Snacks Market to Grow at a CAGR of 5.6% CAGR through 2022
Currently, consumers are more concerned about their snacking habits. Earlier, snacks were considered to be stop-gap food between meals. At present, they are being consumed with meals across many developed economies. This has led to a higher adoption of healthy snacking products such as extruded snacks, on the back of their metabolic benefits. Manufacturers are focusing on making alterations in the nutritional content of extruded snacks, by modifying digestion capability of starch and protein. In addition, the fast-paced lifestyle of people is driving adoption of packaged food such as bakery, and confectionary products.
The global market for snacks is highly fragmented, with the presence of myriad, large as well as small vendors competing to increase their market presence by leveraging their sales, based on promotion, service, innovation, and quality. Intense competition is expected to prevail in the global snacks market, owing to continuously changing spending patterns of consumers, local and national economic conditions, and demographic trends. These factors will augment growth of the market in the near future.
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However, savory and sweet snacks do not contribute to health and wellness trends. The snacks are usually more expensive as compared to their standard counterparts, with price gap between the two widening rapidly, especially in developed economies. These might act as restraining factors for market growth.
8 Estimations by Fact.MR’s Report for the Global Snacks Market
North America is expected to remain dominant in the global snacks market, in terms of revenues. The market in this region is projected to register the highest CAGR through 2022.
The market in Europe is expected to create an absolute $ opportunity of US$ 4,979.2 Mn between 2017 and 2022.
Biscuits will continue to be sought-after among products, with sales estimated to account for the largest revenues by 2022-end. Sales of biscuits are expected to account for more than half share of the market during the forecast period.
Sales of bars are estimated to register the fastest expansion through 2022, and will remain the second most lucrative product in the global snacks market.
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Supermarkets/hypermarkets will remain the largest distribution channels for snacks.
Convenience stores will stick to their position of being the second most lucrative distribution channels for snacks during the forecast period.
Based on source, although wheat is projected to remain dominant in the global snacks market, sales of millets are estimated to register the fastest expansion through 2022.
The report identified key players actively participating in the market, which include CALBEE, Inc., Britannia Industries Limited, Lotus Bakeries NV, Mondelez International, Inc., ITC Limited, Campbell Soup Company, Nestle SA, Kraft Foods Group, Inc., Kellogs, and National Biscuit Industries Ltd SAOG.
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