The Snack Products Market is estimated to increase at a CAGR of 3.37 per cent during the forecast period 2021-2026

Snack:

A snack is a small meal taken in between meals. Snacks are packaged snack foods and other processed foods that come in a range of sizes and shapes.


Market Growth:

In 2020, the Snack Products Market was worth USD 427.02 billion, and it is expected to grow at a CAGR of 3.37 percent over the forecast period (2021-2026).


During the first few months after the COVID-19 pandemic broke out, the snack food sector saw a drop in demand, owing to impediments to goods transportation and the closure of retail establishments. Snacking became a prevalent practice, especially among the adult and younger population, since customers were compelled to stay indoors. This has led to people "purchasing in bulk" snack foods, allowing them to avoid unexpected hunger. As a result of the unexpected increase, manufacturers have developed high protein, vitamins, and nutrients, providing consumers with on-the-go nutrition while snacking.


Frozen snacks, savory snacks, fruit snacks, confectionery snacks, bakery snacks, and other snacks make up the global Snack Products Market. The market is divided into supermarkets and hypermarkets, convenience stores, online retail stores, and other distribution channels based on distribution channels.


Regional Analysis:

Due to rising demand from developing countries such as India and China, Asia-Pacific is the largest and fastest-growing market for snack food items, followed by North America. The spread of Western eating habits to the developing world and increasing urbanization have aided multinational firms in improving market penetration in Asia-Pacific emerging countries. During the study period, the Chinese Snack Products Market grew steadily, and it is predicted to continue to increase in the future year.


Key Players:

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 are among the leading competitors in the snack products market.

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