Press release
Snack Food Market: Growth Factors, Trends, Demand Status And Forecast To 2033
Snack Food Market Growth
The Business Research Company presents an extensive market research report on the Snack Food Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The snack food market size has grown strongly in recent years. It will grow from $236.91 billion in 2023 to $252.36 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to rising changes of consumer lifestyles, convenience and portability, innovations in flavors and varieties, globalization and cultural influences, demands for natural and organic snacks.
The snack food market size is expected to see strong growth in the next few years. It will grow to $317.43 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to growing plant-based and alternative proteins, sustainability practices, targeting specific demographics, global culinary influences, focus on transparency and clean labeling. Major trends in the forecast period include innovative textures, snackification of meals, global flavor exploration, societal trends and busier lifestyles, innovations in ingredients, e-commerce and online retailing.
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Key Market Players:
Major companies operating in the snack food market report are My Super Foods LLC, Nestlé SA, PepsiCo Inc., Unilever PLC, Mondelez International Inc., The Kraft Heinz Company, General Mills Inc., The Kellogg Company, Conagra Brands Inc., Sprout Foods Inc., AMCON Distributing Company Inc., Hain Celestial Group Inc., Haldiram Snacks Pvt. Ltd., McCain Foods Limited, Utz Quality Food LLC, Link Snacks Inc., Hanover Foods Corporation, Amy's Kitchen Inc., Nurture Me Inc., Clif Bar & Company, Clif Bar & Company, Lundberg Family Farms, Annie's Homegrown Inc., Grippo Potato Chip Company Inc., Creative Snacks Co. LLC, Hunter Foods LLC, Eat Real Snacks LLC, Heritage Family Specialty Foods Inc., YummyEarth Inc., Navitas Organics Inc.
Market Drivers:
Many countries across the globe are experiencing falling prices of crops due to overcapacity. This is expected to result in low raw material costs for food and beverage companies. For instance, in November 2022, according to the report Frontline, an India-based national magazine on agriculture, the Cabinet Committee on Economic Affairs announced a bailout package of $8.4 billion (Rs 7000 crore) for farmers involved in the sugar production sectors to fix the minimum selling price of refined sugar at Rs 29 per kilogram (prices dropped to Rs 23-24 recently due to overproduction) and to create a buffer stock of 3 million tonnes of sugar for one year. Thus, the overproduction of certain crops is likely to result in higher profit margins for food and beverage companies. Higher profit margins will enable snack food manufacturing companies to increase their productivity and drive the market going forward.
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https://www.thebusinessresearchcompany.com/report/snack-food-global-market-report
The snack food market covered in this report is segmented -
1) By Type: Extruded Snacks, Non-extruded Snacks
2) By Flavour: Salty, Tangy, Spicy, Other Flavours
3) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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