The global snacks products market was valued at USD 141.6 billion in 2021 and is projected to expand at a CAGR of 5.2% from 2022 to 2030. Snacks products are gaining popularity among consumers due to their convenience, affordability, and taste. The growing trend of snacking and busy lifestyles are driving the sales of snacks products. Furthermore, the growing urban population, rising disposable income, and changing eating habits among consumers are contributing to the market growth.

In addition, the introduction of premium snacks and the growing trend of health consciousness among consumers are further propelling the demand. For instance, in November 2021, Nestlé launched a premium range of chocolate-based snacks products under the brand KitKat Chocolatory. Furthermore, the development of innovative flavors and products has opened up many growth opportunities for the market. For instance, in February 2022, PepsiCo launched a new limited-edition flavor for Doritos chips.

Snacks products are becoming an important part of the diet for many consumers, as they are convenient, affordable, and tasty. In addition, an increase in the number of foodservice outlets, such as restaurants and cafes, has increased the availability of snacks products, thus driving the market growth. Furthermore, the growing trend of on-the-go snacking has increased the demand for ready-to-eat snacks products.

Moreover, the increasing demand for organic snacks products is propelling the market growth. Consumers are increasingly opting for organic snacks products due to the health benefits associated with them. Furthermore, the rising trend of veganism has also led to an increase in the demand for vegan snacks. For instance, in October 2021, PepsiCo launched a new vegan snack brand, called Bare Snacks. The brand offers a range of snacks made from organic fruit and vegetable ingredients.

The key players in the market are focusing on developing new products to cater to the changing preference of consumers. For instance, in April 2022, Kellogg’s launched a new snack range called the Protein Bites. The range includes protein-packed snacks, such as peanut butter and chocolate chip and double chocolate chip, made with real ingredients. Moreover, the rising trend of snacking is expected to create opportunities for the market in the coming years.

The savory snacks segment dominated the market and accounted for the highest share of around 45.5% in the year 2022. Increasing demand for savory snacks due to their taste, convenience, affordability, and availability is expected to drive the market growth over the forecast period. According to an article published by the National Association for the Specialty Food Trade, in 2019, savory snacks accounted for the highest share in the U.S. snack market with a value of USD 32.3 billion.

The bakery snacks segment is expected to expand at a CAGR of 8.5% over the forecast period. Growing health consciousness among consumers has led to an increase in the demand for healthy, organic, and natural snacks. Furthermore, the growing trend of snacking and on-the-go meals is also driving the demand for bakery snacks. In addition, the increasing popularity of bakery snacks among young people is expected to fuel the growth of the market. According to an article published by the National Association for the Specialty Food Trade, in 2019, bakery snacks accounted for the second-highest share in the U.S. snack market with a value of USD 21.4 billion.

The supermarkets and hypermarkets segment held the dominant share of over 35.4% in 2022. The growth of the segment is mainly driven by the increasing consumer preference for supermarkets and hypermarkets as a primary source for purchasing snacks. The wide range of products available at supermarkets & hypermarkets, along with discounts and promotions, are the key factors driving the segment. In addition, supermarkets & hypermarkets provide convenience to customers by providing easy access to snacks products and facilitate quick purchasing decisions.

The online segment is expected to expand at the highest CAGR of 12.1% over the forecast period. The growth of the segment is driven by the increasing penetration of the internet in urban areas, increasing disposable incomes, and rising consumer inclination towards online shopping of snacks products. Companies are also launching online websites and shopping apps to increase their brand visibility among consumers. For instance, in November 2020, Parle Products launched its website to enable direct-to-consumer (D2C) sales of its snacks products.

The packaged snacks segment accounted for the largest revenue share of 56.9% in the year 2022. The popularity of packaged snacks such as chips, popcorn, and pretzels among consumers from all age groups is driving the growth of this segment. Moreover, the increasing demand for convenience food due to the hectic lifestyle of consumers is further driving the growth of this segment. For instance, in June 2022, PepsiCo Inc. introduced a range of convenient and ready to eat snacks under their Frito-Lay brand.

