Global Snack Foods Market to Reach $732.6 Billion by 2026

News provided by

Jul 14, 2021, 10:15 ET

SAN FRANCISCO, July 14, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Snack Foods - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 15; Released: June 2021
Executive Pool: 14717
Companies: 628 - Players covered include Calbee, Inc.; Conagra Brands, Inc.; Frito-Lay North America, Inc.; Hormel Foods Corporation; J&J Snack Foods Corporation; Kellogg Company; Nestle SA; PepsiCo, Inc.; Sargento Foods, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Bakery Snacks, Salted Snacks, Confectionery, Specialty & Frozen Snacks); Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online, Specialty Food Stores, Other Distribution Channels)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry

ABSTRACT-

Global Snack Foods Market to Reach $732.6 Billion by 2026
Demand for snack foods globally is increasing steadily as hectic schedules and busy lifestyles are driving consumers supplant traditional meal occasions with convenient and healthy snack options. Demand in the global market is being driven by changing dietary habits and rapid urbanization in the developing countries. Market demand is also likely to be positively influenced by increasing disposable incomes along with introduction of innovative products. Snack foods with desirable qualities including low fat, cholesterol, sugar and calorie content, are poised to register robust growth and support market expansion. Increasing health consciousness along with craving for snack foods is anticipated to result in dynamic demand for low-fat, no-fat, low-sugar, no-sugar, low-carb, no-carb, and low-calorie snack foods. The gradually receding line between meals and snacks is churning out additional opportunities for snacking. Future growth in the market will be driven by robust demand for functional snacks, including bars, chips, cookies and yogurt, and surging popularity of protein-fortified, organic, and natural snacks.

Amid the COVID-19 crisis, the global market for Snack Foods estimated at US$493.4 Billion in the year 2020, is projected to reach a revised size of US$732.6 Billion by 2026, growing at a CAGR of 6.7% over the analysis period. Bakery Snacks, one of the segments analyzed in the report, is projected to record a 6.7% CAGR and reach US$307.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Salted Snacks segment is readjusted to a revised 7.7% CAGR for the next 7-year period.

The U.S. Market is Estimated at $164.8 Billion in 2021, While China is Forecast to Reach $87.9 Billion by 2026
The Snack Foods market in the U.S. is estimated at US$164.8 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$87.9 Billion by the year 2026 trailing a CAGR of 8.9% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.4% and 5.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.7% CAGR. The US constitutes the largest regional market and growth is being driven by preference for snacking over daily meals, busy schedules, and growing availability of healthy options. The rise in obesity in the US is motivating consumers to select a low-calorie snack compared to the traditional one. The Middle East, Latin America, and Asia-Pacific offer potential growth opportunities in view of the rising disposable incomes and the booming retail sector.

Confectionery Segment to Reach $151.8 Billion by 2026
The growing demand for functional snacks including confections supports growth in the Confectionery segment. Considered as fun foods, the easily available confections and snacks are widely consumed. With the proportion of population becoming health conscious increasing rapidly, the demand for functional snack foods is rising. In the global Confectionery segment, USA, Canada, Japan, China and Europe will drive the 5.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$80.6 Billion in the year 2020 will reach a projected size of US$118.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$16.5 Billion by the year 2026, while Latin America will expand at a 6.9% CAGR through the analysis period. More

MarketGlass™ Platform
Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to today`s busy business executive`s intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include - enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.

Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android

About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

LINKS
Join Our Expert Panel
https://www.strategyr.com/Panelist.asp

Connect With Us on LinkedIn
https://www.linkedin.com/company/global-industry-analysts-inc./

Follow Us on Twitter
https://twitter.com/marketbytes

Journalists & Media
[email protected]

SOURCE Global Industry Analysts, Inc.