COVID-19 Lockdowns Lead to Surge in Snacking and Unlock New Growth Opportunities, North America to Dominate Snack Products Market, Opines TMR
As working from home and less outdoor visits are becoming the new normal, the trend of snacking due to maximum time spent at home is gaining considerable traction, thus inviting tremendous growth prospects for the snack products market
The global snack products market is prognosticated to record a promising CAGR between 2020 and 2030
03 Sep, 2020, 11:30 ET
ALBANY, N.Y., Sept. 3, 2020 /PRNewswire/ -- The pendulum of growth is likely to swing toward the positive side in terms of the growth of the snack products market during the forecast period of 2020-2030. The COVID-19 lockdown has unlocked a plethora of opportunities for the snack products market to expand its footprint across numerous untapped regions and opportunities.
Based on the plethora of factors, the TMR (Transparency Market Research) analysts predict the global snack products market to expand at a promising CAGR through the assessment period of 2020-2030.
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Snack products have acquired a prominent place in the households of a considerable populace across the globe due to the COVID-19 lockdown implementations and the lockdown extensions. The preference for 'indulgence-on-the-go' has increased due to the work-from-home mechanism, thus inviting extensive growth prospects for the snack products market. Furthermore, the change in traditional patterns of food consumption may also open a pathway of opportunities for innovations across the snack products market.
Snack Products Market: Key Findings
- The vegan-snacks trend may gain considerable momentum across the forecast period
- The focus on sustainability and brilliant food packaging may increase during the forecast period
- North America may dominate the snack products market through the assessment period
- Asia Pacific may expand at a higher CAGR between 2020 and 2030
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Snack Products Market: Growth Accelerators
- A substantial rise in the disposable income across numerous countries, especially densely populated countries like India and China are pushing the snack products market toward growth.
- Collaborations between food delivery partners such as Swiggy and Zomato and players in the snack products market is helping in increasing the growth rate of snack products market
- The popularity of the 'clean label' and allergen-free food products is laying a red carpet of growth for the snack products market
- Preference of a large number of consumers for vegan snacks is further helping to fuel growth
- Aggressive geographical expansion of the players in the snack products market is sowing the seeds of growth
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Healthy Snacking Reigning Supreme over Snack Products Market
As the SARS-CoV-2 pandemic cast its ugly shadow across the globe, almost all countries around the world imposed lockdown restrictions. This led to a considerable chunk of the populace to stay at home. The demand for snacking witnessed a tremendous surge during these months, thus inviting growth opportunities.
However, sedentary work and being home for a maximum time led to a trend of increased body weight among many individuals. This aspect eventually led to switching consumer preferences from unhealthy snacking to healthy snacking. Therefore, the players in the snack products market are adopting this trend and launching new products that are tasty as well as healthy for the consumer.
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Surging Popularity of Ready-to-eat Products
Ready-to-eat products are a preferred choice, especially among the millennial and Generation-Z category. The COVID-19 outbreak has strengthened the dynamics of the ready-to-eat segment further. Thus, the snack products market may derive expansive growth from ready-to-eat products.
Partnerships between online food delivery companies and players involved in the production of ready-to-eat food products are garnering immense growth for the snack products market. At the same time, the players are also forming agreements with hypermarkets and supermarkets around the world to cater to the rising demand.
The players in the snack products market are offering combos, discounts, cashback for multiplying the growth rate.
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Snack Products Market: Segmentation
- Ready-to-eat Products
- Potato Specialty Products
- Pellet Fries
- Retail Package
- Bulk Package
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Vegan Cheese Market - As coronavirus scare spreads rapidly across the globe, consumers have now started to prefer vegetarian food. The number of diseases caused due to animals is increasing due to which, the consumption of animal-based products is decreasing. The number of vegan and vegetarian population is rising, which is beneficial for vegan cheese market. Due to the COVID-19, a large number of countries have implemented lockdown and world is facing economic crises due to which, the vegan cheese market is expected to have moderate growth rate in the next two years.
Edible Ink and Accessories Market - With the booming manufacturing sector and improving economic conditions, consumer spending across various domains has increased, benefiting edible ink and accessories market. The rising consumer spending has led to increased use of smart phones and social media boom. This is westernizing Asian and Middle Eastern countries in terms of eating habits and leisure experiences. The demand for bakery and baked goods is increasing, and bakery chain culture and café culture has become widespread across globe. New artisanal bakery products are found on the shelves, capturing the eye and taste of consumers.
Potato Flakes Market - Increasing urbanization and per capita disposable income have led customers to spend more on processed, prepared, and ready-to-eat food, which is convenient and saves their time. With the increasing demand for ready-to-eat meals, potato flakes are also gaining traction among food manufacturers. Potato flakes are high in nutritional value, contain a high amount of carbohydrates, are rich in dietary fibers, and also contain vitamins and minerals such as vitamin C. The high amount of dietary fiber content in potato flakes attracts the obese population, owing to their benefit in controlling hunger. These mentioned factors are expected to create growth opportunities for the potato flakes market in the coming years.
Dehydrated Potato Products Market - A substantial rise in people preferring to have pets has been witnessed over the years, due to factors such as security, company, and emotional support that pets provide, particularly to single-person households as well as to working millennials. Owners strive to provide nutritious meals with a variety of flavors to their pets, and are interested in products that offer additional health benefits. Manufacturers in the global pet food market are increasingly incorporating dehydrated potatoes into their pet food products to make them more economical and also increase the palatability of their offerings. This is anticipated to fuel the demand for dehydrated potatoes over the forecast period, thus bolstering the growth of the dehydrated potato products market.
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