Snacks Products Market Is Estimated To Witness High Growth Owing To Changing Lifestyle And Eating Habits
Snack products are foods or ingredients processed or formulated between regularly scheduled meals and evening meals. Snack products include potato chips, popcorn, pretzels, ready-to-eat or ready-to-heat snack foods such as packaged crackers, and other snack foods such as snack bars, corn chips. Snack products are convenient and easy to eat. The global snacks products market is used in various industries such as food processing, bakery, confectionery, foodservice, retail, and others. The global snacks products market is estimated to be valued at US$ 1524.67 Mn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Changing lifestyle and eating habits is one of the major drivers propelling the growth of the snack products market. With increasing fast-paced lifestyle, consumers prefer easy-to-eat foods. Snack products provide consumers with healthy and filling options between their main meals at homes as well as offices. Rising urbanization and increasing disposable income have positively impacted the snack products industry globally. Moreover, changing tastes and preferences of consumers demanding innovative snacks products with flavors is expected to significantly drive the market growth over the forecast period. However, rising health concerns among people owing to increasing obesity rates may hamper the market growth.
SWOT Analysis
Strength: Snack products market provides healthy snacking options like nuts, dried fruits and protein bars. It offers convenience. The variety of products with different tastes appeals to a wide consumer base.
Weakness: Fatty and sugary snacks are less healthy and can contribute to obesity. Production of some snacks involves processing which reduces nutritional value. Packaging waste from snacks is a cause of environmental concern.
Opportunity: Growth in demand for organic, natural and plant-based snacks provides opportunities. Innovation in product development to suit health and wellness trends helps increase market share. Emerging markets offer potential for market expansion.
Threats: Stringent regulations on food labeling and production methods increases compliance costs. Competition from substitute food products may impact sales. Economic slowdowns can reduce discretionary spending on snacks.
Key Takeaways
The Global Snack Products Market is expected to witness high growth over the forecast period of 2023 to 2030 supported by changing lifestyles, rising disposable incomes and increasing health awareness. The market size is projected to reach US$ 1524.67 Mn by 2023 growing at a CAGR of 9.7% during the forecast period.
Regional analysis indicates North America currently dominates the market owing to presence of major snack companies and high snacking consumption habits. However, Asia Pacific is expected to emerge as the fastest growing regional market led by countries like China and India experiencing swift urbanization, westernization of diets and rising working population with busy lifestyles relying more on snacks.
Key players operating in the snack products market are Pelican BioThermal LLC, Sonoco Thermosafe, Cold Chain Technologies Inc., Cryopak, Sofrigam Company, Intelsius (A DGP Company), Coolpac, Softbox Systems Ltd, Clip-Lok SimPak, and Chill-Pak. These players are focusing on new product innovation, packaging improvements and expansion in high growth markets to strengthen their market position.
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