SNACK PRODUCTS MARKET ANALYSIS

Regional Analysis

• In 2016, North America dominated the snack food products market, with the S. being the major contributor. Owing to the increasing adoption of healthy lifestyle there is a growing demand for nutritious grade of snacks such as fresh fruits & vegetables and nuts & seeds in the region. However, most of the snack products such as chocolate, bakery products, and ice cream often are associated with high sugar and carbohydrate content and high consumption of these snacks is resulting in the increasing prevalence of obesity. According to Centers for Disease Control and Prevention (CDC), during 2011 - 2014, the prevalence of obesity was recorded approximately 36.5% among the U.S. adults. This high obese population in the region is fuelling the demand for low carb snacks, which in turn is supporting the overall growth of snack products market as well. Further, increasing imports of snack food products in Canada is another factor aiding to the growth of the market. According to the Alberta Agriculture and Forestry, the total import of Canada’s snack food products had grown from US$ 384.6 Mn in 2010 to US$ 674.2 Mn in 2014.
• Asia Pacific is anticipated to record the fastest growth in the global snack products market. Increasing adoption for on the go food products, growing snack food industry, and distribution channel are some of the key drivers for the growth of snack products market. For instance, leading economies such as China and India are expected to witness a CAGR of over 10% and 15% in the snacks products over the forecast period. Furthermore, in India, growing demand for conventional snacks has generated high sales for local companies such as Balaji Wafers, DFM Foods, and Bikanervala. Moreover, growing retail channel is further playing a key role in market growth. For instance, in Singapore, among distribution channel, hypermarket segment witnessed the fastest growth in 2015 and growing presence of various supermarkets such as FairPrice and Cold Storage in the country and entry of new player, Big Box in 2014 is further expected to increase market penetration and drive the market.