Snack Food Industry Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The Snack Food Market size is estimated at USD 456.29 million in 2023, and is expected to reach USD 538.53 million by 2028, growing at a CAGR of 3.37% during the forecast period (2023-2028). 

These days, consumers prefer their food to be easy to carry and quickly accessible, making snack food the best option. Witnessing the sudden upsurge, manufacturers eventually launched products enriched with protein, vitamins, and nutrients, giving consumers on-the-go nutrition while snacking. Functional snacking is gaining more importance these days as people are replacing their meals with snacks and need proper nutrition through snacking. According to the 2021 report of Mondelez International about snacking habits, 72% of people look for portion-controlled snacking options, which means they require their nutrition needs to be fulfilled by snacking.

Over the medium term, snack food may emerge as an alternative to full-fledged meals with a paradigm shift in consumer behavior patterns. Snacks are evolving to cater to changing demand as empowered consumers increasingly seek tasty, nutritional, and sustainable foods to fuel their on-the-go lifestyles. Snacking is on the rise, as the demand for convenience and portability fuels consumption, with premiumization spurring innovation and variety in fresh, better-for-you, and functional snacks. Localization encourages the use of bold and spicy flavors and exotic ingredients to appeal to global palates, driving growth in the regional markets. Convenience also drives the online sales of ready-to-eat snacks, with snack foods being one of the top food categories purchased through e-commerce channels.​

The COVID-19 pandemic created opportunities for private snack food players to emerge in the markets and cater to the inflated demand. The demand for innovative snack products is consistently high in developed countries because snacks are a quick and convenient source of nutrition and energy. Globally, the number of independent working women, double-income families, and nuclear families is increasing. This demographic change increases the demand for convenience food by many folds. Snack food is considered the closest alternative to regular food, which can be consumed anytime. 

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