Global Snack Food Market (2023-2027)

Increasing Demand for Convenient & On-the-Go Snacking

Consumers are choosing to consume quick-to-eat foods that allow them to eat on the go, which has impacted per capita spending on savoury snack foods. Extended workdays and busier lifestyles have caused customers to shift from expensive lunches to desk snacks and packaged foods. The size of the on-the-go snacking industry is expected to show a growth rate of 6.69% by 2024, and in affluent countries like the United States and the UK, consumers are increasing their expenditure. In 2021, an average American was spending $9.22 per week, adding up to $479.44 in a year. Additionally, the development of low-sodium healthy chips and baked options rather than fried ones is increasing their appeal among the younger generation, since a baked chip contains about 110 to 140 calories and 2.5 to 6 grams of fat compared to a fried chip’s 150 calories and 9 grams of fat, 2.5 grams of which is saturated fat.

Impact of COVID-19 on Snacking Habits

The COVID-19 pandemic has impacted the food and beverage industry. In 2020, there was an increased consumption of processed, long-life dry goods and at-home cooking ingredients, compared to the healthy, higher-priced delicacies that were preferred before COVID. Over the past years, the purchase of home cooking ingredients had declined by 4%, while meals purchased away from home—including restaurant take-in, eat-out, delivery, and supermarket café or prepared food—had increased by 49%. However, COVID-19 saw a reverse trend as people were mostly staying at home, and the sale of food and beverages during the lockdown period increased by up to 20.6%. This was also followed by a rise in the trend of healthy snacking, which evolved due to the elimination of foods containing sugar and carbohydrates.

Increasing Snacking Start-ups across the World

Snacking preferences across the world are emerging, and consumers now prefer healthier, convenient, and innovative snacking options, leading to the rise of numerous start-ups in the snacking space. Goldbelly is one such start-up in America that aims to share international cuisine with American consumers, making it easier for customers to try different cuisines. Their revenue crossed $18.1 million in 2023 and recorded 22% growth in the previous year. As the snacking industry continues to evolve across the world, these ventures are poised to play a crucial role in shaping the future of snack consumption.

Emergence of Healthier Snacking Alternatives

Gluten-free and organic snacking is a growing trend globally, driven by health-conscious customers and those with gluten-related allergies like celiac disease. The demand for gluten-free snacks is increasing due to rising awareness and the prevalence of disorders such as celiac disease. In 2023, the organic snack market was valued at $12.3 billion and is expected to grow at a rate of 9% until 2032. Some of the commonly available organic snacking alternatives in the market include pretzels, pancakes, bagels, and cookies. Supermarkets, hypermarkets, and online retailers across the globe are expected to comprise the distribution network of this market.