Chocolate is the largest segment driving the growth of the Global Snack Products Market
Snack products are the pre-packaged food items consumed between regular meals or on the move as hunger satisfies. They include items such as potato chips, snacks, candy and chocolate among others. Snack products provide health benefits such as providing energy, nutrients and satiety.
The global Snack Products Market is estimated to be valued at US$ 1,524.67 Mn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising demand for healthy and organic snacks due to changing consumer preferences towards natural and minimally processed foods is a key trend in the global snack products market over the forecast period. Consumers are shifting towards snacks with less sugar, low fat and whole grains. Growing health consciousness has driven the demand for snacks made from wheat, pulses, cereals and nuts. Innovations by key players to introduce plant-based snacks in line with flexitarian diets will further drive the demand.
SWOT Analysis
Strength: The snack products market benefits from high demand for convenience food and healthy snacking options. Consumers are increasingly looking for portable snacks that can be consumed on the go.
Weakness: Changing consumer preferences towards healthier options poses challenges for companies to adapt their product formulations. Further, intense competition in the market pressures companies to continually innovate and differentiate their product offerings.
Opportunity: Rising health-consciousness has created opportunities for companies to offer natural, organic and nutritious snack products. The growing millennial population also allows companies to launch new flavored and innovative snack products.
Threats: Stringent government regulations regarding ingredients and labelling compliance increases compliance costs for companies. Further, fluctuation in raw material prices, especially agricultural commodities, threatens company margins.
Key Takeaways
The Global Snack Products Market Size is expected to witness high growth, exhibiting CAGR of 2.8% over the forecast period, due to increasing demand for convenience food options. Busy lifestyles have fueled the need for snack products that can be easily consumed on the go.
Regional analysis
North America dominates the global snack products market currently. However, Asia Pacific is expected to grow at the fastest pace during the forecast period. China, India and other Southeast Asian countries offer immense growth potential for international as well as local snack product manufacturers due to rising disposable incomes, increasing urbanization and evolving consumer lifestyles in the region.
Key players
Key players operating in the snack products market are The Kraft Heinz Company, Nestlé, The Kellogg Company, Unilever, Calbee, Intersnack Group GmbH & Co. KG. Companies are launching low-calorie, high-nutrition snacks to tap the health-conscious consumer base. They are also focusing on biodegradable packaging and different flavors tailored for regional tastes.
For more insights, Read-
https://perfectinsights.blogspot.com/2023/12/increasing-snack-consumption-is.html
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