Rockville, MD -- (SBWIRE) -- 09/06/2018 -- Snack is the portion of food, usually smaller than regular meals. Snacks come in various forms such as processed foods, and packaged snack foods. Snack foods are designed specifically to be satisfying, quick, and portable. Processed snacks are designed for being less perishable, and more durable. With widely spread convenience stores across the globe, the business for packaged snack food has is witnessing a significant rise.
In the current world, consumers are more concerned about their snacking habits. Earlier, snacks were considered to be stop-gap food between meals. At present, they are being consumed with meals across many developed economies. This has led to a higher adoption of healthy snacking products such as extruded snacks, on the back of their metabolic benefits. In addition, the fast-paced lifestyle of people is driving adoption of packaged food such as bakery, and confectionary products. The global market for snacks is highly fragmented the presence of myriad large as well as small vendors competing to increase their market presence by leveraging their sales, based on promotion, service, innovation, and quality. These factors will augment growth of the market in the near future. However, savory and sweet snacks do not contribute to health and wellness trends. Moreover, the snacks are usually more expensive as compared to their standard counterparts. These might act as restraining factors for market growth. The global snacks market led by North America at its helm is poised to grow at a steady rate during the forecast period. The global snacks market is projected to grow at a CAGR of 5.6% through 2022.
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(Additional information, including cross-sectional data and country-wise analysis & forecast is available in the report)
Biscuits Larger than Bars and Fruit Segment in Global Snacks Market
With a revenue share of more than 50% by product type, biscuits represent the most attractive segment in the snacks market. This segment is anticipated to grow to almost US$ 48 billion by the end of the forecast period with North America contributing 1/3rd revenue share. The fast-paced lifestyle of consumers in North America makes biscuits particularly appealing in the snacks market. The second most lucrative segment in the snacks market is snack bars that comprise a quarter of the revenue. While North America is the largest region for snacks, the CAGR of Japan and Europe is in high single-digits.
Target Independent Retailers and Convenience Stores in Snacks Market
It would make sense to focus on convenience stores and independent retailers as supermarkets are already fairly well-entrenched in the snacks market. Convenience stores are likely to witness steady growth in terms of revenues. Independent retailers have a lower revenue share, but this segment will continue to offer growth opportunities to manufacturers. North America contributes approx. 1/3rd of the snacks market in the case of both independent retailers as well as convenience stores, making it imperative for snack companies to focus on these distribution channels in the snacks market.
Wheat Occupies a Large Chunk of the Global Snacks Market
The wheat segment consists of roughly half the revenue share by source segment in the snacks market for 2017 on account of its nutritive value and diverse application in a variety of foodstuffs. While North America is the largest region by absolute value, a higher CAGR of 6.5% for the period from 2017 to 2022 is projected in the fast-growing APEJ region which companies involved in the snacks market would be recommended to take note of. The oats segment of the snacks market could be a potential prospect of just under US$ 16 billion in 2017 and North America alone should near a value of US$ 4.7 billion in the same year.
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Niche Opportunity Exists in Millets Segment of Global Snacks Market
Even though the millets segment is projected to record a comparatively high CAGR during the forecast period, the market size will be only 1/5th of the wheat segment by the end of 2022. Companies wishing to enter the millet segment snack market might wish to direct their investments towards the APEJ region.
Overall, the global snacks market is expected to continue to grow at a steady pace during the forecast period 2017-2022. North America and APEJ will continue to remain lucrative during the forecast period, and it is predicted that manufacturers will focus their attention on these two markets during the forecast period. Innovation in product packaging and manufacturing will also be crucial in this market.
The report has profiled prominent manufacturers of snacks in the global market, which include National Biscuit Industries LTD SAOG, Kellogs, Kraft Foods Group, INC., Nestle SA., Campbell Soup Company, ITC Limited, Mondelez International,INC., Lotus Bakeries NV, Britannia Industries Limited, and CALBEE, Inc.
Report Analysis at https://www.factmr.com/report/50/snacks-