Snack products are defined as a portion of food, which is smaller than a regular meal and is consumed between the meals. Increasing demand for packaged and ready to eat food products, owing to busy schedule of the consumers is fueling global growth of the snack products market. Furthermore, portability of food products and innovation in flavors are the factors propelling the demand for snack products market worldwide. For instance, in 2014, PepsiCo Inc. had launched crushed salt & vinegar flavored Smith’s in New Zealand and Australia and hot chili and spicy seafood flavors in Thailand under the Lay’s brand.
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However, high cost of the raw materials including butter, whole milk powder, and cocoa butter is hampering the market growth. According to the UN Food and Agricultural Organization, international butter price recorded a substantial hike in June 2017.
Among the product type, fresh fruits and vegetables segment dominated the global snack products market in 2016, owing to the increasing health awareness among the consumers. Furthermore, among distribution channel, hypermarket contributed the largest share in the global snack products market in 2016. This is attributed to the wide range availability of products in hypermarket with various discount offers.
Snack Products Market Outlook
In 2016, North America dominated the snack food products market, with the S. being the major contributor. Owing to the increasing adoption of healthy lifestyle there is a growing demand for nutritious grade of snacks such as fresh fruits & vegetables and nuts & seeds in the region. However, most of the snack products such as chocolate, bakery products, and ice cream often are associated with high sugar and carbohydrate content and high consumption of these snacks is resulting in the increasing prevalence of obesity. According to Centers for Disease Control and Prevention (CDC), during 2011 - 2014, the prevalence of obesity was recorded approximately 36.5% among the U.S. adults. This high obese population in the region is fuelling the demand for low carb snacks, which in turn is supporting the overall growth of snack products market as well. Further, increasing imports of snack food products in Canada is another factor aiding to the growth of the market. According to the Alberta Agriculture and Forestry, the total import of Canada’s snack food products had grown from US$ 384.6 Mn in 2010 to US$ 674.2 Mn in 2014.
Asia Pacific is anticipated to record the fastest growth in the global snack products market. Increasing adoption for on the go food products, growing snack food industry, and distribution channel are some of the key drivers for the growth of snack products market. For instance, leading economies such as China and India are expected to witness a CAGR of over 10% and 15% in the snacks products over the forecast period. Furthermore, in India, growing demand for conventional snacks has generated high sales for local companies such as Balaji Wafers, DFM Foods, and Bikanervala. Moreover, growing retail channel is further playing a key role in market growth. For instance, in Singapore, among distribution channel, hypermarket segment witnessed the fastest growth in 2015 and growing presence of various supermarkets such as FairPrice and Cold Storage in the country and entry of new player, Big Box in 2014 is further expected to increase market penetration and drive the market.
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Major players are adopting various strategies such as merger and acquisitions and product development to sustain high competitive front of this market. For instance, in 2012, Kellogg Company entered into the snack products market by acquiring Pringles for US$ 2.69 Bn.
The major players operating in snack products market include PepsiCo Inc., Mondelez International Inc., Kellogg Company, Lamb Weston Holdings Inc., McCain Foods Ltd., Intersnack Group, Calbee Inc., Aviko B.V. General Mills Inc., and McDonald’s Corporation.
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