The global snacks market is anticipated to register a steady expansion, according to the latest report by Fact.MR. The report estimates market revenues to increase at a steady rate during the forecast period.
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.
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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.
- 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.
Key Segments Covered
- Product Type
- Nuts & Seeds
- Cookies & Biscuits
- Meat Snacks
- Cereal Bars
- Salty Snacks
- Other Snacks
- Sales Channel
- Snacks Sales via Modern Trade
- Snacks Sales via Departmental Stores
- Snacks Sales via Specialty Stores
- Snacks Sales via Online Stores
- Snacks Sales via Drug Stores
- Snacks Sales via Convenience Stores
- Snacks Sales via Other Sales Channels
- Source Type
- Wheat Snacks
- Maize Snacks
- Rye Snacks
- Rice Snacks
- Fruits & Vegetables
- Meat Snacks
- Other Sources
- Organic Snacks
- Conventional Snacks
Prominent snacks manufacturers are capitalizing on new product launches and enhancement of production capacities in order to extend their outreach to a larger audience. Some notable developments in the global market for snacks are as follows:
- In January 2021, Kellogg Co. is set to expand its Special K brand into the keto category, with a new line of Special K Keto-Friendly Snack Bars. The firm offers the bar in peanut butter fudge and chocolate almond fudge flavors. A single bar contains 160 calories, 12 grams of fat, 7 grams of protein, 2 grams of carbohydrates, and 1 gram of sugar
- In August 2021, Kraft Heinz unveiled its first bottle of the HEINZ Tomato Ketchup Marz Edition, made with tomatoes harvested by recreating similar soil, temperature and water conditions on Earth to those found on the Red Planet. The product was developed in conjunction with the Aldrin Space Institute
- In July 2020, Britannia Industries Ltd. announced an allocation of ? 1,000 crores (US$ 134 million) to upscale production capacity in response to an exponential rise in home snacking throughout the COVID-19 pandemic. The investment is bifurcated into Greenfield facilities (US$ 9.3 million) and new product launches, including dairy products (US$ 4 million).