Snacks Market Is Predicted To Reach Valuation Of US$ 835.8 Billion By The End Of 2033

Snacks have a global revenue of US$ 507.2 billion in 2023 and are expected to reach a market valuation of US$ 835.8 billion by the end of 2033. The worldwide snacks industry is expected to grow at a 5.1% CAGR over the next ten years.

Growing global population and rising demand for packaged and convenience meals are likely to drive snack shipment growth in the coming years. Other drivers that could affect snack food consumption patterns until 2033 include changing consumer preferences, a growing emphasis on healthy eating, rising demand for foods prepared with organic and natural ingredients, high per capita disposable income, and globalization.

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Snacks have traditionally been perceived as high-calorie, unhealthy food products, but this trend is fast changing as producers focus on delivering healthier snacks in response to increased consumer demand. Growing awareness of the benefits of eating organic and natural products is also expected to boost demand for healthy snacks over the next ten years. The reasons described above are expected to have an impact on sales of keto snacks, low-calorie snacks, low-carb snacks, and high-protein snacks.

Recent Development:

• In December 2022, Lil’Goodness, a new company focused on providing healthy snacks announced the launch of new products inspired by Marvel Super Heroes and Disney characters to change the snacking habits of the younger generation.
• In November 2022, Torr FoodTech, a food technology company that uses ultrasonic and pressure energy to press fruits, grains, and nuts into snack bars instead of sugar recently raised US$ 12 million. The company’s patent-pending technology allows manufacturers to bind natural ingredients without any additives and improve shelf life.

Key Players:

• Britannia Industries Limited
• Nestle S.A
• Lotus Bakeries N.V
• Intersnack Group GmbH & Co. KG
• Conagra Brands Inc.
• National Biscuit Industries LTD SAOG
• Danone
• Kraft Foods Group Inc.
• Campbell Soup Company
• ITC Limited
• Mondelez International Inc.
• Mars Incorporated
• PepsiCo
• Kellogg’s
• General Mills Inc.
• Calbee Inc.

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Regional Analysis:

 Globalization and Western cultural influence have grown in several Asian countries, including India, Korea, Japan, and China. Other factors that are expected to influence snack food exports in Japan, Korea, and other Asian countries during the next 10 years include changing dietary habits, increased per capita disposable income, high consumption of convenience meals, and a growing working women population. Rice cakes and pork rinds are expected to be popular snacks in nearly every Asian country.

The high prevalence of chronic diseases has resulted in a greater emphasis on health, which has resulted in a strong demand for healthy snacks and low-calorie foods. The rise of veganism and plant-based diets in numerous European nations has created a new demand for healthy snacks, prompting snack manufacturers to develop new and novel products.

Key Segments of Industry:

• By Product Type :
  • Nuts & Seeds
  • Cookies & Biscuits
  • Meat Snacks
  • Cereal Bars
  • Salty Snacks
  • Other Snacks
• By Nature:
  • Organic Snacks
  • Conventional Snacks
• By Source :
  • Wheat
  • Maize
  • Rye
  • Rice
  • Fruits & Vegetables
  • Meat Snacks
  • Other Sources
• By Sales Channel :
  • Modern Trade
  • Convenience Stores
  • Online Stores
  • Departmental Stores
  • Specialty Stores
  • Drug Stores
  • Other Sales Channels

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