The face of snacking is changing in a post-COVID world as empowered consumers increasingly seek tasty, nutritional, and sustainable foods to fuel their evolving lifestyles. Snacking is on the rise as demand for customization and variety, as well as increased at-home cooking occasions, leads to increased consumption. Consumers are demanding Better-for-You (BFY) snack options, which is driving research and product innovation to meet these healthier lifestyles. Localization is encouraging the use of bold, spicy flavors, and exotic ingredients to appeal to international palates, which is driving growth in regional markets. The continued shift towards online purchasing is also driving sales growth, as snack foods is one of the top food categories purchased through the eCommerce channel.
The global snacking industry, comprised of both savory and sweet snacks, reached an estimated ~$214 billion in 2020. The two primary regions accounting for that are the Asia Pacific region, with the largest global market share at 56%, followed by North America, accounting for 25%.
The Snacking Industry has witnessed significant changes in the last twelve months, with companies focusing on adapting new market trends, enhancing operational efficiencies, and expanding product portfolios. Some key players in the snacking market are focused on organic growth through product innovation, while others are pursuing inorganic growth through M&A.