The health snacks segment is anticipated to expand at the highest CAGR of 10.2% over the forecast period. The rising demand for healthy snacks among health-conscious consumers is propelling the growth of this segment. Moreover, the increasing consumption of plant-based snacks such as nuts and seeds is also driving the demand for health snacks. For instance, in October 2022, Mars Inc. introduced new plant-based snack bars under its brand Cocoavia.

Asia Pacific is expected to register the highest CAGR of 6.7% over the forecast period. Increasing demand for snacks in countries such as India, Japan, and China is the primary factor driving the market in the region. Moreover, the presence of leading snack manufacturers such as PepsiCo, ITC, and Kellogg’s has also contributed to the market growth. For instance, in March 2021, PepsiCo launched a new range of snacks called ‘Treats’ in India.

North America is expected to account for the second-largest market share in 2022, primarily due to the presence of established snack manufacturers in the region. Moreover, increasing demand for convenience foods due to hectic lifestyles is also contributing to the growth of the market. For instance, in April 2021, Kellogg’s launched the ‘Cheez-It Snap’d’, a thin snack cracker in the U.S. and Canada.

In this part of the snacks products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your snacks products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a snacks products business comes from sales of snacks products, online orders, wholesale orders, and retail orders. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, bulk orders, and subscription services.

Projecting Expenses
In this section, all the regular expenses related to keeping the snacks products business running will be described. The list of operating expenses includes ingredients, packaging materials, wages, maintenance and repairs, utilities, insurance policies, advertising, and others.

Some of the key companies operating in the snacks market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In April 2022, Frito-Lay launched a new range of snacks including chips, crackers, and pretzels.

– In June 2022, Kellogg’s launched a new line of snacks, including granola bars, trail mix and popcorn.

– In August 2022, Mondelez International launched a range of snack bars under the Cadbury brand.

Some of the prominent players in the snacks market include:

– Frito-Lay
– Kellogg’s
– Mondelez International
– PepsiCo
– Nestle SA
– The Hershey Company
– Mars Inc.
– General Mills, Inc.
– Kraft Heinz Company
– ConAgra Brands, Inc.

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global snacks products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Salty Snacks
– Sweet Snacks
– Frozen Snacks
– Savory Snacks
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Convenience Stores
– Online
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Mass
– Premium

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the Key Players in the Snacks Products Market?
[A]: Major players operating in the snacks products market include PepsiCo, Inc., The Kellogg Company, Mondelēz International, Inc., General Mills, Inc., Snyder’s-Lance, Inc., Intersnack Group GmbH & Co. KG, Diamond Foods, Inc., TreeHouse Foods, Inc., ConAgra Foods, Inc., and Haldiram Snacks Pvt. Ltd.

[Q]: What is the Potential of Product Innovation?
[A]: Over the years, snacks have undergone significant changes. Manufacturers are introducing innovative products that are healthy, convenient, and affordable, while still tasting great. Consumers are increasingly demanding snacks with clean labels, free-from ingredients, and functional benefits. To meet these demands, companies are introducing new products containing natural ingredients, such as quinoa, flax, and chia, and are adding functional ingredients, such as probiotics and omega-3s.

[Q]: What are the Factors Driving the Snacks Products Market?
[A]: Factors such as the increasing demand for convenience foods, the growth in the number of snacking occasions, the rising trend of health and wellness, and the growing demand for organic and gluten-free snacks are driving the growth of the snacks products market.

[Q]: What Region Offers the Largest Opportunity for Sales of Snacks Products?
[A]: With an absolute dollar opportunity of $32 B (USD), North America is expected to be the most lucrative region in the snacks products market.

[Q]: What are the Key Trends in the Snacks Products Market?
[A]: Key trends in the snacks products market include the growing demand for plant-based snacks, the popularity of low-calorie snacks, the increasing demand for ready-to-eat snacks, the growing demand for organic and gluten-free snacks, and the rising trend of health and wellness.