Asia Pacific was the largest region in the global snack food market, accounting for 56% of the market in 2019. North America was the second largest region accounting for 25% of the global snack food market. Africa was the smallest region in the global snack food market.
Many manufacturers and producers are increasingly using natural ingredients and have also reduced the use of artificial colors and flavours. Health concerns of consumers is increasing the sales of products with natural ingredients, additives and colouring agents. For instance, Pizza Hut stopped using artificial flavours and colors in its US stores in 2015.
Food and Beverage manufacturers should look to gain a stronger foothold in the increasingly popular healthy food products segment, either by introducing products with natural additives and colouring agents or by acquiring smaller firms that produce products with natural ingredients.
The snack food market consists of sales of snack foods by entities (organizations, sole traders and partnerships) that produce snack foods. The companies in the snack food
industry are primarily engaged in salting, roasting, drying, cooking or canning nuts; processing grains or seeds into snacks; manufacturing peanut butter; or manufacturing potato chips, corn chips, popped popcorn, hard pretzels, pork rinds and similar snacks. The companies package and distribute their products through various distribution channels to both individual customers and commercial establishments.
The global snack food market is expected to grow from USD 210.4 billion in 2019 to USD 215.9 billion in 2020 at a compound annual growth rate (CAGR) of 2.7%. The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 7% from 2021 and reach USD 264.8 billion in 2023.
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