The Latest Snacks Industry Statistics Explained
The global snacks market size was valued at $439.9 billion in 2018.
The statistic indicates that the global snacks market had a total worth of $439.9 billion in the year 2018. This figure represents the economic value of all snacks sold worldwide during that specific year. The market size is a key indicator of the scale and importance of the snack industry on a global level, encompassing various types of snack products such as chips, chocolate, nuts, and more. The size of the snacks market reflects consumer preferences, market trends, and economic factors that influence the consumption and production of snack foods on a global scale.
The snack food industry is projected to have an annual growth rate of 3.4 percent between 2021 and 2026.
The statistic indicates that the snack food industry is expected to experience a 3.4 percent increase in its market size per year between the years 2021 and 2026. This suggests a positive trend in the industry’s expansion over the specified time period, driven by factors such as changing consumer preferences, increased demand for convenient and on-the-go foods, and potentially innovative product offerings. This growth projection can have implications for various stakeholders in the snack food industry, including manufacturers, retailers, and consumers, as they may need to adapt to capitalize on the industry’s growth potential or to remain competitive in the market.
The North America snacks market is predicted to reach $49.23 Billion by 2026.
The statistic that the North America snacks market is predicted to reach $49.23 Billion by 2026 indicates the expected total revenue generated by the snacks industry in the North American region by the end of the year 2026. This prediction suggests significant growth in the market, highlighting the continued demand for snack products in the region. Factors such as changing consumer preferences, lifestyle trends, and increasing focus on convenient and on-the-go food options are likely driving this growth. Businesses operating in the snacks industry can use this statistic to plan their strategic decisions, including product development, marketing initiatives, and expansion strategies to capitalize on the projected market size.
China has the largest snacks market in Asia with a value of around $27.9 billion in 2020.
The statistic states that China’s snacks market value in 2020 was approximately $27.9 billion, making it the largest in Asia. This figure reflects the significant demand and consumption of snacks within the country, driven by factors such as urbanization, changing lifestyles, and a growing middle-class population. The size of China’s snacks market highlights the opportunities for snack manufacturers and retailers to target and cater to the preferences and tastes of Chinese consumers. Additionally, this statistic underscores the importance of the snacks industry within China’s overall economy and the potential for further growth and innovation in this market segment.
In 2020, the savoury snacks sector was worth £2.5 billion in the UK.
The statistic “In 2020, the savoury snacks sector was worth £2.5 billion in the UK” indicates the total market value of savoury snacks in the UK during the year 2020. This value represents the amount of money spent by consumers on various savoury snack products such as chips, crisps, nuts, and other similar items within the country. The £2.5 billion figure provides insight into the size and importance of the savoury snacks industry within the UK economy, highlighting the popularity and demand for these types of products among consumers during the specified time period. This statistic can be used by stakeholders in the food industry, policymakers, and investors to understand the market trends, make informed decisions, and develop strategies related to the savoury snacks sector in the UK.
Packaged snacks sales accounted for 67% of the overall snack food market in India in 2019.
The statistic indicates that in 2019, packaged snacks sales constituted 67% of the entire snack food market in India. This suggests that packaged snacks, such as chips, cookies, and other processed snacks, were the dominant segment within the snack food industry during that year. The high percentage not only highlights the popularity of conveniently packaged snacks among consumers but also reflects the significant market share and influence of packaged snack brands in the overall snack food market in India.
By 2027, the global healthy snack market is projected to reach $32.3 billion.
This statistic implies that the global healthy snack market is expected to grow significantly over the next few years, with a projected value of $32.3 billion by 2027. This suggests an increasing consumer preference towards healthier snack options worldwide, driven by factors such as rising health awareness, changing dietary habits, and a growing demand for convenient and nutritious food choices. The projected growth in the healthy snack market indicates potential opportunities for businesses operating in this sector to capitalize on the trend towards healthier eating habits and to cater to the evolving needs and preferences of consumers seeking healthier snack options.
In the US, the millennials spend the most on snacks, accounting to 25% of snack purchase in 2020.
The statistic suggests that millennials in the US are significant consumers of snacks, with their purchases accounting for 25% of the total snack market in 2020. This data indicates that millennials have a strong preference for snack foods and are a key demographic driving sales in this category. The high spending on snacks by millennials could be attributed to factors such as convenience, on-the-go lifestyles, changing dietary habits, and the popularity of snacking as a trend among younger generations. Marketers and businesses may consider targeting this demographic with snack products that appeal to their preferences and lifestyle choices in order to capitalize on their significant purchasing power in the snack market.
The tortilla chip market is expected to grow at a rate of 5.41% from 2021 and 2026.
The statistic that the tortilla chip market is projected to grow at a rate of 5.41% from 2021 to 2026 suggests a positive and consistent trend in consumer demand for tortilla chips over the forecast period. This growth rate indicates that the market is expected to expand steadily over the next five years, potentially driven by factors such as increasing consumer preferences for convenience, snacking options, and the popularity of Mexican cuisine. Firms operating in the tortilla chip market may capitalize on this growth opportunity by investing in marketing strategies, product innovation, and expanding their distribution networks to cater to the growing demand for this popular snack item.
