbee Corporation

Report Ocean releases its latest report on the global Processed Snacks Market.

The shift in consumer eating habits is one of the major factors driving the market for processed snacks around the world. Processed snacks are more compact and less perishable than prepared foods. Other than preservatives and sweeteners, packaged snacks typically contain appealing ingredients such as peanuts, honey, dry fruits, and chocolates, allowing them to be relished any time of the day. Thus, processed snacks are gaining an edge over prepared foods.

Health and wellness-conscious consumers nowadays are turning to healthier snacks to avoid excessive calories, trans-fats, sugar, sodium, and other refined ingredients. Therefore, packaged snack vendors are coming up with vegan and plant-based snacks with high-protein content and low calories to cater to the taste of their health-conscious consumers.

The global processed snacks market was worth USD 390.3 billion in 2020 and is further projected to reach USD 493.8 billion by 2026, growing at a CAGR of 4.2% during 2021-2027 (forecast period).

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Growth Drivers

Changing Lifestyle

One of the major factors driving the market for packaged snacks around the world have been the shift in consumer lifestyle. As there is an increasing trend in urbanization, more people are getting employed, which in turn is impacting their work-life balance. Therefore, processed snacks are usually designed to be more compact and less perishable than prepared foods to help consumers suppress their appetite in between the work. According to the World Bank, around 3.49 billion people were employed in 2020, which in turn increased the demand for the processed snacks.

Moreover, changes in lifestyle and consumer taste are also transforming the way they shop for food and drinks and consume them. This is particularly true for Millennials as they prefer fresh and experiential snacks of various flavors, textures, and ingredients. The Millennials are also more inclined towards consuming sustainable and organic processed food.

Aggressive Marketing and Promotional Campaigns

Processed snack manufacturers invest a huge amount in their promotional and marketing campaigns to attract the younger generation. For instance, McCain launched a USD 3.03 million campaign portraying the power of chips to unify families. It launched its "We are family" series featuring families from around the UK at the dinner table as they discuss Brexit. This unique concept helped the brand gain the attraction of youngsters towards McCain chips.

Kellogg’s Company has introduced new products in ethnic flavors such as Thandai Badam and Rose-Badam cornflakes. What’s more, the brand also brought Indian celebrity chef Ranveer Brar on board to whip up unique recipes.

Moreover, in 2018, the company introduced granola with almonds and cranberries to their portfolio to appeal to palettes that are more inclined towards Western breakfast and snacking patterns. At different price points, such as Chocos Fill (center-filled pillows) that start at INR 20, Kellog’s has launched products in different formats and sizes and started vigorous sampling exercises to increase penetration, which in turn is boosting the growth of processed snacks market.

The reports include an in-depth analysis of macroeconomic indicators, market trends, and underlying factors, as well as market attractiveness by segment. The reports include a qualitative impact map of different market factors. COVID-19 (Corona Virus) had an impact on the product industry chain based on upstream and downstream markets, on regions and countries, and the future development of the industry.

The reports on the Global Processed Snacks Market provide readers with a better understanding of the market and competitive landscape to support better decision-making. Report contents include an overview of participants, revenue results, sales volume, gross margin, capital investment, and global Processed Snacks Market growth rates.

Researchers gather and validate the market size and demand information with market experts. They also examine the geographical distribution of the Processed Snacks Market. Top manufacturers, distributors, traders, and dealers use these market studies to gain insights into the industry. It will provide an overview of the product, the market, the driving forces, the risks and opportunities, and the research findings.

Impact Analysis of COVID-19

A detailed study of Covid-19 impacts the Processed Snacks Market is provided in the report.

The World Health Organization has declared Covid-19 a global health emergency due to its impact on thousands of people worldwide. The Coronavirus disease, which already affects these groups, had affected Processed Snacks Market segments.

While the death toll continues to climb, the economic damage is already evident, making this the world's worst economic shock in decades.

Chaos can lead to several undesirable outcomes, including restaurant closings, flight cancellations, travel restrictions, indoor event venues losing permits, customer confidence eroding, stock markets fluctuating, and citizens becoming anxious.

The report extensively examines the fundamental aspects of the Global Processed Snacks Market, including its future prospects and competitive landscape. The Porter's Five Forces analysis of the Processed Snacks Market provides insight into the factors influencing its growth. This market study breaks down the Processed Snacks Market into segments, regions, and players in order to present an accurate picture of the current market environment. The study also includes macroeconomic and microeconomic analyses. Several graphs and charts appear in the report effectively.

Regional Overview

An analysis of the Processed Snacks Market at the country level looks at segments classified as potentially high-growth, countries with the largest market share, and countries with the best growth prospects. Among the regional breakdowns in the Processed Snacks Market study are North America (USA, Canada), South America, Asia Pacific (China, Japan, India, Korea), Europe (Germany, UK, France, Italy), Other countries.

Leading Competitors

The leading prominent competitors in the global Processed Snacks Market are:

PepsiCo, Tyson Foods, Kraft Heinz Company, Kellogg Company, Conagra Brands, Hormel Foods Corporation, Unilever PLC, Calbee Corporation, and Nestlé.

Scope of the Report

The global Processed Snacks Market segmentation focuses on:

By Product:

·         Potato Chips

·         Extruded Snacks

·         Nuts & Seeds

·         Popcorn

·         Pretzels

·         Chocolates

·         Sweet Biscuits

·         Snack Bars

·         Sweet Baked

·         Fruit Snacks

·         Meat Snacks

·         Others

Ø  By Distribution Channel:

·         Supermarket/ Hypermarket’

·         Independent Retailers

·         Convenience Stores

·         Service Station

·         Others

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This release was published on openPR.