The Latest Snack Food Industry Statistics Explained
The global snack food market was valued at USD 427.02 Billion in 2018.
This statistic indicates that the total value of the snack food market worldwide was USD 427.02 billion in the year 2018. This value reflects the combined revenue generated from the sales of various types of snack foods, such as chips, cookies, nuts, and other convenient, ready-to-eat products. The size of the global snack food market highlights the significant demand for these products across different regions and consumer demographics. Factors driving this market value may include changing lifestyles, busy schedules, increasing urbanization, and a growing preference for on-the-go and convenient snack options. Analyzing and understanding trends within the snack food market can provide valuable insights for companies looking to capitalize on this lucrative industry.
The snack industry is expected to register a CAGR of 5.34% during the forecast period (2020 – 2025).
The statistic indicates that the snack industry is projected to experience a Compound Annual Growth Rate (CAGR) of 5.34% over the period from 2020 to 2025. This means that on average, the snack industry’s revenue or market size is expected to grow by 5.34% each year during this five-year period. A CAGR provides a smoother representation of growth compared to a simple annual growth rate, as it considers the compounding effect over time. The forecast suggests that the snack industry is likely to expand steadily and potentially offer opportunities for businesses in this sector to capitalize on the growing demand for snack products.
In 2019, total snack sales in the U.S. stood at 64.8 billion U.S. dollars.
The statistic ‘In 2019, total snack sales in the U.S. stood at 64.8 billion U.S. dollars’ indicates the total revenue generated from snack sales across various retail outlets, food service establishments, and online platforms in the United States in the year 2019. This figure represents the monetary value of all snack products sold to consumers, encompassing a wide range of items such as chips, nuts, candies, cookies, and other similar products. The statistic highlights the significant economic impact of the snack industry within the country, reflecting consumer preferences, market demand, and overall spending patterns on convenient and indulgent food items. This data point serves as a key indicator for businesses, policymakers, and researchers to understand and analyze the trends and dynamics of the U.S. snack market.
In 2018, the U.S. was the largest market for snacks, accounting for 31.6% of global market revenue.
This statistic indicates that in 2018, the United States held the highest share of the global snack market revenue, amounting to 31.6%. This implies that the U.S. was the leading consumer of snacks compared to other countries around the world during that year. The high market share suggests a strong demand for snack products in the U.S., likely driven by factors such as lifestyle preferences, cultural norms, and consumer behavior. This statistic highlights the significant role of the U.S. in the global snack industry and underscores the country’s influence on consumption patterns and market trends within the snacking sector.
Snack bars are estimated to have a compound annual growth rate (CAGR) of 7.7% by 2027.
The statistic ‘Snack bars are estimated to have a compound annual growth rate (CAGR) of 7.7% by 2027’ indicates that the market for snack bars is projected to experience steady growth over the coming years. The compound annual growth rate of 7.7% suggests that the industry’s revenue or market size is expected to increase at a consistent rate each year. This growth rate is a positive indicator for the snack bar industry, suggesting that consumer demand for these convenient and portable snacks is expected to remain strong and potentially expand further in the near future. Businesses operating in the snack bar market may find this statistic encouraging as they plan for future strategies and investments.
North America accounted for over 35% revenue share in the global snack bars market.
This statistic indicates that North America played a significant role in the global snack bars market, contributing over 35% of the total revenue generated from snack bar sales worldwide. This suggests that the North American region has a strong demand for snack bars and is a key market for manufacturers and retailers operating in the snack bar industry. Factors such as a busy lifestyle, increasing health awareness, and a preference for on-the-go convenient snacks might have contributed to the popularity and high revenue share of snack bars in North America. Understanding the regional trends and preferences can be crucial for businesses looking to capitalize on the growth opportunities in the snack bars market.
Potato chips were the most profitable snack product, selling $7.2 billion worth in 2017 in the U.S.
The statistic that potato chips were the most profitable snack product in the U.S. in 2017, selling $7.2 billion worth, indicates that consumers have a strong preference for this particular snack item. The significant sales volume highlights the popularity and widespread consumption of potato chips, potentially driven by factors such as convenience, taste, and marketing strategies employed by manufacturers. The substantial revenue generated by potato chips underscores their economic importance within the snack food industry, making them a leading product category that contributes significantly to overall sales and profitability in the market.
Tortilla and tostada chips revenue amounted to approximately $5.9 billion in 2020 in the U.S.
The statistic reveals that the total revenue generated from sales of tortilla and tostada chips in the United States reached around $5.9 billion in the year 2020. This figure highlights the substantial economic contribution of the tortilla and tostada chip industry to the U.S. market. The high revenue indicates a strong consumer demand for these snack products, likely driven by factors such as convenience, taste, and cultural preferences. The statistic underscores the popularity and widespread consumption of tortilla and tostada chips, positioned as significant players in the overall snacks and packaged food sector within the U.S. economy.
Total U.S. retail sales of popcorn amounted to about $2.4 billion in 2020.
The statistic that total U.S. retail sales of popcorn amounted to about $2.4 billion in 2020 represents the total revenue generated from the sale of popcorn products across various retail outlets throughout the United States during that specific year. This figure encapsulates the collective consumer spending on popcorn items, including ready-to-eat bags of popcorn, microwave popcorn, popcorn kernels, and popcorn products found in movie theaters, grocery stores, convenience stores, and other retail establishments. The statistic highlights the popularity and economic significance of popcorn as a widely enjoyed and consumed snack food in the U.S. market, demonstrating its substantial contribution to the overall retail industry and reflecting consumer preferences for convenient and affordable snacking options.
