Snack market to grow by USD 300.56 billion in 2023 | Rise in disposable income and change in lifestyle to drive the market growth - Technavio
NEW YORK, Nov. 5, 2023 /PRNewswire/ -- Snack market insights -
- Vendors: 15+, including Agthia Group PJSC, B and G Foods Inc., Calbee Inc., Conagra Brands Inc., Cooperatie Koninklijke Cosun UA, Deco Food Service, Ferrero International S.A., General Mills Inc., Happytizers Pvt Ltd, Harvest Almond Snacks, Hormel Foods Corp., J and J Snack Foods Corp., Kellogg Co., Kind LLC, McCain Foods Ltd., Mondelez International Inc., Nestle SA, NutriAsia Inc., PepsiCo Inc., Popcorn Shed Ltd., Rich Products Corp., Sargento Foods Inc., The Hain Celestial Group Inc., The Hershey Co., The Kraft Heinz Co., Tyson Foods Inc., among others.
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: Product (Bakery products, Chocolate, Savory snacks, Frozen snacks, and Others), Distribution Channel (Offline and Online), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)
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In 2017, the snack market was valued at USD 596.34 billion. From a regional perspective, APAC held the largest market share, valued at USD 191.73 billion. The snack market size is estimated to grow by USD 300.56 billion from 2022 to 2027. Major Drivers – Rise in disposable income and change in lifestyle, Evolving taste preferences and Growing preference for savory snacks
However, the growth momentum will be decelerating at a CAGR of 6.51% according to Technavio.
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Snack market - Customer Landscape
To help companies evaluate and develop growth strategies, the report outlines –
- Key purchase criteria
- Adoption rates
- Adoption lifecycle
- Drivers of price sensitivity
- For highlights on customer landscape analysis, download a sample!
Snack market - Vendor Insights
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors including –
- Calbee Inc. - The company offers snacks such as potato chips, jagarico, jagabee, and sapporo potato.
- Conagra Brands Inc. - The company offers snacks such as mug cakes, muffins, salsa, and tortilla chips.
- Ferrero International S.A. - The company offers snacks such as Ferrero Rocher, Tic Tac, and Nutella.
- General Mills Inc. - The company offers snacks such as nature valley crunchy granola bars peanut, fruit gushers gluten free fruit snacks flavor mixers, and gardetto snack mix garlic rye chips.
Snack market – Market Dynamics
KEY challenges –
- Rising number of health effects
- Fluctuations in raw material costs
- Warehousing and distribution challenges of frozen snacks
The snack market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.
What are the key data covered in this snack market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the snack market between 2023 and 2027
- Precise estimation of the size of the snack market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the snack market industry across APAC, Europe, North America, South America, and Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of snack market vendors
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Table of contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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SOURCE Technavio
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