Snack foods refer to various foods like chips, pretzels, biscuits or cookies that are consumed outside regular meal times. They are convenient, portable, and contribute to energy needs. Over the years, consumer preferences have shifted towards nutritious snack options containing whole grains, proteins, less sugar and salt. Popular nutritious snacks now include protein bars, nuts, seeds, dried fruits and jerky. Manufacturers are innovating new recipes to meet this demand. The global snack products market offers a diverse range of choices from savory to sweet snacks. Advancements in processing techniques have enabled longer shelf life and convenient packaging sizes. The global Snack Products Market is estimated to be valued at US$ 1524.67 Mn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends influencing the snack products market is the rising demand for clean label products. Consumers are increasingly willing to pay premium prices for products containing simple, natural ingredients without artificial preservatives, flavors or colors. Manufacturers are responding by launching ranges with no added MSG, GMO ingredients or artificial sweeteners. Another notable trend is the expanding variety of gluten-free snack options. The prevalence of celiac disease and gluten sensitivity has boosted demand. Companies offer gluten-free variants of popular snacks like chips, cookies and crackers. Innovation in packaging formats is also driving market growth. Formats like stand-up pouches, re-closable bags and single serve packets enhance portability and convenience.
Porter’s Analysis
Threat of new entrants: The snack products industry has low threat of new entrants as it requires high initial costs for manufacturing facilities and equipment. Large-scale production is needed to achieve economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various snack brands and substitutes in the market. However, buyers prefer branded/established products.
Bargaining power of suppliers: Few raw materials producers dominate the supply market, giving them some bargaining power over snack manufacturers.
Threat of new substitutes: Products from other food categories pose threat of substitution. Companies strive to offer unique flavors and variants to maintain customer preference over substitutes.
Competitive rivalry: Being a high-volume market, companies focus on pricing, branding and innovation to gain market share in this competitive industry.
Key Takeaways
The global Snack Products Market Growth expected to witness high.
Regional analysis comprises: North America accounts for largest share currently led by U.S. Asia Pacific region is fastest growing market with China and India as major countries. Western European snack market is mature however countries like Germany and UK offer growth opportunities. Emerging economies of Latin America and Middle East & Africa are future growth regions.
Key players operating in the snack products market are Pelican BioThermal LLC, Sonoco Thermosafe, Cold Chain Technologies Inc., Cryopak, Sofrigam Company, Intelsius (A DGP Company), Coolpac, Softbox Systems Ltd, Clip-Lok SimPak, and Chill-Pak. Key players are focusing on new product launches, mergers, acquisitions and geographic expansion to gain market share. They are investing in R&D to develop innovative products catering to changing consumer preferences for healthier snack options.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
