The global snacks market is expected to reach USD 1.8 trillion by 2030, according to a new report by Grand View Research, Inc. Significant changes in food consumption patterns brought about by pandemic induced lockdowns coupled with collaborations between food delivery partners and snacks manufacturers, together propelled the global market.
Snacks Market Report Highlights
· Frozen & refrigerated snacks dominated the market as they guarantee increased life and freshness of snacks such as pizzas, and frozen meat snacks.
· Supermarkets and hypermarkets dominated the market due to the sheer volume of stores present across the world and the convenient option of having a vast option of product varieties in a single place.
· Asia Pacific is expected to register the fastest growth during the forecast period. The rapid adoption of online channels and its integration with brick-and-mortar stores for the purchase of snacks is expected to be the major growth driver in this region.
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Many people have gained weight as a result of sedentary jobs and being at home for prolonged amounts of time. As a result, consumer preferences have shifted away from unhealthy eating and toward healthy snacking. As a result, snack product manufacturers are following this trend and introducing new items that are both tasty and nutritious for consumers. Lifestyle changes, cultural shifts, and rising consumer knowledge and awareness have all had a significant impact on how people eat. Many consumers in Europe and North America prefer to snack throughout the day, creating tremendous potential for manufacturers.
Savory snacks are expected to showcase tremendous growth during the forecast period. The consumer demand pattern shows their preference for smaller mini-meals, which they may get from a variety of places, including "healthy" vending machines. Although nuts and snack bars are gaining prominence across the snack’s product segment, demand for savory foods such as sushi, meat nibbles like jerky, and hand-held wrap sandwiches are also increasing. The market segmented on the basis of distribution channels was dominated by the supermarkets and hypermarkets segment. However, online distribution channels are expected to drive market growth during the forecast period.
Asia Pacific dominated the market in 2021 and is expected to maintain its dominance during the forecast period. Food habits in Asia are being shaped by rising living standards and premiumization. Consumers want new or customized items to fit their lifestyle, which tends to push them away from the three-meal-a-day model and toward the idea of easily available snacking on the go. The snacking habits of millennials are closely linked to their use of social media. It has become the ideal place for consumers and brands to test and promote innovative ideas leading to market growth in the region.
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Grand View Research has segmented the global snacks market based on source, distribution channel, and region.
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