NEW YORK, March 14, 2022 /PRNewswire/ -- The global snack market size is expected to increase by USD 260.88 billion between 2020 and 2025. The market observed a year-over-year growth of 5.11% in 2021 and is expected to grow at a CAGR of 5.71% during the forecast period.
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The snack market report covers insights on major trends, key growth drivers, and challenges impacting the overall growth of the market.
The market is driven by rising health concerns along with changing lifestyles and diets and the increasing replacement of meals with snacks. The increasing prevalence of obesity and similar diseases is compelling consumers across the world to adopt healthy lifestyles. This has increased the consumption of healthy snacking habits to improve metabolism rates. These factors have increased the demand for healthier snacks such as multigrain chips and rice snacks. The expansion of the retail industry has significantly increased the number of hypermarkets and supermarkets across the world. This coupled with the rising disposable incomes of consumers has further increased the consumption and sales of healthier snacks, thereby driving the growth of the market.
The snack market is segmented by product (bakery products, chocolate, savory snacks, frozen snacks, and others) and geographic (APAC, Europe, North America, South America, and MEA).
The bakery products segment generated maximum revenue in the market in 2021. The market growth in the segment will be significant during the forecast period. In terms of geography, the APAC region will have the largest share of the market. The region currently holds 35% of the global market share. The expansion in the retail industry has been crucial in driving the growth of the snack market in APAC. China and Japan are the key markets for the snack market in APAC. The market growth in the region will be faster than the growth of the market in other regions. The snack market covers the following areas:
Companies Mentioned
The market is fragmented due to the presence of many regional and international players offering differentiated products. The vendors in the market are adopting various organic and inorganic growth strategies to remain competitive. The report offers detailed insights on the product launches and successful business strategies adopted by key vendors in the market. Here are some of the key players along with their product offerings.
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Snack Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.71% |
Market growth 2021-2025 |
USD 260.88 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.60 |
Regional analysis |
APAC, Europe, North America, South America, and MEA |
Performing market contribution |
APAC at 35% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Cooperatie Koninklijke Cosun UA, General Mills Inc., Hormel Foods Corp., Kellogg Co., Kind LLC, McCain Foods Ltd., Mondelez International Inc., Nestle SA, PepsiCo Inc., and Tyson Foods Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Key Topics Covered:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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