Processed Snacks Market size is forecast to reach $384m by 2025, growing at a CAGR of 4.7% during the forecast period 2020-2025. The Processed Snacks Market growth rate is attributed to the trends towards informal consumption habits have clearly benefited processed snacks market. Processed snacks are generally designed to be more portable and less perishable than prepared foods. These snacks usually contain appealing ingredients such as special flavors, peanuts, and chocolates in addition to preservatives and sweeteners which enables them to be consumed during any time of the day and get an edge over prepared food. From rising urbanization and growth in the number of expatriates with desire for work-life balance, strong economic growth coupled with rising preference for convenience, protein, and healthful eating have increased the demand for packaged and processed snacks to growing investments and funds for the development of with increasing investments in R&D by manufacturers thereby, growing rate of regulatory approvals for new processed products is anticipated to propel the Processed Snacks Market during the forecast period 2020-2025.
Snacks Type- Segment Analysis
The Savory segment held the largest share in the Processed Snacks market in 2019 and is anticipated to grow at a CAGR of 4.3% during the forecast period 2020-2025. The growth in this segment can be attributed to the growing trends like convenience, protein and healthful eating. Trends seen recently were new sources of protein on the go which includes foods like yogurts enhanced with added nutritious grains such as barley or buckwheat. Intense and full-flavor snacks remain an important trend in the salty and sweet processed snack market. Finally, convenience continues to be a major factor–influencing purchase of such products.
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Packaging Type- Segment Analysis
Plastic food packaging is set to witness rapid growth owing to adoption by end users owing to its lower prices. The segment is estimated to grow at a rapid CAGR. Superior properties offered by plastic packaging such as increased sealing capacity and high moisture barrier is presumed to drive demand. Growth of this segment is driven by high product adoption in a bid to substitute non-biodegradable packing solutions. Innovations in design, ease of printability, and sustainability gives paper packaging a competitive advantage over plastic and metal packing solutions. In addition, to the factors of recyclability, non-permeability and chemical inertness there has been a growth in the demand for glass packaging for food on account of its non-corrosive nature and is poised to bolster its demand in the packaging of processed snacks.
Distribution Channel – Segment Analysis
Supermarkets and hypermarkets held major share in the Processed Snacks market in 2019, owing to the presence of large number supermarkets and hypermarkets. The high income levels of the people and the rising millennial population are contributing in the growth of this segment. The retail sector is undergoing significant changes with the rise in the number of regional convenience stores coupled with the increasing prominence of e-commerce.
By Geography – Segment Analysis
North America dominated the Processed Snacks market with a share of more than 39%. The sector for processed snacks has grown rapidly over the last few years. United States remains the largest consumer of processed snacks in the region of North America, given the nation’s large consumer base. Growing population and strong economic growth coupled with rising preference for convenience, protein and healthful eating are the driving the growth of the market in this country.
However, APAC region is also estimated to show an immense growth during the forecast period 2020-2025 owing to the shift of local population from carbohydrates to protein-based diet and the growing retail format which are enhancing the consumption of processed snacks in these countries.
Drivers – Processed Snacks Market
Changing lifestyle of people and increased consumption of processed snacks
The desire for work-life balance and pre-packaged snacks requiring little or no kitchen time is leading consumers to a surprising new destination for breakfast, lunch and dinner: the neighborhood convenience store. Rising health concern along with the demand of organic processed snacks companies have observed a decline in the demand for processed snacks containing harmful additives and thus they have developed additive free and organic variants to stabilize their sales.
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Challenges – Processed Snacks Market
Regulations on processing technique and hygiene standards of processed snacks
North America and APAC region countries are largely dominated by expatriates who have largely increased the demand for proper packaging and processing of the snacks. There has been a change in the market of consumption trends where growing trends are attributed towards convenience, protein and healthful eating. So, any companies supplying processed snacks to these regions find it difficult to meet the demands.
Processed Snacks Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the processed snacks market. In 2019, processed snacks market share is fragmented by the top ten players present in the market. Processed Snacks market top 10 companies are Nestle, PepsiCo, Kellogg, Conagra Brands, ITC Limited, Jack Link’s Beef Jerky, Diamond Foods Inc., Lorenz Snack-World, Kraft Heinz Company, Walkers Crisps and others.
In September, 2019 Nestle officially inaugurated the Institute of Packaging Sciences, the first-of-its-kind in the food industry. The new institute enables Nestlé to accelerate its efforts to bring functional, safe and environmentally friendly packaging solutions to the market and to address the global challenge of plastic packaging waste.
In 2016, PepsiCo increased its sales of products with positive nutrition made up approximately 25% of their revenue. Now, they are offering more nutritious options than ever as they strive to fulfill their Performance with Purpose goals.
In June 2019, Congara Brands Inc. launched a brand “Healthy Choice” with nutrient-dense ingredients and made to fit a busy, low carb lifestyle. The product has proved to be a reliable source of fiber and protein.
North America Region dominated the Processed Snacks Market with a share of 39% in the year 2019.
The increase in consumption of processed snacks and the changing lifestyles along with increasing concern for packaging and formulation is likely to aid in the market growth of processed snacks in APAC region.
Detailed analysis on the strength, weakness and opportunities of the prominent players operating in the market will be provided in the processed snacks market report.
Related Reports :
A. Ready To Eat Snacks Market
B. Snack Pellets Market
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