The chocolate-based snacks segment dominated the market with a share of 45.45% in 2018.
The statistic indicates that in 2018, the chocolate-based snacks segment held the largest market share, accounting for 45.45% of the total market share within the snacks industry. This means that nearly half of all snack products sold belonged to the chocolate-based category. The dominance of this segment suggests a strong consumer preference for chocolate snacks over other types of snacks available in the market, potentially driven by factors such as taste, variety, brand popularity, and marketing strategies. As a result, companies operating in the snacks industry may consider investing more resources and innovation into developing and promoting chocolate-based snack products to capitalize on this market dominance and meet consumer demand.
Roughly 85% of US adults purchase salty snacks.
The statistic “Roughly 85% of US adults purchase salty snacks” indicates that a significant majority of adults in the United States regularly buy salty snacks. This high percentage suggests that salty snacks are a popular choice among consumers and are likely a staple in many households. The statistic also highlights the widespread appeal of salty snacks, potentially attributed to their convenience, taste, and affordability. Understanding consumer preferences for salty snacks can be valuable for food manufacturers, retailers, and marketers looking to target this large segment of the population in their product development and marketing strategies.
Over 50% of snack consumers agree taste is more important than health.
The statistic “Over 50% of snack consumers agree taste is more important than health” suggests that a majority of individuals who regularly consume snacks prioritize the taste of the snacks they eat over considerations of healthfulness. This finding could indicate that for many people, the enjoyment and palatability of snacks play a significant role in their snack choices, potentially outweighing concerns about the nutritional value or health implications of those snacks. The statistic highlights the importance of sensory factors and personal preferences in shaping consumer behavior when it comes to snack consumption, with taste preferences often exerting a stronger influence than health considerations for a significant portion of snack consumers.
International snacks market is expected to go up by 2.7% annually in the next two years.
The statistic indicates that the international snacks market is projected to experience a 2.7% annual growth rate over the next two years. This suggests that there will be an increase in demand for snacks on a global scale, potentially driven by factors such as changing consumer preferences, increasing disposable income, and expanding distribution channels. The projected growth rate implies a positive outlook for companies operating within the snacks market, encouraging them to innovate, expand their product offerings, and explore new market opportunities to capitalize on the anticipated growth in the sector. Additionally, stakeholders in the snacks industry may need to adapt their strategies to align with the evolving market dynamics and capture a larger share of the growing market.
Ready to eat segment registered the highest market share of 47% in the global snack foods market in 2021.
The statistic “Ready to eat segment registered the highest market share of 47% in the global snack foods market in 2021” indicates that among all the different segments within the snack foods market, the ready to eat category had the largest share of 47% in terms of sales or revenue. This suggests that consumers have a strong preference for ready to eat snack options compared to other types of snacks. The dominance of the ready to eat segment highlights its popularity and potential profitability for companies operating in the snack foods industry, reflecting the current consumer preferences and trends in the global market for convenient, on-the-go snack options.
The Asia Pacific region is anticipated to grow at the fastest CAGR of 3.9% from 2021 to 2028.
The statistic indicates that the Asia Pacific region is expected to experience the fastest Compound Annual Growth Rate (CAGR) of 3.9% between the years 2021 and 2028. This suggests significant growth potential for the region’s economy during this time period. A high CAGR implies that the Asia Pacific region is poised for robust economic expansion compared to other regions globally. Factors such as population growth, increasing consumer demand, technological advancements, and favorable business environments may contribute to this projected growth rate. It indicates opportunities for businesses and investors to capitalize on the growth potential of the Asia Pacific market in the coming years.
Candy & Snacks rank third in convenience store sales, accounting for 15% of inside sales in 2019.
The statistic “Candy & Snacks rank third in convenience store sales, accounting for 15% of inside sales in 2019” means that out of all the different categories of products sold inside convenience stores in 2019, Candy & Snacks held the third position in terms of sales volume. Specifically, Candy & Snacks contributed 15% of the total revenue generated from inside sales at convenience stores during that year. This indicates that Candy & Snacks are popular choices among convenience store customers and play a significant role in the overall sales and profitability of these stores.
By 2025, the snack bars segment is expected to reach around $13,79,600 million.
The statistic states that by the year 2025, the snack bars segment is projected to achieve a market value of approximately $13,796,000 million. This figure represents the anticipated total revenue generated by snack bars within the market. The growth and value of this segment suggest a rising popularity and demand for snack bars among consumers, resulting in a substantial market opportunity for manufacturers and retailers. The statistic highlights the significant potential for growth and investment in the snack bars industry, indicating a lucrative and expanding market landscape for businesses operating in this sector.
Conclusion
The statistics presented highlight the significant growth and trends within the snacks industry. With increasing demand for convenience and healthy options, companies in this sector are diversifying their product offerings to cater to consumer preferences. As competition continues to intensify, it will be crucial for businesses to stay informed about market dynamics and consumer behavior to stay ahead in this rapidly evolving industry.
References
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