Food portions that are smaller than those of a typical meal and are taken between meals are referred to as snack foods. The demand for packaged and ready-to-eat food items is rising as a result of consumers' hectic schedules, which is fostering the market's global expansion for snack goods. Additionally, the demand for snack products is being driven globally by the portability of food products and flavor innovation. The demand for nutrient-dense snacks including fresh fruits and vegetables, nuts, and seeds is rising as more people in the area adopt healthier lifestyles. However, the majority of snack foods, such chocolate, baked goods, and ice cream, are commonly linked to high sugar and carbohydrate contents, and over consumption of these foods is part of the reason why obesity is becoming more and more common. The high percentage of obesity in the area is driving up demand for low-carb snacks, which is assisting in the general expansion of the snack foods sector. Snack food imports are rising into Canada, which is also causing the market to grow. On the other hand, the high price of raw ingredients including butter, whole milk powder, and cocoa butter is restricting market growth.
Over the forecast period, Snack Products are expected to grow at CAGRs of more than 10% and 15%, respectively, in leading markets including China and India.
Prominent Companies in the Snack Products Industry:
1. PepsiCo Inc.
PepsiCo Inc. is an American multinational food, snack, and beverage corporation headquartered in It was founded in 1898 and headquartered in New York, U.S. It operates in more than 200 countries. PepsiCo intends to capture new consumption occasions in February 2023. PepsiCo, Inc. executives are looking for ways to expand the company's snack brands into more meal occasions.
2. Mondelez International Inc.
Mondelez International Inc. was founded in 1923 and headquartered in Illinois, U.S. It operates in approximately 160 countries. SnackFutures, the innovation and venture hub of Mondelez International, Inc. revealed the nine start-ups chosen to take part in its third cohort of CoLab in May 2023. The start-up engagement program, which debuted in 2021, was created to assist the leading global snacking company in developing a portfolio of disruptive brands and a venture pipeline. This year, CoLab sought start-ups with an innovative strategy for creating delectable snacks, with a particular emphasis on those that can support Mondelez International's core businesses and provide the opportunity to explore new markets.
3. Kellogg Company
Kellogg Company was founded in 1906 and headquartered in Michigan, U.S. It operates in 180 countries across the world including India and South Asia. . In March 2023, the names of the future businesses that Kellogg Company, which wants to divide into two market-leading, publicly traded enterprises with a focus on global snacking and North American cereal, would develop were revealed. The names will take effect when the North American cereal company is spun off, which Kellogg Company wants to do by the end of 2023. Even though the corporate names will change after the split is completed, the "Kellogg's" brand will continue to remain on product packaging for both corporations globally.
4. Lamb Weston Holdings Inc.
Lamb Weston Holdings Inc. is an American food processing company that is one of the world's largest producers and processors of frozen french fries, waffle fries, and other frozen potato products. It was founded in 1950 and headquartered in England. It operates in more than 100 countries. Lamb Weston Holdings, a producer of potato-based meals, is looking to its high-margin product mix in January 2023 to satisfy shifting consumer preferences while minimizing supply difficulties.
5. McCain Foods Ltd.
McCain Foods Ltd. was founded in 1957 and headquartered in Ontario, Canada. It operates in over 160 countries. McCain meals purchased Scelta Products in September 2022, bringing the Dutch manufacturer of frozen meals to its expanding lineup of delectable prepared vegetable appetizer products.
6. Intersnack Group
Intersnack Group is a German snack food company, was founded in 1960 and headquartered in Düsseldorf, Germany. It operates in over 30 countries.
7. Calbee Inc.
Calbee Inc. is a Japanese snack food maker, founded in 1949 and headquartered in Tokyo, Japan. It operates in China, Hong Kong, Thailand, and the US (as Calbee America).
8. Aviko B.V. General Mills Inc.
Aviko B.V. General Mills Inc. was founded in 1962 and headquartered in Netherlands. It operates in more than 100 countries.
9. McDonald’s Corporation
McDonald’s Corporation is an American corporation that operates one of the largest chains of fast food restaurants in the world. It was founded in 1940 and headquartered in Illinois, USA. It operates in over 100 countries. McDonald's Corp. expects to open hundreds of new restaurants around the world this year, including its first new units in the United States in more than eight years, in January 2023. The fast-food corporation stated that it will open roughly 1,900 outlets, with over 400 of those openings taking place in the United States and overseas markets like as Australia, Canada, France, Germany, and the United Kingdom.
Definition: A snack is a small portion of food generally eaten between meals. Snacks come in a variety of forms including packaged snack foods and other processed foods, as well as items made from fresh ingredients at home.