The snack foods manufacturing industry in the U.S. has 1,077 companies.
The statistic “The snack foods manufacturing industry in the U.S. has 1,077 companies” indicates that there are a significant number of companies operating within this specific sector of the U.S. economy. The large number of companies suggests that the snack foods manufacturing industry is competitive and diverse, with a wide range of players contributing to the market. This data point could be used to understand the overall size and scope of the snack foods industry, highlighting the level of fragmentation and potential for innovation and competition within this market segment. Additionally, further analysis of these companies could provide insights into market dynamics, trends, and competitive strategies within the snack foods industry.
The snack food industry in the U.S. employs around 63,389 people.
The statistic indicates that there are approximately 63,389 individuals employed in the snack food industry in the United States. This figure sheds light on the significant workforce that contributes to the production, distribution, and sale of snack foods across the country. It suggests a large-scale industry that not only plays a crucial role in providing consumer goods but also stimulates economic activity through job creation and spending. The employment of over 63,000 people in this industry underscores its importance in the overall economy and highlights the number of individuals supported by the snack food sector in the U.S.
41% of U.S. consumers polled in 2018 said they eat snacks instead of a standard meal at least once a day.
The statistic states that 41% of U.S. consumers surveyed in 2018 reported choosing to have snacks in place of a regular meal on a daily basis. This implies that a significant proportion of the population has adopted a habit of snacking instead of consuming traditional meals regularly. The trend towards snacking could be influenced by factors such as busy lifestyles, convenience, changing dietary preferences, or a desire for smaller, more frequent food intake. Understanding these patterns can have implications for food manufacturers, retailers, and health professionals in terms of product development, marketing strategies, and nutritional education, as well as potential impacts on overall dietary patterns and health outcomes.
Asia Pacific was the largest consumer of snack foods, accounting for more than 30% of world’s consumption in 2015.
The statistic indicates that in 2015, the Asia Pacific region had the highest consumption of snack foods globally, representing over 30% of the total worldwide consumption. This suggests that the region has a significant and growing appetite for snack foods, potentially driven by factors such as changing dietary habits, increasing urbanization, and a growing middle class with higher disposable incomes. The high consumption levels may also reflect the popularity and availability of a wide variety of snack options in the region. This statistic underscores the importance of the Asia Pacific market for snack food producers and highlights the potential for further growth and market development in the region.
Extruded snacks dominated the snack products market in 2015, representing over 30% of the total market.
The statistic indicates that extruded snacks were the most popular type of snack product in the market in 2015, accounting for more than 30% of the total market share. This suggests that consumers had a strong preference for extruded snacks over other snack options such as baked goods, potato chips, or confectionery products during that time. The dominance of extruded snacks in the market may be attributed to factors such as convenience, variety of flavors, or perceived taste and texture preferences among consumers. This information is crucial for snack manufacturers and marketers to understand consumer behavior and tailor their product offerings to meet the demands of the market effectively.
The snack foods market in India is expected to reach INR 1,385bn by 2023.
This statistic indicates that the snack foods market in India is projected to grow significantly, reaching a value of INR 1,385 billion by the year 2023. This growth suggests a strong consumer demand for snack foods in the Indian market, likely driven by factors such as changing lifestyles, increasing urbanization, growing disposable incomes, and shifting dietary preferences. The projected increase in market size also points towards potential opportunities for businesses operating in the snack foods industry to capitalize on this growing market and expand their market share.
By 2024, the chips segment is expected to register a CAGR of 4.2% in terms of value in the global snacks market.
This statistic indicates that from the current year until 2024, the chips segment within the global snacks market is projected to experience a Compound Annual Growth Rate (CAGR) of 4.2% in terms of its value. This means that the value of the chips segment is expected to increase at an average annual rate of 4.2% over the specified period. Such growth rate suggests a positive outlook for the chips market, signaling potential opportunities for companies operating within this segment to expand their market share and profitability. Factors contributing to this growth could include changing consumer preferences, product innovation, and increasing demand for convenient snack options.
In 2023, savoury snacks in Asia are forecasted to become a $51.1bn industry.
This statistic indicates that the market for savoury snacks in Asia is projected to grow significantly in 2023, reaching a total value of $51.1 billion. This forecast suggests a strong demand for savoury snacks in the region, indicating a potentially lucrative and growing industry for businesses involved in the production, distribution, and sale of these products. Factors contributing to this growth could include changing consumer preferences, increasing disposable incomes, urbanization, and a shift towards convenient and on-the-go snack options. The forecasted value of $51.1 billion highlights the economic importance and market potential of the savoury snacks industry in Asia for the upcoming year.
Conclusion
The statistics presented reveal the significant growth and consumption trends within the snack food industry. It is evident that consumers are increasingly turning to convenient and indulgent snack options, leading to a surge in demand for innovative and diverse products. As the industry continues to evolve and adapt to changing consumer preferences, it is crucial for snack food companies to stay informed and agile in order to remain competitive in this dynamic market.
References
0. – https://www.www.ibisworld.com
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4. – https://www.www.nielsen.com
5. – https://www.www.mordorintelligence.com
6. – https://www.www.researchandmarkets.com
7. – https://www.www.bakeryandsnacks.com
8. – https://www.www.grandviewresearch.com
