Global Snack Food Market Insights Forecasts to 2033

• The Global Snack Food Market Size was Valued at USD 254.22 Billion in 2023
• The Market Size is Growing at a CAGR of 16.83% from 2023 to 2033
• The Worldwide Snack Food Size is Expected to Reach USD 1203.86 Billion by 2033
• North America is expected to Grow the fastest during the forecast period.

The Global Snack Food Market Size is Anticipated to Exceed USD 1203.86 Billion by 2033, Growing at a CAGR of 16.83% from 2023 to 2033. The major trends such as e-commerce and online retailing could boost the market growth during the forecast period. 

Market Overview:

A snack food is a small quantity of food or drink consumed between meals. Snack food can boost energy, enhance the quality of diet, and sustain hunger in a limited period which will lead to support the growth of the snack food market. The growing retail shops and supermarkets have increased the opportunity for the snack food market. Consumers are giving preference to instant meals such as snack food due to their busy lifestyle which will boost the growth of the snack food market. The key market players in snack food manufacturing adopted automation and robotic technology to increase operation efficiency, minimizing labor costs, and reduce errors.

According to the United States Department of Agriculture, in 2023, the Philippines imported snack foods worth approximately $380 million. Baked snacks had the highest share (70%) followed by dried fruit, nuts, and seeds (15%), potato chips (12%), and popcorn (3%).

According to Volza's Global Import data, the world imported 12,601 shipments of snack food between March 2023 and February 2024 (TTM). These imports were supplied by 1,163 exporters to 1,762 global customers, representing a 27% increase from the previous year. In February 2024, the World acquired 746 Snack Food shipments. The world imports the majority of its snack food from India, the United States, and South Korea.

According to a global trade magazine, in October 2023 roughly 18K tons of snack food were imported into the United States, up 6.9% from September 2023 statistics. Overall, imports followed a very flat trend pattern. The fastest rate of growth was in May 2023, when imports grew by 19% month on month.  

Opportunity: Increased popularity of packaged snack foods

The growing population, rising income levels, and changing consumer needs have all contributed to increased demand for snacks in the market. Convenience and eating habits have been the key driving forces behind packaged snack foods.

Report Coverage:

This research report categorizes the market for the global snack food market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global snack food market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global snack food market.

Driving Factors:

The market's growth is primarily driven by rising health consciousness, particularly among the exponentially increasing working population with little or no time for food preparation, resulting in a surge in demand for nutritious and easy-to-cook-and-eat snacks. Furthermore, as more and more individuals adopt the habit of eating food, producers are being prompted to introduce a wide range of snacks, hence adding to the overall growth of the snack food market.

Restraining Factors:

The restrictive feeding methods by parents can reduce snack intake in youths, restricting market growth. The government's stringent regulation could restrict the growth of the snack food market.

Market Segmentation:

The global snack food market share is classified into product and distribution channels.

• The frozen & refrigerated snacks have the largest share of the market during the forecast period.

Based on the product, the global snack food market is categorized into frozen & refrigerated snacks, dried fruit snacks, bakery snacks, savory snacks, and confectionery snacks. Among these, the frozen & refrigerated snacks have the largest share of the market during the forecast period. It is primarily due to people's increased preference for ready-to-cook and ready-to-eat food products, particularly among the working population, who have little or no time for food preparation. It, in turn, encourages food makers to develop a wide choice of frozen and refrigerated snacks with a longer shelf life. An increasing need for convenience foods with high nutritious levels, improved flavor, and variety, resulting in greater consumption of these foods.

• The supermarkets/hypermarkets segment has the greatest share of the market over the forecast period.

Based on the distribution channel, the global snack food market is categorized into supermarkets/hypermarkets, convenience stores, specialty stores, and online channels. Among these, the supermarkets/hypermarkets segment has the greatest share of the market over the forecast period. This is mostly due to the rapid expansion of the retail industry and the increasing establishment of supermarkets and hypermarkets in various countries throughout the world. Furthermore, these stores are the principal destinations for the majority of people's snack food purchasing needs, the market is expected to grow significantly over time.

Regional Segment Analysis of the Global Snack Food Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia-Pacific is projected to hold the largest share of the global snack food market over the forecast period.

Asia-Pacific is projected to hold the largest share of the global snack food market over the forecast period. This is primarily due to the region's rapidly growing population, increasing nutritional requirements, and the growing predominance of Western snack foods. The growing demand for on-the-go snacks among consumers with little or no time for food preparation is encouraging the top firms to expand their production capacity, which will enhance the regional market in the future years. The snack sector has driven innovation, and regional brands are now entering the pan-Indian market. Manufacturers' distribution capacities are being enhanced as e-commerce in India grows rapidly.

North America region is also expected to fastest CAGR growth during the forecast period. The North American region is predicted to experience considerable expansion in the global snack food market over the forecasted period. Factors such as increased urbanization and rising household spending, which includes leisure items like snacks. Household expenditure is defined as a growth in the household's total income, including disposable income.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global snack food market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies:

• My Super Foods LLC
• Nestlé SA
• PepsiCo Inc
• Unilever PLC
• Mondelez International Inc
• The Kraft Heinz Company
• General Mills Inc
• The Kellogg Company
• Conagra Brands Inc
• Sprout Foods Inc
• AMCON Distributing Company Inc
• Hain Celestial Group Inc
• Haldiram Snacks Pvt. Ltd
• McCain Foods Limited
• Utz Quality Food LLC
• Link Snacks Inc
• Hanover Foods Corporation
• Nurture Me Inc
• Clif Bar & Company
• Herr Foods Inc
• Others

Key Market Developments:

• In October 2024, Walmart expanded its food and snack product sourcing by bringing new popular Indian brands such as Bikano, Britannia, and Jayanti Spices to the US market ahead of Diwali.

• In June 2024, G&S Foods, LLC, a co-packer and private label producer of snacks, celebrated the launch of its 348,344-square-foot snack food manufacturing factory in Hanover.

 Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)  

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global snack food market based on the below-mentioned segments: 

Global Snack Food Market, By Product

• Frozen & Refrigerated Snacks
• Dried Fruit Snacks
• Bakery Snacks
• Savory Snacks
• Confectionery Snacks

Global Snack Food Market, By Distribution Channel

• Supermarkets/Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Channels

Global Snack Food Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa