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Savoury snacks, Roasted nuts and seeds, Bakery products, Meal replacement drinks, and Frozen snacks are some of the most consumable products in the snack food market. Savoury foods account for more than one-fourth of the total snack food market followed by roasted nuts and seeds. The Global Snack Food Market is currently valued at around US$ 531.9 billion in 2022 and is expected to grow at an approx. CAGR of 5.6% during the forecast period 2023-2030.
The global snack food market has huge potential to grow in the upcoming years with a substantial growth rate. The market growth is supported by various factors such as lifestyle changes, increasing health concerns convenience stores like e-tail and retail stores and rapid urbanization. The snack food market is mildly affected by the Coronavirus outbreak and currently is in highly expansion mode. The disrupted supply chain due to the pandemic has impacted the manufacturing and supplying of Snack food. Covid-19 has forced people to make many lifestyle changes. With changing lifestyles, consumers find snack foods as a more convenient way to get a nutrition-rich diet.
Manufacturers are also more focused on rolling out healthy and nutritious rich snacks that can meet consumer needs. Many meal replacement meals and specific calorie focused snacks are gaining huge popularity among consumers. Companies have also come up with stronger packaging solutions for longer usage of the product. Emerging concepts like organic food and veganism have strengthened the snack food market growth. While increasing popularity of healthy snack food and convenient availability of snack food through e-stores and retail stores is driving the market growth substantially in the near future, rising production and raw material costs might hinder the market growth in the forecast period. However, the growing food and beverage industry and rising disposable income will give many growth opportunities in the snack food market.
The snack food market has been segmented based on snack food type, distribution channel, and region. These major segments are further categorized into sub-segments to study the market in detail.
Geographically, the market has been divided into North America, Asia Pacific, Europe, Middle East and Africa and the rest of the world. As per the studies, Asia-Pacific holds the largest share of the snack food market. High population density, changing lifestyles, and rising urbanization are some of the factors that are driving the market in the Asia Pacific. Asia Pacific accounts for more than 50% of the total market size and is expected to grow at the highest CAGR in the forecast period. North America is the second-largest region for the snack food market and is expected to grow significantly in the forecast period.
The major players in the market are Calbee Inc., ConAgra Foods Inc., Ferrero S.p.A., General Mills Inc., Nestle, The Kraft Heinz Company, and Tohato Inc., and many others. The snack food market has a huge number of market players that give high competence. Many local and regional snack food companies are set to foot in the market giving huge competition to the worldwide widespread companies in their local markets. Attractive packaging and premium quality are the primary factors that are focused on remaining relevant in the competitive market.
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